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Tag Archives: recession

BoG Monetary Policy Report: High Taxation has recessional effects

In its Monetary Policy Report 2015-2016, the Bank of Greece urges for overhauling of the bailout agreement with 20-year extension of the loans, lower the Primary surplus target to 2%.  The report describes the high taxation as “recessionary” and calls for a shift of policy focus towards reforms and privatizations, …

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Creditors’ 3. bailout ‘success’: Greece slides back to recession

It’s fact. The third bailout signed between the SYRIZA-ANEL government and creditors did and could not help Greece’s economic situation at all. It was just an enforced new loan with more additional austerity measures like the odious Value Added Tax hike that tightened the noose around the neck of million …

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Greece’s recession increases in Q3 2015

On Friday, Greece’s state statistics agency, ELSTAT, drastically revised downwards the economy’s third-quarter contraction to 0.9 percent, from 0.5 percent previously. “These differences are on account of using new data, not available at the time of the flash estimate,” the Elstat agency said, citing a mixture of September balance of …

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EU Commission Forecasts Extend Greece Recession to 2017

The European Commission sees Greece’s economy returning to recession in 2015 and the following year, with growth only materialising in 2017, and urged the Greek government to comply fully with the terms of the third lending agreement in order to restore economic confidence. According to finance news MNI.com, in its …

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Greece’s €300-Generation: 1:3 workers earn a piece of bread

One in three workers in Greece’s private sector earn a monthly salary of €300 net -up to  €440 gross. This shocking revelations comes from a survey conducted by the Labor Institute (INE) of private sector union GSEE. The survey reveals that wages in greece have shrunk significantly through the so-called …

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Greek Finance Ministry unveils draft budget 2014

Greek Finance Ministry unveiled the draft Budget 2014 on Monday. In the ambitious draft, Athens predicts recession at 4% from 4.6% originally foreseen. A much better figure when compared to 6.5% of 2012. Deputy finance Minister, Christos Staikouras who presented the draft budget, said that the primary surplus will be …

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Greece’s recession eases but still high

The good news: recession eases. The bad news: recession is still high. And thus for the sixth consecutive year. Austerity measures crack down on consumption, shops and businesses close down. Half of the touristic shops and hotels in Agia Marina, Aegina, stay closed for the second consecutive year. Photo: KTG …

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Suicides continue in recession- & unemployment-hit Greece

Sometimes they occur every day. Or ever second. Or once a week. Sometimes, it’s two a single day. Suicides. Greek men and women who decide to put an end to their life. And leave behind children, spouses, parents. Desperate human beings. Cracked spines under the heavy height of economic crisis, unemployment, loans. A …

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Greece’s recession higher than calculated: 5.6% in 1Q 2013

 Hellenic Statistical Authority (ELSTAT) announced the Gross Domestic Product for the 1st quarter of 2013. In the press release published on June 7th 2013, the ELSTAT notes: “Available non-seasonally-adjusted data indicate that, in the 1st quarter of 2013, the Gross Domestic Product (GDP), in volume terms 1, decreased by 5.6% …

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Recession here: Greece economy shrank by 5.3% in 1Q of 2013

Greece’s economic output fell by 5.3 percent in the first quarter of 2013, compared to a year earlier, according to figures published the Hellenic Statistical Authority on Wednesday.  The Greek economy, which has been in recession since 2008, is expected to shrink by about 4.5 percent of GDP this year, …

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