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Search Results for: budget deficit 2009

ELSTAT chief to face felony charges over inflated Greek deficit in 2009

Greek economic prosecutors are seeking felony charges against the former president of the Greek Statistics Authority Andreas Georgiou over  upwards manipulation of the Greek deficit in 2009 and thus with the aim to push the country into the IMF bailout mechanism. Apart from Georgiou  felony charges are also to be raised against the …

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Greece’s 2011 Budget Deficit at 9.1% of GDP

Battered Greece saw its budget deficit fall to 9.1 percent of gross output last year as severe austerity required to secure international aid bit into spending. Athens managed a 1.2 percentage point fiscal improvement compared with 2010 but its primary budget balance – which excludes debt servicing costs – has …

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Greece’s Budget 2012: Recession, Unemployment, High Taxes

Greece’s Budget 2012 has been submitted to the Parliament on Friday after being approved by the Cabinet. According to the text tabled at the parliament, the Budget 2012 estimated that recession will be reduced to 2.8%, unemployment to exceed 17% and new taxes to empty taxpayers’ pockets by 12 billion …

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Greece missed its deficit target for 2010 – but not much :)

The Greek government has narrowly missed its deficit target for 2010, reporting a shortfall of  23.1 billion  euros for the year. The figure was announced by the Finance Ministry’s General Accounting Office on Tuesday, compared with the €21.9 billion  target included in this year’s state budget. The agency said the …

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S& P affirms ‘B+/B’ rating, sees Greece’s economy growth at 2.8%

Ratings agency Standard & Poor’s has affirmed ‘B+/B’ sovereign credit ratings on Greece and projects an economy grow by 2.8% on average over 2019-2022. Furthermore, the agency said that “Greece has one of the most advantageous debt profiles of all our rated sovereigns in terms of maturity and average interest …

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“Greece is the best European Stock Market in 2019,” says Forbes

“Greece’s stock market is leading a rebound in European stocks so far in 2019,” Forbes writes in an article citing macroeconomic indicators. For years, Greek equities were on a losing streak. They mirrored the Greek economy which , under the pressure of a mounting debt burden, was floundering in the …

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IMF: “Progress but action needed”… Ops! and “condolence” to Greece’s fire tragedy

IMF Greece’s report published on 31. July 2018: With the wildfires tragedy since last week we forgot that we have other issues that are pressing, like Greece’s commitments to the lenders. But a creditor is a cool-headed technocrat who does not get impressed by 92 dead people killed within a …

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ELSTAT: Greece’s GDP shrunk by 26% since 2010, public debt surged

Greece’s GDP shrunk by 61.6 billion euros (26 percent) since 2010, the time span when three bailout memorandums with institutional creditors were signed and implemented, figures showed this week. Additionally, general government revenues decreased by five billion euros, with public sector wages, pensions and welfare benefits cut by 19.13 billion …

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Olli Rehn: Greek haircut did not happen in 2010 in order to save European banks and EU member states

It’s official! What we thought and reported about back in 2010 and 2011 about why there was no haircut of Greek debt, it’s been now officially confirmed by EU commissioner Olli Rehn. “Greek debt did not undergo restructuring ( haircut ) in 2010,  in order to avoid contagion of the …

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Ex-PM Simitis: “Greece did not Cause the Euro Crisis” – Greek Recession at -18%?

 “My country was the spark, but it merely exposed the inherent flaws within the eurozone. ” The Greek prime minister who took the country into the euro zone Costas Simitis published an article at the British The Guardian. He speaks about deficits and successful measures, but blames the the European Union for failing to …

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Greek Crisis: Welfare Bodies Close to Bankruptcy

” The financial situation in which Greece’s national insurance bodies find themselves is, to say the least, very serious. The organisations are the victims not only of the serious economic crisis in which Greece finds itself but also of the two-party system that has ruled the country for years and that …

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