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Tag Archives: Bank of Greece

Bank of Greece imposes a ceiling on mortgages

The Bank of Greece (BoG) announced its decision to impose a ceiling on new mortgages in an effort to prevent excessive lending. According to the new rules that will apply from January 1, 2025, the loan cannot exceed 80% of the commercial value of the property. However, the percentage rises …

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BoG governor calls for re-examination of tax exemptions

Bank of Greece (BoG) governor, Yannis Stournaras, on Tuesday requested a review of all tax exemptions by the political leadership of the finance ministry, adding that “the country needs revenue.” Stournaras was speaking at a conference organised by ‘Kyklos Ideon’ think tank. He also argued that the revenues expected to …

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Eurozone nears end of tight monetary policy cycle, says BoG governor

Eurozone is near the end of a tighter monetary policy cycle, Bank of Greece governor Yannis Stournaras said on Wednesday. He expressed his belief that “we have come close to the end of interest rate increases”. Addressing a conference organized by the Federation of Insurance Companies of Greece, the central …

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Stournaras: Greek banks’ exposure to Credit Suisse “almost zero”

The exposure of Greek banks to Credit Suisse is “almost zero,” Greek central bank chief Yannis Stournaras told Reuters on Monday. “They (the Greek banks) are not exposed to Credit Suisse’s Additional Tier 1,” Stournaras, who also sits on the ECB’s 26-member Governing Council, said. He added that Greek banks …

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Bank of Greece cuts its forecast for economic growth to 3.8% in 2022

The Bank of Greece cut its forecast for economic growth to 3.8% this year from 4.8% earlier, and raised its forecast for the inflation rate to 5.2% under the base scenario, in its annual report released on Thursday. The report, presented by Yannis Stournaras, the central banker, also said that …

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Greek economy to grow faster than expected, says Bank of Greece

The Greek economy will grow faster than the expected average rate of 2% in the next decade because of specific reasons, the Bank of Greece’s governor Yannis Stournaras said on Wednesday. Addressing an EIB’s event in Athens, the Greek central banker said these reasons were: the unusually high private sector …

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Bank of Greece governor predicts GDP growth over 6% in 2021

Bank of Greece governor Yannis Stournaras appeared even more optimistic about the future of the Greek economy than the government in an interview with Politico on Tuesday. Stournaras estimated that GDP growth in 2021 will exceed 6 percent. In fact, he predicted that the country’s GDP at the end of …

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Credit standards for loans remain unchanged, says Bank of Greece

The credit standards for loans to non-financial corporations (NFCs) remained unchanged, and banks expect that credit standards will remain unchanged during the third quarter of 2021, the Bank of Greece said in a report released on Tuesday. The central bank said that the terms and conditions for corporate loans remained …

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Greece’s tourism revenues down 78% in first nine months of 2020

Tourism revenues in Greece went down by 78% and arrivals recorded a decline of 77.2%, the Bank of Greece said in a report about the performance in the first nine months of 2020. This is practically the performance of the whole year as there is no tourism traffic due to …

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BoG: Greece’s state budget hit by impact of coronavirus pandemic

The Greek general government budget recorded a deficit of 6.014 billion euros in the January-April 2020 on a cash basis, after a deficit of 1.138 billion in the corresponding period in 2019, the Bank of Greece said on Monday. In a report, the Bank of Greece, attributed this development mainly …

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Projections of 10% recession are “exaggerated” says Bank of Greece

“Estimates of a 10% economic recession this year were exaggerated” governor of the Bank of Greece Yannis Stournaras said on Tuesday. he added that he expected the country’s GDP to shrink by 8.% under the worst-case scenario. Speaking during a new cycle of online meetings organized by the Delphi Economic …

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Bank of Greece sees zero growth in 2020 due to conoravirus

The Greek economy will fall to zero growth this year while it will show a significant divergence from fiscal targets for the year, the Bank of Greece said in its annual report on the Greek economy, presented on Friday. The report noted that the smooth course of the economy was …

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BoG governor sees growth potentially exceeding 3% after 2020

Bank of Greece  governor Yannis Stournaras estimated that growth rates could rise higher than 3 percent after 2020, given the right conditions. However, the Bank of Greece estimated that GDP will grow by 1.9 percent this year, while in 2020 the growth rate will exceed 2 percent. Speaking at an …

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Bank of Greece to recommend fully lifting of capital controls

The governor of Bank of Greece, Yannis Stournaras, revealed on Friday that he intends to recommend a complete lifting of capital controls. Stournaras made the statement after a meeting Prime Minister Kyriakos Mitsotakis. During their meeting on Friday, the prime minister and central banker discussed broader developments in the Greek …

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Bank of Greece Monetary Policy Report 2018-2019 warns of Economy risks

Governor of Bank of Greece, Yiannis Stournaras has warned of the risks of the Greek economy  claiming that the primary surplus will not be at the calculated level, growth will be lower, and that the profitability of the banks will not be the expected one. These are the crucial highlights …

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No fiscal space left in 2019 for more benefits, says BoG Stournaras

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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Greece’s heavy industry Tourism: 33mln tourists, €16bln revenues in 2018

33 million tourists visited Greece in 2018 creating 16 billion revenues, the Bank of Greece said in its report published on Wednesday. The report includes detailed data on balance of travel services, travel receipts, inbound traveller flows, overnight stays, cruises and travel services by region. Five regions accounted for the …

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Bank of Greece lowers growth prospects for 2019 to 1.9%

The Bank of Greece on Monday lowered growth prospects for 2019 to 1.9 percent, from a previous forecast of 2.3%. It said that the country’s GDP grew by 1.9% in 2018, down from an initial 2.1 pct growth rate. The state budget envisages a growth rate of 2.5 pct this …

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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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