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Economy

MNI European lenders & IMF in “political deadlock” over Greek dept

Greece’s European lenders and the International Monetary Fund are in political deadlock over the Greek debt. German news agency MNI reports of a secret meeting last Saturday in Washington where high-ranking representatives from European institutions (ECB, ESM and EU Commission) and Poul Thomsen from the IMF talked about the Greek …

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IMF divided over Greece: Program Exit or just Debt Relief?

The International Monetary Fund is divided over the Greek Program. Poul Thomsen, the head of IMF’s European Department,  now openly supports that the IMF should overall exit the Greek Program. In his report, Thomsen contends that the problem is not only economical because Greece is considered as “non repairable” but …

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Greece’s draft budget 2017: charming projections with an extra burden of €1.8bn for taxpayers

Economic growth 0f 2.7%, primary surplus at 1.8%, unemployment down to 22.4%, recession at 0.3% and additional revenues of 1.835billion euros. These are the projections in the draft budget the Greek government submitted to the Parliament on Monday. This charming  “€1.8billion” in revenues describes the additional direct and indirect taxes …

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Wise Men proposal: Minimum wage for employees below 25 to be €434 gross, ie €364 net

The so-called Wise Men Commission suggested to Greek Labor Minister Giorgos Katrougalos to lower the minimum wage for young employees below 25 years old to merely 434 euro gross per month which is €364 net. According to the Wise Men’s findings, the minimum wage for this category of employees should …

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4million Greek taxpayers need to pay €1.8bn today, total €7.85bn by end of November

Four million taxpayers, households and businesses, in Greece are called to pay a total of 1.8billion euro, today. Friday, September 30th 2016. The deadline for the first out of five installments for Unified Property Tax (ENFIA) and the second installment out of three for income tax expires today. The country’s …

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EWG Three prior actions left so that Greece can get €2.8bn bailout tranche at Eurogroup of 10/10/16

Greece has left three out of 15 prior actions that need to be fulfilled so that the debt-ridden country can receive the €2.8billion bailout tranche. According to the EuroWorkingGroup meeting on Thursday, Greece will need to meet these obligations before the Eurogroup meeting scheduled for October 10th 2016. Those three …

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WEF: Greece holds 86th position in Global Competitiveness survey

Political uncertainty, high tax rates, bureaucracy and the difficulty of enterprises to access to financial resources are the main features that push down the Greek economy. Competitiveness? No chance! The report «Global competitiveness report 2016-2017» published by the World Economic Forum places Greece on 86th position on a list of …

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1000+1 reasons why investors do not invest in Greece

It isn’t about competitiveness and even lower minimum wages. It isn’t about the constantly changing taxation system and the over taxation. It isn’t about lack of growth-friendly policies, like lower tax rates and fast implementation of structural  -see: labor – reforms. It is about Mario Draghi, the European Central Bank …

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EU Commission works towards a EU-wide minimum wage

The idea of adaption of a European minimum wage is not new. European Commission President-designate Jean-Claude Juncker said in July 2014 that he would work towards the introduction of a minimum social wage in each member state of the EU. Two years later, the discussion on the issue is high …

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