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Economy

Euro Working Group gives green light to Greece to scrap pension cuts

The Euro Working Group has reportedly given the green light to Greece to scrap implementation of further pension cuts as of 1. January 2019. Citing a well-informed source, state news agency amna reported Thursday afternoon that the heads of the eurozone finance ministries were “warmly positive” about the Greek budget …

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Number of debtors to Greek state increased over summer

Almost 600,000 Greeks were added to the long list of state debtors over the summer, according to a report by the Parliamentary Budget Office (PBO), with experts viewing this as a sign of deterioration for the private economy in Greece. The PBO quarterly report for the July-September 2018 period noted …

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Greece’ state budget shows mammoth primary surplus €6.46bn Jan-Oct

Greece’s state budget showed a primary surplus of 6.46 billion euros in the January-October period, up from a budget target for a surplus of 3.584 billion euros and up from a primary surplus of 5.33 billion euros in the same period last year, the Finance Ministry said in a report …

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Greece holds 4. place in property taxation in the EU, real estate prices on the rise

When it comes to property taxation, Greece holds the fourth place in the European Union, after France, UK and Belgium, a study conducted by the Foundation for Economic and Industrial Research (IOBE) has shown. . Property Taxes (left): Greece after France, UK and Belgium. Repeated Property Taxes (right): Greece after …

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Bank of Greece’s plan to reduce non-performing loans by €40billion

The Bank of Greece is reportedly drafting a plan to reduce non-performing loans of Greek systemic banks by 40 billion euros. The plan will be included in a Financial Stability report to be released by the end of the week, reports Athens news agency amna on Tuesday citing sources. The …

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Greek banks to close down 800 branches, cut 8,000 personnel

Greek systemic banks are forced to cut 8,000 personnel and close down 800 branches across the country. The Single Supervisory Mechanism of the European Central Bank keeps reminding the Greek banks that they have to proceed with drastic cut of operational cost and thus as soon as possible. It was …

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Protests and road blockades in Bulgaria trap dozens drivers in Greece

Thousands of Bulgarians have blocked major highways and roads on Sunday protesting fuel prices and rising cost of living. The blockades have the effect that dozens of truck drivers and private motorists are trapped not only inside Bulgaria but also in neighboring Greece and Turkey. The protests have spread across …

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Do My Tama: Greek-Orthodox e-shop for oblations to Saints from afar

Technology in the service of Greek Orthodoxy. This must be the ideal e-shop for the Greek Orthodox Christians around the world. Startup Do My Tama offers the possibility that they fulfill their oblation to a saint even if they are far away. Using a user-friendly interface, the Greek Orthodox Christian …

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Inflation in Greece rises to 1.8% in October from 1.1% in September

Annual inflation rate in Greece accelerated to 1.8 percent in October from 1.1 percent a month earlier, Greek Statistics Authority ELSTAT said on Friday. The data showed that consumer price index rose to 1.8 percent year-on-year. In September the rate was 1.1 percent. The evolution of the Consumer Price Index …

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EU approves Greece and Bulgaria natural gas interconnector

The EU competition regulators have approved a plan by Greece and Bulgaria to build and operate a natural gas interconnector with public funds. The European Commission said on November 8 that Bulgarian and Greek plans to support the construction and operation of a 182km cross-border gas interconnector (“IGB”) between Komotinin …

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Unemployment in Greece falls to 18.9% in August, remains high for youth

Unemployment in Greece feel below 19 percent to 18.9% in August, supported by strong tourism trends, Greek Statistics Authority ELSTAT said on Thursday. In comparison, unemployment was at 19.1% in July this year and 20.8%t in August 2017. The statistics service, in a monthly report, said the number of unemployed …

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Norwegian frigate at risk of sinking after collision with Greek-owned tanker (videos)

A race against time is underway in the North Sea with huge efforts to prevent a Norwegian frigate from sinking. A Greek-owned crude oil tanker collided with frigate KNM Helge Ingstad off Norway last night. Aerial footage of the KNM Helge Ingstad taken at various points today by #Norway Coastal …

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US sanctions againt Iran to harm Greece’s shipping sector

Although Greece is one of the eight countries currently exempted from the US sanctions against Iran, the shipping sector will soon see the negative effects. Of the 217 oil tankers that ferried Iranian crude oil in the first six months of this year, 81, or 37%, were Greek-owned. Thanks to …

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