Tag Archives: bankruptcy

The collapse of Thomas Cooks opened a big wound in Greece’ tourism sector. According to a survey conducted by the Greek Chamber of Hotels the financial damaged is worth 315 million euros for 2019. And it will reach over one billion euros in 2020. The survey was conducted by the …

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Berlin-based Germania Airline has filed for bankruptcy, and canceled all flights with immediate effect on Tuesday, February 5, 2019. The low-cost airline provided routes to some 140 destinations in Europe, Africa, and the Middle East, and offered full-service flights including food and baggage. The 37-aircraft airline flew around 4 million …

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Budget airline Primera Air ceased operation over night leaving thousands of stranded holiday makers in twenty countries around the globe. Four hundred tourists have stranded at the airport of Chania on the island of Crete, local media report. Nordic budget airline Primera Air has become the latest European carrier to …

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“The Novartis case is the tip of a big iceberg, one of the many reasons that led the country to bankruptcy,” deputy Health Ministry, Pavlos Polakis said on Thursday. The 85 billion euros of “black” money from drugs overpricing and illegal wages in the period from 1991 to 2010 make …

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The Marinopoulos supermarket chain, one of the biggest in Greece, applied for Bankruptcy in Operation.  An Athens court will discuss the request on July 1st, 2016 and until then the company will have protection from its creditors. The move is considered a big blow with a possible domino effect threatening to …

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With this – Refugee Crisis – and that – borders closure, EU’s inability to solve the issue -, we, the Greeks, forgot the economic crisis, and the lenders. Forgot? Not exactly. We just focused on another, equally important tissue that makes the economic dead-end even worse. But here comes the …

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Finally. German Social-democrats woke up from the long sleep caused by Merkel’s spell. Germany’s Vice Chancellor, Economic Minister and chief of SPD,  Sigmar Gabriel, warned of “gigantic consequences” for Europe in case of a Greek bankruptcy. Speaking to German media, Sigmar Gabriel said exactly: “It is good that Germany and …

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Ayayayay! Six days before the crucial double Euro Working Group on Greece upcoming Wednesday and Thursday, and the international media pour their last drops of poison, before they enter the Easter vacations. In an unprecedented anti-Greek-government frenzy international mainstream media race for the Award of the Doomsday Scenario for Greece. …

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Forget the Grexit, the Grexident and the Drachma scenarios. They are out! The 20-April-bankruptcy script writers have invented a new solution: something like a parallel currency. No, not the older scenario option of using Drachma nationally and the Euro internationally. Something new: the IOUS! A form of alternative mean of …

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Greek Prime Minister Alexis Tsipras outlined the first 5 legislation drafts that will be submitted to Parliament as soon as possible. The first draft law that will be submitted on Monday will  concern measure to tackle the humanitarian crisis and relief measures to impoverished households. Furthermore, the Prime Minister announced …

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Do you wonder why you don’t find foreign newspapers and magazines in Greece? The reason is simple: the Foreign Press Distribution Agency in Greece went bankrupt and announced the suspension of its works. According to daily Imerisia,  the company has debts €748,509 to social security fund IKA, €3.5 million to …

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They are unbeatable. And eternally stuck to cliches. They cannot see beyond their nose. They run behind their tail  unable to make a step forward. Trapped in the notorious Greek introversion. And they are bold to show it off right into our face. Who? The Greek ‘politicians’, of course. Although …

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We all remember German finance minister Woflgang Schaeuble claiming that Cyprus was not systemically relevant for the euro zone. His slogan was more or less that the collapse of Cyrpus’s banking sector would not affect the eurozone as the impact could not be systemically. Today, Wolfgang Schaueble claimed exactly the opposite: that …

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Famous retail chain store FOKAS submitted application to Article 99 of Bankruptcy Code seeking protection from its creditors. With sharp decline in sales, debts of 80 million euro and employees unpaid since last summer, it was a matter of time that Fokas would follow the same fate of many Greek …

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 What a disappointment for Greece’s creditors. That fact that Samaras three-party coalition government plans to ask for a two-year extension to adjust its fiscal targets seem to throw the country’s lenders into deepest depression. They allegedly cannot eat or drink neither can they enjoy their vacations. The lenders, not the Greeks. …

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No matter what dilemma PM Lucas Papademos puts on the table (Bailout+Austerity or Default), the Greek people seem to have a different opinion. They haven’t elected him to be prime minister anyway.  In a public survey conducted by RASS, 48.1% of the Greeks say “Yes” to Bankruptcy, while 38% say “No”. The …

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Germany will not accept Greece going bankrupt, Chancellor Angela Merkel said in an interview on Monday.”We refuse to (accept) a Greek bankruptcy. We can’t accept that,” Merkel told ZDF German TV according to the channel’s website. Merkel, in a joint interview with French President Nicolas Sarkozy, also said there would …

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Greece’s Economy Police proceeds unabated to the detention of big scale public debtors and on Monday afternoon the CEO of the privately-owned Alter television channel Kostas Yiannikos was arrested by the financial crime squad of the Finance Ministry (SDOE)  for failing to pay 1.2 million euro in VAT since the start of 2011. Yiannikos …

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 That the majority of Greeks and their elected politicians live in parallel universes is not a secret. The deeper the crisis, the wider the gap. Then while the citizens struggle to cope with a tsunami of taxes, levies and high prices, the politicians think that the crisis in not here …

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We have been sitting on a hot grill full burning charcoal for quite some time now. Occasionally fire resurged, occasionally fire lowers. But we are still sitting on the hot grill. Who are we? We are Greek citizens having deposited  their  savings to Greek banks. With the first dive in the …

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