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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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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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’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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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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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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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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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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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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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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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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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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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 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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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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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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Greek bank Eurobank Ergasias said on November 7 that it reached an agreement to buy the Bulgarian subsidiary of fellow Greek lender Piraeus Bank for 75 million euro. The acquisition would be done by Eurobank’s Bulgarian unit, Postbank, and is expected to close in the first quarter of 2019, subject …

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Pension contributions by freelance workers, the self-employed and farmers towards their pension will drop from 20% to 13.3% once a new law is voted, Labor Minister Efi Achtsioglou told News 24/7 radio station on Tuesday. The draft law for the reductions, which will include other professions as well, will be …

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November sales have been launched in Greece and will remain in effect until November 10th 2018. On Sunday, November 4, shops will be open from 11 o’ clock in the morning until 6 o’ clock in the afternoon, whereas multi stores will remain open until 8 o’ clock in the …

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Greece’s government will start subsidizing mortgage loans with amounts that will reach up to 95% of the outstanding debt. The measure comes a few weeks after Greek banks started to offer generous debt cuts of up to 95% to debtors of non-performing consumer loans providing they can pay back in …

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