The Bank of Greece (BoG) announced that private sector deposits in the country increased by 52 million euros in September, compared to the previous month, reaching 1.047 billion euros in the country. The annual growth rate stood at 4.6 percent on a monthly basis, as capital controls remain in force …
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Homes worth up to €300K to be exempted from electronic foreclosure
Residences worth up to 300,000 euros will be exempted from electronic foreclosure actions that are expected to be launched soon. The exemption follows an agreement of the Justice Minister with the banks. According to a report by athensnewsagency, all residences valued at 300,000 euros or less will be exempted from …
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The IMF should stop torturing Greece and write off its debt, says investment manager
“The International Monetary Fund should stop torturing Greece. The IMF could write off its debt, lighten Greece’ burden and do not demand another bank recapitalization.” This is the general idea of an opinion article posted at Bloomberg and written by Kyle Bass chief investment officer at hedge fund Hayman Capital …
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Evictions: Locals furious as US Fund seizes shop in Rethymnon under police protection
Riot police squads had rushed as early as possible outside a shop in the old city of Rethymnon, Crete, and blocked the street to prevent locals from approaching. A representative of a US Fund was to install an alarm system at the shop the Fund had seized after buying the …
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Greek businessman agrees to POS only if he gets share from bank revenues
An entrepreneur in Kalamata submitted an extrajudicial statement to his local tax office, saying he would agree to install a POS device in his business only if he earns a share from the bank revenues. The statement was filed just hours before the finance ministry deadline for the mandatory installation …
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Out-of-court settlement for companies with state arrears and bank loans
The long-anticipated out-of-court settlement allowing the restructuring of arrears owed by private sector companies to the Greek state and to banks goes into effect as of 3. August 2017, when the electronic platform opens for submissions. A total of 300,000 companies have the chance to solve their financial indebtedness. The …
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European Investment Fund to fund more than 2,000 SME enterprises in Greece
European Investment Fund on Thursday signed four funding contracts with Alpha Bank and Piraeus Bank to channel 420 million euros to more than 2,000 small- and medium-sized enterprises – SME enterprises- in Greece. The signing of these contracts was made with the support of European Strategic Investments Fund, the central …
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How Brexit will affect Greek economy struggling to survive in recession environment?
Brexit negotiations between UK and the European Union are still to start. Whatever the outcome one thing remains sure: the impact on Greek economy will be big both in bilateral and EU level, especially in trade and tourism. And this at times when Greek business struggle to survive in an …
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Court rules Debtors can claim Compensation from Collection Agencies
“Repeated calls from collection agencies to debtors infringe personality and debtors are entitled to compensation.” This is the final decision of a court in Athens after an attorney filed a lawsuit against two collection agencies. The court ruling opens the way for compensation to be claimed for “personality insult” when …
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Greece’s Historical Newspapers TA NEA, TO VIMA to close due to “economic reasons”
Dramatic developments in the Greek press with two historical newspapers forced to suspend their publications after banks frozen revenue accounts of Lambrakis Press Group (DOL) for non-performing loans. Daily TA NEA and Sunday newspaper TO VIMA, both owned by Lambrakis Press Group (DOL) will suspend their publication in the next …
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EU lenders warn Greece of non-performing loans and “bail-in”
Greece’s European creditors have warned Athens that no funds would be released for the purpose of recapitalizing the Greek banking system if measures were not adopted to deal with the issue of the non-performing loans. According to newspaper “Kathimerini”, the institutions issued a stark warning that the Greek government would …
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Greek banks to rescue retailer Marinopoulos with a €360mn loan
Greek banks and retailer Sklavenitis have apparently agreed to throw a floating ring to retailer Marinopoulos that is sinking in debts thus risking 12,500 work places. The Alpha Bank has reportedly given the green light for the rescue deal today, short after a similar decision by the EFG Eurobank. Both …
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UPDII Marinopoulos: Greece’s biggest supermarket chain files for bankruptcy, more than 13K jobs at risk
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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Minister Pappas: Gov’t determined to break “triangle” of corruption between politics, media & banks
Greece’s State Minister responsible for media, Nikos Pappas said that the time has come to break the “triangle” of corruption, which he says exists between politics, banks and the media arguing that transparency is the key to sustainability. He defended the new ruling that overthrows the established system for television …
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Shops, Banks, Public Services operation schedule over Easter days, April 29-May 3/2016
Shops, public services and banks will remain close from Sunday to Tuesday as the holiday of May st has been transferred to May 3rd. As we all know, May 1st is not a holiday but a strike day. Below the schedule: April 29: shops, supermarkets 1 pm – 7 pm …
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Publisher, two journalists arrested on blackmail charges
Greek police arrested a publisher of a small daily newspaper and two journalists on charges of blackmailing officials at utility companies, public organizations and banks. The arrest followed an extensive investigation that started already in May 2015. According to Greek media, the three men were threatening company executives and bankers …
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€120bn left Greece’s banks during the years of the crisis
The “dizzying” amount of 120 bullion euro left the Greek banks during the years of the crisis. Moreover, 45 billion euro left the banks during the last year. 80% of this amount, that is some €36 billion are been kept in homes, company safes or in bank lockers. These revelations …
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Greece’s agreement protects only 25% of mortgages – Foreclosures just outside the door
Three in one mortgage receivers are most likely to lose their homes after Greece and creditors agreed on the measures to “protect the first residence”. Income criteria for first residence protection are set extremely low, the state is willing to subsidize and help the banks and the poor borrowers with …
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Greece to lift capital controls for those who bring money back to banks
The Greek authorities will try everything to get back to the banks what depositors withdrew before the capital controls were imposed on June 29th 2015. The financial ministry and its high-ranking state officials and interim government ministers are determined and will try everything to get the money back to the …
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Greece writes off debts to state and banks up to €20,000
Greece will write off debts up to 20,000 euro to tax office, insurance funds but also consumer loans and credit cards to the banks. The measure targets the debt relief of allegedly some 35,000 people and the criteria are very strict: absolute poverty, not possession of property, no income at …
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