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Economy

EU Commission is looking for staff level agreement on review by April 7

The aim is to reach a staff level agreement by the Eurogroup on April 7, European Commission spokesman Margaritis Schinas said on Monday, as Greece and lenders continue negotiations in order to conclude the second review of the current Greek program. The spokesman said that the negotiations between Greece and …

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Greece installs first photovoltaic virtual net-metering PV on school rooftop

Greece’s first virtual net-metering PV system is installed on the rooftop of a school in Thessaloniki, the country’s second biggest city. The system is funded by Greenpeace Greece but is not yet connected to the grid, as it is waiting for the ministry to pass a new law. Net-metering (or …

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IMF Thomsen: Greece will need at least 20 years to return to pre-crisis levels

Greeece will need at least twenty years to have its GDP return to pre-crisis levels. This message full of … spring optimism was transmitted by Poul Thomsen, in charge of the European program of the International Monetary Fund. Speaking at a conference in the University of Oxford, Poul Thomsen said …

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IMF to ask Greece’s opposition for ‘assurances’ in implementation of extra austerity

The International Monetary Fund will seek assurances by Greece’s main opposition party New Democracy in case the fund decides to participate in the Greek program. In the regular briefing on Thursday, the spokesman of IMF, Gerry Rice, did not rule out assurances by the Greek opposition. Assurances mean that Greece’s …

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Tax evasion in Greece between €11bn-€16bn annually

Tax evasion in Greece is estimated to be between 11billion euros and 16 billion euros annually, a study has found. The study prepared by EY and commissioned by the DiaNEOsis think-tank was presented during an event hosted by the institute and the Federation of Hellenic Enterprises (SEV), Greece’s largest employers’ …

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Forbes 2017 Billionaires List: Three Greeks among the world’s 2,043 most rich

It was a record year for the richest people on earth, as the number of billionaires jumped 13% to 2,043 from 1,810 last year, the first time ever that Forbes has pinned down more than 2,000 ten-figure-fortunes. Their total net worth rose by 18% to $7.67 trillion, also a record. …

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One more Eurogroup for Greece as three major reforms remain open

One more Eurogroup for Greece as eurozone finance ministers meet in Brussels  later on Monday.  One more Eurogroup without great expectations like concluding the second review. The Greek government anticipates a sign of progress and looks towards the next Eurogroup meeting in April. Aim of both sides is to bridge …

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Dijsselbloem calls on end of Troika, ESM to be turned into a European IMF

Head of Eurogroup, Jeroen Dijsselbloem decided to launch a revolution. In an interview to a German conservative newspaper, he called on the end of the EU Troika and the mutation of the European Stability fund into a European IMF. Behind Dijsselbloem’s proposal stands the powerful German Finance Minister Wolfgang Schaeuble …

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US Congressmen push Trump to block IMF participation from Greek bailout

Conservatives in Congress are pushing Donald Trump to block the International Monetary Fund from participating in a European-led bailout of Greece, as his administration signalled it would take a tougher line with global institutions. They say that the Europeans should solve the Greek crisis on their own not through the …

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IMF dismisses news it plans to join Greek Program with $3bn to $6bn

Spokesman of the International Monetary Fund, Gerry Rice, dismissed media reports according to which the IMF will join the Greek program with a small loan somewhere between three and six billion dollars. Rice insisted that there has been no discussion at the IMF board about any amount. Gerry Rice‏ @IMFSpokesperson As …

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Tsipras asked for the IMF’s participation, sees deal in April

Prime Minister Alexis Tsipras confirmed on Friday that he had asked managing director Christine Lagarde for the participation of the International Monetary Fund in the Greek program. Greece’s request was reveled by Lagarde a day earlier. The previous approach of the Greek government “We can do also without the IMF” …

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The Week: America is turning Puerto Rico into Greece

I can’t help but remember German Finance Minister Wolfgang Schaeuble every time I read somewhere the word “Puerto Rico.” In 2015, Schaeuble offered  US-Treasury Secretary Jack Lew swap burdens of Puerto Rico with those of Greece. Would the swap have been a good deal for Germany and the Eurozone? Hardly. …

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