Economy

The International Monetary Fund (IMF) has admitted “notable failures” in the first Greek bailout including a deeper-than-expected recession, a run on the country’s banking system and exceptionally high unemployment. The IMF’s Review of Program Design and Conditionality provides a deep look into the design of 133 IMF-supported lending programs in …

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Greece’s Independent Public Revenues Authority has issued a circular with regards to the new decreased Value Added Tax that goes into effect as of Monday, May 20, 2019. The circular analytically describes the sectors affected by the decreased V.A.T. It affects hundreds of food items, catering services but also hotels …

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The Eurogroup has warned Greece about the benefits and relief measures the parliament approved during the week. “Greece must continue to respect its commitments,” said Eurogroup chief Mario Centeno stressing at the same time that “Greece has overachieved on fiscal targets so far.” Deputy Finance Minister  Giorgos Houliarakis briefed the …

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“Metro in Thessaloniki’: For three decades this sentence was a joke among the residents of Greece’s second largest city in the north of the country. But now, the metro in Thessaloniki is a train closer to become true. The carriages of the first metro line have been parked in Pilaia …

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The governor of Bank of Greece Yannis Stournaras sounded warning bells over the current Tsipras government pre-election measures, saying there is no “fiscal space” this year for further benefits beyond those foreseen in the currently executed 2019 budget. The one-time finance minister, before 2015, again reinforced his reputation as a …

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The overwhelming majority of Greek Parliament approved the Labor Ministry bill introducing the 120-installment settlement for debtors to the state as well as the package of “relief measures” like the reduction of Value Added Tax and the so-called “13th pension.” The bill was voted in principle by ruling party SYRIZA, …

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Hunger wages: Almost one million Greeks earn €200 to €500 per month in the country’s private sector, the annual report on Greece’s Employment and Economy of private sector union umbrella GSEE Labor Institute revealed on Wednesday. According to the report, 571,000 Greeks, about 1/5 of workers in the private sector, …

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The Value Added Tax for coffee,tea and herbal teas will be reduced from 24% to 13% when sold in supermarkets, Greece’s Finance Minister Euclid Tsakalotos said on Tuesday. His statements come amid criticism that the V.A.T. reduction created a confusion and while the draft law is expected to be voted …

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Greece’s unemployment rate fell to 18.5 percent in February from an upwardly revised 18.6 percent in the previous month, data from the country’s statistics service ELSTAT showed on Thursday. February’s unemployment rate was the lowest reading since July 2011, which means that for 8 consecutive years unemployment was more than …

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Greeks are a step closer to start using free WiFi in public places like squares, libraries, playgrounds, museums and pedestrian walkways. Greece’s Ministry of Digital Policy, Telecommunications and Information launched a public consultation on a draft contract to conclude a framework agreement entitled ‘WiFi4GR – developing public broadband wireless broadband …

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Greeks cheered on Tuesday to hear the reduction of Value Added Tax form 24% to 13%. On Thursday, they were deeply disappointed to learn that their most favorite drink, the coffee, won’t be any cheaper. The Greek Finance Ministry clarified on Wednesday evening that the V.A.T. in Coffee, Tea, Chamomile …

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Russia is keen to supply energy to Greece and is ready to expand cooperation in the gas sector with the country, Executive Director of the Skolkovo Energy Center Vyacheslav Mischenko told reporters at an energy conference in Athens. He emphasized that “Russia is ready to expand cooperation with Greece in …

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Prime Minister Alexis Tsipras announced on Tuesday the reduction of Value Added Tax on food items and catering services. The reduction from 24% to 13% is expected to contract a  relief for millions of Greek households who have been paying a high price to staple food items since 2015. Which …

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The much anticipated bill regarding the settlements of debtors to the state was presented on Sunday. Debtors to tax offices and social security funds as well as to municipalities will have now the possibility to settle their debts with 120 installments with a minimum installment of 30 euros. The settlement …

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The shrinking of the middle class is not only tackled by tax cuts but by a combination of policies that, along with tax cuts, place the social problem at the center of the strategy, Greek Finance Minister Euclid Tsakalotos said on Saturday. “The middle class wants better jobs, a stable …

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Deposits at Greek banks by private households and non-profit institutions increased in the month of March, the Bank of Greece said in its monthly report. Press release by the BoG: In March 2019, the annual growth rate of total credit extended to the economy stood at -0.5% from -1.2% in …

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The European financial Stability Facility EFSF approved on Thursday the reimbursement of 103 million euros to Greece as well as the transfer of amounts equivalent to the income earned on SMP/ANFA holdings, amounting to €644.42 million. At the same time, the EFSF decided the reduction to zero of the 2% …

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Mid season sales, the Spring Sales, have been launched  in Greece today, Thursday, May 2nd 2019, and will last until May 15. Shops will be able to open also on Sunday, May 5th, from 11 o’ lcok in the morning until 6 o’ clock in the afternoon. In contrast to …

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Greece’s banks will operate with a new schedule as of May 2, cutting half an hour from the service they offer to the public. Banks will be open to public from 08:00 a.m. until 02:00 p.m. from Monday to Thursday and not until 02:30 as it used to be. On …

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More than 4 million taxpayers owe to the Greek state a total of 104.365 billion euros. Just 79 of them have debts amounting 34.156 billion euros. According to the data of the Independent Public Revenue Authority (AADE), out of a total of 4,064,750 debtors, 54.6% owe amounts of less than …

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