January 16, 2019 Economy
Investigators of EU anti-fraud office OLAF are demanding that Greek customs pay more than €200 million for failing to act against a major Chinese fraud network dumping ultra-cheap clothing and footwear in Europe. Customs officials failed to halt big scheme to avoid import duties and tax, investigators say. An investigation …
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January 14, 2019
Economy
Winter Sales in Greece have started today, Monday, January 14th and will run until Thursday, February 28th 2019. Retailers’ association clarified that, during the sales period, the price before and after the discount must be clearly displayed upon the items on sale, while retailers can also indicate the percentage discount. …
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January 10, 2019
Economy, FEATURED
German Chancellor Angela Merkel came for a two-day visit in Athens, just as the Greek Statistics Authority published the latest data on unemployment. Unemployment rate in October 2018 was 18.6 percent. “Great!” Merkel may have thought as she stepped Greek soil. “A year before, in October 2017, the rate was …
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January 8, 2019
Economy, FEATURED
Greek Finance Minister Euclid Tsakalotos unfolded the government plans how to deal with red loans and how the country will return to the markets. In an interview with radio News24/7 on Tuesday, Tsakalotos said that Greece negotiated hard with the country’s lenders to secure a buffer of 25 billion euros …
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November 15, 2018
Economy
Shocking price hikes from 4 percent to 6.5 percent are expected in bread and dozens of other products based on flour as of end of November due to the increase in grains world wide. Suppliers have already informed Greece’s supermarkets that price increase 4% to 6.5% are to be expected …
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November 15, 2018
Economy
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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November 15, 2018
Economy
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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November 14, 2018
Economy
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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November 14, 2018
Economy, FEATURED
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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November 13, 2018
Economy
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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November 13, 2018
Economy
Legislation to decrease pension contributions to self-employed and farmers has been submitted to the Greek Parliament on Monday. It is estimated that 250,000 people will benefit from the reduction expected to go in effect as of 1. January 2019. Pension contributions for freelancers will be reduced to 13.33% from 20% …
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November 12, 2018
Economy
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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November 12, 2018
Economy
Tax officials have ordered a primary school cooperative that grows vegetables to shut down after the schoolchildren were unable to pay a tax of 800 euros for last year’s revenues of just 200 euros. The tax office in Nea Moudania, Halkidiki in Northern Greece, classified the school project as a …
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November 11, 2018
Economy
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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November 11, 2018
Economy
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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November 10, 2018
Economy
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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November 9, 2018
Economy
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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November 8, 2018
Economy
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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November 8, 2018
Economy
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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November 8, 2018
Economy
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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