Economy

Nine years after Greece surrendered to international creditors and three tough bailout agreements with strict austerity, former German Finance Minister Wolfgang Schaeuble told the Financial Times that he was a fierce supporter of Grexit from the very beginning. He also admitted that he wanted to resign when his Grexit plan …

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A total of 8,907,722 Greek taxpayers paid 8.328 billion euros in taxes in 2018 on declared income of 73.612 billion euros, official figures showed on Thursday. The figures, released by the Independent Authority for Public Revenue (AADE), showed that from the total declared income of 73.612 billion euros, 60.403 billion …

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The Greek government plants to proceed with a unilateral action and submit a measure to protect the primary residence of debtors even if the country’s lenders will disagree. Government sources told media that the government will submit the scheme as successor of the so-called Katseli Law on the basis of …

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Jobs in Greece’s tourism and travel sector will reach one million in 2019, the World Travel and Tourist Council said following a study. The tourism and travel sector in Greece grew by 6.9% in 2018 – at a rate 3.5 times higher than the growth rate of national economy at …

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Attica Bank President Panagiotis Roumeliotis tendered his resignation on Wednesday afternoon, in a widely expected move, given that a board of directors meeting is scheduled for Thursday morning to accept the resignation. Roumeliotis, who as president of the non-systemic Athens-based bank attracted his share of criticism, including by the country’s …

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The Greek state has suffered a loss totaling 241 million euros from not claiming back the rebates from the pharma industry. This was denounced by the Minister of Health, Andreas Xanthos, and Labor, Efi Achtsioglou, in an extraordinary press conference. The loss suffered by the Greek State over the period …

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Greece has entered a period of economic growth that puts it “among the best performers in the eurozone.” This rather striking judgement comes from the International Monetary Fund in a new report on the Greek economy. A senior IMF official said there were a lot of positive developments to point …

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Employers in Greece reported the strongest hiring outlook in 11 years in the country, according to the latest survey by the Greek branch of staffing firm Manpower Group, which was released on Tuesday. Employment outlook for the second quarter of this year rose to 21 percent, up from 18 percent …

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The European Union’s top General Court denied access to a European Central Bank (ECB) document which underpinned its decision to freeze vital funding to Greek banks in 2015, that resulted in forcing Athens to impose capital controls. Former Greek finance minister Yanis Varoufakis and German left-wing parliamentarian Fabio De Masi(Die …

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The International Monetary Fund Executive Board concluded its first post-bailout program monitoring of Greece. The country’s debt servicing capacity is “adequate” the IMF report notes and cites “rising risks” especially from banks, benefits as well as court decisions about retroactively annulling pension cuts. Speaking to state broadcaster ERT TV, the …

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Police in Agrinio arrested a street vendor on Monday for selling kites without a relevant license. The man faces a heavy fine for having set up his provisional make-shift stand to sell kites traditionally sold only once a year, from early morning on Clean Monday until early afternoon. The 50-year-old …

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Finance ministers of the eurozone decided to postpone the release of 970 million euros claiming that Greece has not fulfill its commitments to the European creditors with regards to the post-bailout reforms program. Creditors hold off on Greek debt relief payment “waiting for clarity on reform progress,” said European Stability …

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The problem of Greek economy “is not the level of taxation but the distribution of tax burden,” said the coordinator of Parliament’s Budget Office, Fragiskos Koutentakis.he pointed out that although the Greek economy is on positive course, the wounds of the economic crisis will need time to fully close. In …

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German finance minister Olaf Scholz (SPD) plans to block the release of 970 million euros for Greece at the Eurogroup meeting in Brussels on Monday. According to an internal memo of the German Finance Ministry obtained by daily Handelsblatt, the Eurogroup should postpone its decision [for the money release] at …

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A new draft bill prepared by the Economy and Development ministry will add intangible investments into Greece’s Golden Visa program for third country, that is non-EU, citizens. The draft law on harmonising Greek legislation with an EU directive on commercial secrecy includes a regulation aiming to improve and to add …

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Data collected from credit institutions show that nominal apartment prices are estimated to have increased on average by 2.5% year-on-year in the fourth quarter of 2018, the Bank of Greece said in a press released issued on March 5.  The average annual increase in apartment prices was 1.5% in 2018, …

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With a new legislation, pharmacies in Greece will be converted into Primary Health Units. Strong objections by the Medical Association of Athens that warns “public health is at risk.” With an amendment submitted to Parliament by Health Minister Andreas Xanthos, pharmacies in Greece will be allowed to perform primary health …

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Four Greek businessmen are among the Forbes List of Billionaires for 2019. The World’s Billionaires is an annual ranking by documented net worth of the world’s wealthiest billionaires compiled and published in March annually by the American business magazine Forbes. On rank #804 is Philip Niarchos, 65, art collector, with …

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Investors’ bids on a new Greek 10-year bond issue exceeded 11.3 billion euros, with the interest rate of the issue set at 3.9 pct, state news agency amna reports citing sources on Tuesday. Earlier in the day, in an announcement to the Athens Stock Exchange, Greek authorities said that bids …

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For the first time after the Greek crisis and the bailout agreements, the government will implement the scheme 1:1 in order to strengthen staff in the country’s health system. The scheme 1 recruitment  : 1 departure/retirement was abolished by the lenders’ first bailout of 2010 and replaced with 1:5 scheme …

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