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Tag Archives: debt

Every Greek owes €29,700 to foreign lenders, says OECD

Every Greek owes €29,700 to country’s foreign lenders, says a debt analysis by the Greek Federation of Enterprises (SEV). The analysis is based on the report “How’s Life” 2017 conducted by the Organization for Economic Cooperation and Development (OECD) on the impact of disinvestment in natural, human, economic and social …

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EU hails ratification of Prespes Agreement. Time to talk Debt Relief?

European Commission President Jean-Claude Juncker, EU High Representative/Vice-President Federica Mogherini and European Commissioner for Enlargement Johannes Hahn issued a joint statement welcoming the ratification of the Prespes Agreement by the Greek Parliament. “We warmly welcome the next crucial step in the ratification of the Prespa agreement, taken with today’s vote …

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Greece’s debt stood at €323.3bn in Q2 2018 from €309bn in Q2 2017

Greece’s sovereign debt stood at €323.378 billion at the end of the second quarter of  2018, from €309.091 billion in the corresponding quarter last year., according to ELSTAT’s quarterly non-financial general government accounts. The Hellenic Statistical Authority (ELSTAT)  announced the quarterly non-financial accounts of General Government for the second  quarter of …

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Merkel: “A proof of trust Greece is given several decades to recover”

German Chancellor Angela Merkel said that long period of primary surpluses was necessary fro Greece in order to reduce debt. She denied she had any deal with Prime Minister Alexis Tsipras to postpone Value Added Tax hikes in exchange for asylum seekers’ returns from Germany. At her annual summer press …

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Recent measures ensure medium-term debt sustainability, Greece’s PDMA says

It looks as if creditors’ institutions including the International Monetary Fund agree on one thing: that on short-and medium-term the Greek debt is sustainable. To this point of view now adds the report of Greece’s Public Debt Management Agency. Greece’s Public Debt Management Agency (PDMA) assessed that recent debt relief …

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IMF calls for an agreement on Greece’s debt by next week

The International Monetary Fund (IMF) needs to reach an agreement with Greece and its European creditors by next week to ensure that the fund has enough time to give money to the embattled nation. Speaking to CNBC Tuesday, Poul Thomsen, the IMF director for Europe, said that there needs to …

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Commission Forecast 2018 revises down Greece’s growth

The European Commission Spring Forecast has revised down Greece’s growth in 2018 to 1.9% from 2.5% and for 2019 to 2.3% from 2.5%. The revision followed a smaller than expected growth rate last year. For next year, the EC projects a 2.3 percent growth rate for Greece, lower than its …

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IMF revises projections for growth, primary surplus and unemployment in Greece

The International Monetary Fund has revised, downwards, its forecast for GDP growth in Greece for 2018, to 2 percent, down from 2.6 percent that it had forecasted last autumn and further down from 2.3 percent given by the Greek government for the current year. The forecast was included in the …

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EU Commission believes additional measures needed for Greece to make debt sustainable

The European Commission believes that additional measures will be needed to make Greece’s debt sustainable, European Commission’s lenders’ mission chief for Greece, Declan Costello, said on Sunday in the  Economic Forum held in Delphi. He said he was confident the final review of the country’s bailout will be wrapped up …

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Furious senior spills gasoline in PPC office and staff after power cut due to debts

A senior in outrage poured gasoline in the offices and employees of Greek Public Power Corporation (PPC/DEH) and would have set everyone and everything alight hadn’t the police manage to take him under control just moments before the disaster would break out. The 70-year-old pensioner went to the local branch …

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Fitch raises Greece’s debt rating to “B”, citing stability, growth

The Fitch ratings agency on Friday upgraded Greece’s sovereign debt grade, citing budget surpluses, greater political stability and the growing economy. The agency raised the debt rating one notch to ‘B’ from ‘B-,’ leaving the country in the “highly speculative” category but with a positive outlook. The decision followed a …

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Italian Ferrovie buys Greek TrainOSE, a day after €692mn debt is written off

Ferrovie Dello Stato Italiane S.p.A. on Thursday signed an agreement to buy 100 percent of Greece’s railways TrainOSE for 45 million euros. The signature ended a four-year tender process and opening a new page in the Greek railways’ future. The signatures fell a day after TrainOSE’s  692-million-euro debt to state-owned …

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Debt cut for Greece not on the agenda for now, says Schaeuble

Greece must press ahead with implementing its reforms-for-aid program and become more competitive, German Finance Minister Wolfgang Schaeuble was quoted as saying, adding that debt relief for Athens was “currently” not on the agenda. Euro zone finance ministers and the International Monetary Fund reached an agreement on Greece in June, …

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IMF approves ‘in principle’ €1.6bn loan for Greece , will not give a cent until debt sustainable

The International Monetary Fund (IMF) Executive Board has given “in principle” approval to a new programme for Greece but made this conditional on both assurances from Greece’s European lenders and that reforms remain on track and the debt is sustainable. ‘In principle’ the IMF decision is positive for Greece, in …

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