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Economy

Presidential decree gives green-light to Hellinikon Project in old Athens airport

A presidential decree giving the go-ahead to the development of Hellinikon south of Athens was signed by four ministers in charge of the investment on Friday, in the presence of Prime Minister Alexis Tsipras. The decree will need to be reviewed by the Council of State “within 2017, exactly as …

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Port of Thessaloniki privatization agreement finally signed

The agreement for the sale of 67 percent of Thessaloniki port to South Europe Gateway Thessaloniki (SEGT) Limited was signed at the offices of the Hellenic Republic Asset Development Fund (HRADF) on Thursday afternoon. The agreement was scheduled to be signed last week, however, it was postponed as the Russian …

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Prime Minister’s office attacks BoG governor as “a failed finance minister”

The Greek government and the Prime Minister started a war against the Governor of the Bank of Greece, Yannis Stournaras, and officially described him as “a failed finance minister”.  The war broke out just hours after a BoG Interim Report on the Monetary Policy 2017 suggested a “Memorandum Light” for …

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Greece needs a “precautionary support program” after Aug 2018, says Bank of Greece

BoG governor Yannis Stournaras and the Bank of Greece claim that Greece will need a “precautionary support program” after the current fiscal adjustment program concludes in August 2018. In the Interim Report on Monetary Policy 2017, the Bank of Greece says among others: “Such a precautionary support framework should assist …

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Labour Minister announces €400 one-off Christmas bonus to young jobless

Labor Minister Efi Ahtsiglou announces a 400-euro one-off Christmas bonus to young unemployed aged 18-24 who are normally not  eligible to unemployment allowance. The bonus is described as “youth solidarity” allowance and is expected to be distributed by the end of the month. Eligible are unemployed aged 18-24 who are …

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Privatization of Thessaloniki Port postponed as Russian guarantor bank gets bailout

Greece has had to postpone the signing of a deal to sell a majority stake in its second-biggest port after the Russian guarantor bank, Promsvyazbank, was placed under temporary administration and was practically nationalized by the Centrla Bank of Russia. Odd that the US Ambassador to Athens had criticized the …

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Greek bond yields fall to levels of 2006

Greek state bond yields fell to 2006 levels in the domestic electronic secondary bond market on Friday, with the 10-year benchmark bond yielding 4.065 pct, very close to the 4.015 pct level recorded in March 2016 – as low as in 2008. This development pushed the yield spread against the …

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Unemployment decreases, yet 580K workers earn just €407 per month

Unemployment in Greece decreases, part-time jobs and low wages increase and a government minister with a monthly salary of several thousands euros says “better bad paid than not be paid at all.” Greece’s jobless rate fell to 20.2 percent in July-to-September from 21.1 percent in the second quarter, data from …

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Greece’s annual inflation rose 1.1% in November

Greece’s annual inflation rate rose to 1.1 pct in November this year, from 0.7 pct in October and -0.9 pct in November 2016, the Hellenic Statistical Authority ELSTAT said over the weekend. The statistics service, in a monthly report, attributed this development to an increase in the prices of tobacco, …

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All bitcoins combined worth more than Greece & New Zealand

Bitcoin’s unprecedented rally has boosted the cryptocurrency’s market cap to almost $200 billion. That is more than the annual output of entire economies such as Greece and New Zealand. Views on bitcoin are broadly divided with some investors worried over the bubble nature of the phenomena, while others see it …

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EU Commission proposes creation of European Monetary Fund by 2019

The European Commission unveiled its vision of a rebooted eurozone, including the creation of a European version of the IMF. The European Monetary Fund should be created by 2019. The European Commission unveiled its vision of a rebooted eurozone on Wednesday, including the creation of a European version of the …

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