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Economy

Greece’s growth numbers disappoint, consumption spending declines

Greece’s independent statistics agency ELSTAT said the country’s economy grew by 1.3 percent on the year in the previous quarter, failing to meet ambitious growth expectations from the government and European Union. Without a revision, the July-September growth figure announced Monday suggests that Greece could miss its target of annual …

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Portugal’s socialist Mario Centeno wins Eurogroup Presidency

Portugal’s Finance Minister, socialist Mario Centeno won the Eurogroup presidency in two rounds of voting in Brussels Monday afternoon! The Latvian and Slovak finance ministers dropped out after the first round. Centeno won in a head to head against Luxemburg’s Pierre Gramegna. 51-year-old Mario Centeno is an economist and academic  …

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Greece and lenders reach staff-level agreement on 3rd review

Greece and its lenders reached a staff-level agreement on the country’s third program review on Saturday, Finance Minister Euclid Tsakalotos said after a meeting with the country’s lenders. “We achieved the agreement with the institutions on a staff-level on all issues,” he told journalists. “We won enough things and we are …

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Greek taxpayers bring down lottery website of finance ministry

The much anticipated lottery of plastic money transactions was finally conducted on Thursday evening. One thousand lucky taxpayers shared 1,000,000 euros and each one will see €1,000 on its bank account, thus tax-free. The total number of transactions participated in the lottery amounted to 8,254,535, corresponding to 4,556,328 tax payers …

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DESFA to lower natural gas transmission fees for businesses and households

Households and businesses will see a small reduction in the prices of natural gas as the National Natural Gas Transmission System Operator SA (DESFA) announced it would lower its fees on the use of natural gas transmission infrastructure from May 1, 2018. The benefit is expected to be rolled over …

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Lenders and gov’t discuss possible extension of reduced VAT on the Greek islands

Greece’s financial team and creditors’ representatives are reportedly discussing the possibility to extend the reduced Value Added Tax rates on the islands for one more year. According to news website in.gr, the new round of consultations between Greece and the creditors is expected to definitively clarify whether the special reduced …

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London fund eyes up to €250mln investment for long-elusive seaplane network in Greece

Petrichor Capital Partners of London announced this week that it is considering an investment of up to 250 million euros in Greece over the next two years in order to develop a seaplane network, especially towards islands without airports. The specific commercial prospect has for decades been on the “drawing …

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Finance Ministry to start lottery for purchases with credit/debit cards on Nov 30

The first ever lottery for purchases via credit and debit cards will take place on Thursday, November 30th 2017. To start with, the Greek Finance Ministry will use the data for purchases made in October. The Ministry reportedly plans one more lottery draw action in December for transactions via plastic …

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‘Black Wednesday’ for thousands of debtors as e-auctions start in Greece

Black Wednesday for thousands of bank debtors. Electronic auctions start today, November 29th 2017, under the tight pressure of  Greece’s lenders. With one “click” properties will change hands in the silent world of internet and no anti-auction activists will be able to chant “no home to banker’s hands” or harass …

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ESM Regling says Greece could use “unused funds to repay loans to other creditors”

The head of the euro zone’s European Stability Mechanism (ESM) bailout fund told German economic newspaper Handelsblatt that Greece was making good progress with its reform drive. Klaus Regling added that “unused funds could be used to repay loans to other creditors.” Unused funds to repay loans to other creditors? …

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Prominent hotel group in Kos up for auction for outstanding bank loans

Several hotel units in Greece are set to go on the auction block in the upcoming period, with most coming under foreclosure due to defaults on bank loans. According to narfemporiki, one company in bankruptcy liquidation is the Lakitira S.A. company, which managed three units on the holiday island of …

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OCED confirms Greece’s “tax tsunami” in 2016

Greece experienced the largest tax increase among 35 members of the member states of  the Organization for Economic Co-operation and Development (OECD) last year. According to new figures released by the OECD, taxes in Greece went up to 38.5 percent in 2016, reaching a 30-year high. Tax revenues in Greece, …

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Black Friday frenzy in Greece with some weird deals

It was still dark when the first customers arrived outside stores long before the opening hours. It was mostly young people building long queues outside shops with electronics, waiting for the best Black Friday deals. Among them also school students who thought a Black Friday deal is much more interesting …

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Dutch supermarket chain Spar to return to Greece

The Dutch super market chain Spar will apparently return to the Greek market year through its participation in a consortium with local retailer Asteras, a year after the former ended its agreement with the Veropoulos group. The latter, in fact, sold its Greece operation to Metro S.A., but retained units …

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Russia’s Rosneft signs 5-year oil supply deal with Greece’s Motor Oil Hellas

Russia’s largest oil producer Rosneft and Greece’s Motor Oil Hellas Corinth Refineries have signed a deal on mutual supplies of crude oil and oil products for the next five years, Rosneft said on Monday. Rosneft said the deal, signed with the participation of Petrocas Energy, a Rosneft subsidiary, implied the …

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Seasonal tourism in Greece takes toll on more than 98K jobs

The seasonal character of Greek tourism has taken a toll on employment rates for October with 92,132 new job openings in April – the start of the tourist season – translating into 98,420 lost jobs in October, marking the end of the season. In the meantime, six in 10 new …

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Council of State rules tax audits may not use evidence beyond 5-year limitation

Greece’s top court, the Council of state ruled on Wednesday that the tax service does not have the right to take into consideration transactions and deposits of bank accounts in Greece that are older than five years from the time of its audit.  It is the second ruling of CoS …

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