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Economy

Greece tells China to cancel fake trademarks on “Feta” and “Samos wine”

A Greek minister has warned China to cancel fake trademarks of two Greek products including feta cheese in order for a future deal with Brussels on geographical indications to move on. Brussels and Beijing agreed in June to publish a list of 200 geographical indications (GIs) – 100 from each …

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Is Greece’s crisis over? The Good Signs & the Bad Signs…

‎Is the Greek economic crisis over? Below some observations by Project Manager/Business Analyst at Zacks Investment Research, Harry Kougias, A Greek expat in US, who spent 4 months in Greece this year. The Good Signs for Greece In July 2017, Greece held its first successful bond sale in 3 years, …

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A Eurogroup without whining about a Greek ‘something’ is half the joy…

As if we did not have enough trouble with the oil spill, a long-time-not-seen Eurogroup meeting took place in Tallinn, Estonia, today. Greece’s lenders came together to catch up with the struggling country. Top on the agenda was the implementation of the Greek program and the third review. Eurogroup head …

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Italian Ferrovie buys Greek TrainOSE, a day after €692mn debt is written off

Ferrovie Dello Stato Italiane S.p.A. on Thursday signed an agreement to buy 100 percent of Greece’s railways TrainOSE for 45 million euros. The signature ended a four-year tender process and opening a new page in the Greek railways’ future. The signatures fell a day after TrainOSE’s  692-million-euro debt to state-owned …

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OECD report: Greece only country that increased taxes, VAT and social contributions in 2016

Greece is defying the prevalent trend among the world’s industrialized nations for reducing tax rates in order to boost investment and competitiveness, a report published by the Organization for Economic Cooperation and Development (OECD) has shown. In contrast Greece has increased labor and corporate taxes, Value Added Tax as well …

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First Four Seasons Hotel to open on my childhood’s favorite beach in Vouliagmeni

Four Seasons Hotels and Resorts and Astir Palace Vouliagmeni S.A. have announced plans to bring the first Four Seasons hotel to Greece on the Astir Palace peninsula. Following extensive upgrades to the existing hotel, the new hotel will debut as Four Seasons Astir Palace Hotel Athens in spring 2018. The luxurious complex in one of the most …

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Moscovici describes the Greek program as a “democratic scandal”

European Commissioner for Monetary and Financial  Affairs Pierre Moscovici described  the Greek program of fiscal adjustment as a ‘democratic scandal’. In an interview to Italian newspaper Corriere dela Sera, Pierre Moscovici replied to a journalist question: “Why do you say that the program for Greece is a “democratic scandal”? “It …

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Greece further eases Capital Controls to 1,800 per month as of Sept 1

Further easing for cash withdrawals under capital controls go into effect today, September 1st 2017, after the relevant legislation act was approved beginning of August. Effective from today, provisions for cash withdrawals in the context of capital controls, which had been announced in a legislative act since the beginning of …

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Greece to start Eldorado Gold mine arbitration in September

Greece plans to start an arbitration process in September to settle its differences with Canada’s Eldorado Gold Corp over its gold mine development plans in northern Greece, its energy minister said on Thursday. Greece had previously planned to start the process this month. “We have decided to resort to arbitration …

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Greece’ economy ministry to launch funding programs for SMEs in Tourism

In the upcoming period, the Greek economy ministry will launch ten EU funding programs totalling 600 million euros for the support of new business ventures or the upgrade of existing enterprises. The funding – within the “Competitiveness, Entrepreneurship and Innovation” (EPAnEK) Operational Program – are mainly aimed at small and medium-sized (SMEs) …

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Greece’s shadow economy is 21.5% of GDP, says German IAW

Some countries have much larger shadow or unofficial economies than others. Greece’s shadow economy is worth over a fifth of its total output, and Italy’s isn’t far behind, says a research by German IAW. However, the chart refers only to selected industrialized countries. And Germany is not doing much better… …

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