August 5, 2024
Economy, FEATURED
Banks in Greece are considering replacing fees for each transaction with monthly fees that will vary according to the package the customers use. More expensive packages will come with more benefits, but, in any case, are planned to cost no more than 10 euros per month, daily kathimerini reported on …
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July 22, 2024
Economy, FEATURED
With two years delay and several complaints right from the beginning, Greece’s Competition Commission is launching an investigation into whether there are concerted practices in the banking industry regarding deposit rates. The European Central Bank proceeded with successive increases in the deposit acceptance facility rate from July 2022 to September …
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June 25, 2024
Economy, FEATURED
The Greek government has threatened banks with state intervention unless they reduce the fees they charge to clients for various banking activities. Speaking on Tuesday at the annual general assembly of the Hellenic Banks Association, Minister of National Economy and Finance Kostis Hatzidakis pointed out that the non-settlement of the …
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March 20, 2024
Economy, FEATURED
Greece will this year complete the sale of its outstanding stakes in five banks bailed out during last decade’s debt crisis and raise record revenues from state asset sales, Finance Minister Kostis Hatzidakis told Reuters on Wednesday. After years of relative stability, investors have come back. The state recently sold …
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January 5, 2024
Economy, FEATURED
Commissions paid by those who withdraw money using an ATM of a different bank than the one with which they have an account has been reduced since January 1, 2024. This development comes after a relevant decision of the Competition Commission, which ruled that the banks had pre-agreed by following …
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September 20, 2023
Economy
Fitch Ratings on Tuesday upgraded Greece’s four systemic banks ratings, following a recent round of upgrades of Greece’s credit rating. Fitch Ratings upgraded Eurobank SA’s Long-Term Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB-‘, and Viability Ratings (VRs) to ‘bb’ from ‘bb-‘. The outlooks on the Long-Term IDRs are Stable. …
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April 18, 2023
Economy, FEATURED
The European Union on Tuesday proposed making it harder for states to pour billions of euros of aid into an ailing bank, as Italy did with Monte dei Paschi di Siena six years ago. Proposals from the EU’s executive seek to ensure that banks hold enough resources, in particular debt …
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April 6, 2023
Economy
Banks in Greece are reportedly set to freeze mortgage rates for one year and will bear the cost of containing interest on loans to the level it was at end-March. Banks are stopping any further rises in mortgage rates, freezing interest rates at a date reportedly set for March 31. …
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March 26, 2023
Economy, FEATURED
Secretary General of MeRA25 Yanis Varoufakis greeted the party’s 5th anniversary with an article entitled “Let the banks burn.” In his article in the monthly column in Project Syndicate, the former finance minister referred to the shocks of the banking system, judging that it cannot be corrected. “That’s the bad …
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March 20, 2023
Economy, FEATURED
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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March 16, 2023
Economy, FEATURED
Greek government officials appeared reassuring regarding the global banking turbulence’s triggered by the crisis in Credit Suisse and the collapse of the Silicon Valley Bank and some other US banks. “Our banks guarantee deposits,: said government spokesman Giannis Oikonomou on Thursday adding that “the Greek banking system and our economy …
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December 16, 2022
Economy
Greece’s four systemic banks released a proposal to help vulnerable borrowers meet their monthly installments, outlining the plan and their contribution to the Greek economy in a joint statement on Thursday. The move follows meetings with Finance Minister Christos Staikouras, who along with the PM, has pressured banks to assume …
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December 3, 2022
Economy, FEATURED
Finance Minister Christos Staikouras gave the banks 10 days to proceed “immediately and bravely” with an increase in interest rates on deposits and a reduction in interest rates on new loans. He described the 4.86% interest rate on new loans in October as “unacceptable.” Speaking to Skai TV on Saturday, …
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December 2, 2022
Economy
Greek banks must come up with proposals to actively support citizens who face a lot of financial pressures due to high inflation and the rise in the cost of money, Greek Finance Minister Christos Staikouras told them on Thursday, giving bankers a two-week deadline to do so. According to a …
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November 1, 2022
FEATURED, Society, Very Mix
Greek citizens will have the option to use the Gov.gr Wallet instead of their IDs at all banks and financial firms, as well as telephone companies, as of November 1, based on a Joint Ministerial Decision issued on October 28. The process for verifying the authenticity of digital documents will …
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October 27, 2022
Economy, FEATURED
The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates Thursday at the fastest pace in the euro currency’s history and raising questions about how far the bank intends to go with the threat of recession looming over the economy. The 25-member …
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June 2, 2022
FEATURED, Tourism, Travel, Uncategorized
The Corinth Canal will reopen for ships in July, the Hellenic Corporation of Assets and Participations SA (HCAP) said on Wednesday. The reopening will be temporary, though, over the summer and will shut down again for a few months in autumn in order to complete repair works and stabilize the …
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October 7, 2021
Economy
Greece’s Agricultural Minister has urged banks to increase the funding of primary sector investments. Speaking at the annual AgriBusiness International Forum in Athens, Agriculture Development & Food Minister Spilios Livanos told the banking sector that it should assume its responsibilities. “It would be a historic mistake if the banking system …
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July 2, 2021
Economy, environment
Banks in Greece, Spain and Portugal face increased risks from the climate change, according to a joint report by the European Central Bank (ECB) and the European Systemic Risk Board (ESRB) published on July 1. Greece and other southern EU countries are exposed to increased risks, on the one hand …
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May 7, 2021
Economy
Household and corporate deposits jumped 19.6 billion euros during the pandemic, showing that the freeze on consumption combined with the state support measures served as a safety cushion for liquidity in the private sector. The additional cash flow during the successive lockdowns will be the driving force behind the economy’s …
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