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Tag Archives: economic crisis

Austerity cuts: Tsipras to return €820mn to special categories of civil servants

Prime Minister Alexis Tsipras announced that certain groups of civil servants will receive retroactive a total of €820 million net for wage cuts during the economic crisis and the bailout agreements. The total amount is €1.4 billion gross including taxes, social security and pension contributions. The money will be paid …

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1:2 Greeks postpone seeking medical advice, 4:10 cannot afford buying prescription medicine

One in two Greeks postpones seeking medical advice, four in ten patients cannot afford to pay patient’s participation in the purchase of prescription medication due to lack of economic means. This was revealed by the president of the program “Health for All,” Eleni Sotiropoulou. Groups most affected by the economic …

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Elderly woman dies when device she used to keep her warm catches fire

A 90-year-old woman died when the electric water bottle she used to keep her warm caught fire. A fire broke out Sunday midnight in an 2nd floor apartment in Neapoli, Thessaloniki, northern Greece. Neighbors who saw thick smoke coming out of the apartment called the Fire Service. When fire fighters …

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1,700 Greek doctors work in UK’s NHS, number doubled during economic crisis

The number of Greek doctors who work in the United Kingdom has doubled since the beginning of the economic crisis in 2009. 1,700 of doctors working in UK’s National Health System were born in Greece, overwhelming majority of them has also studied in Greece. They hold the second place among …

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EU Commission to cut growth forecast for Greece, closer to IMF projection

The European Commission will revise down its growth forecast for Greece this year to around 2% from a previous 2.7%, an EU official said today. The revision – which brings the Commission closer to International Monetary Find projections – is likely to increase pressure on Greek politicians to adopt a reform …

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Gov’t spokesman says Greece is exiting the 7-year crisis, talks very close to agreement

“There are great social problems that need to be solved step by step, but for the first time we are facing the exit of the seven-year crisis”, government spokesman Dimitris Tzanakopoulos on Friday said in an interview to Kokkino radio station. He underlined that the issues remaining to be solved …

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Brain Drain: Even Teenagers want to leave Greece

Miserable present, no future.  The brain drain from Greece takes distributing dimensions as even teenagers want to leave the country. For studies or for professional development. An entire generation of teenagers, regardless of their economic status and possibilities, want to leave Greece and move abroad. These plans have usually the …

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Inflation: Greek consumer prices rise 1.7% in March due to hikes in food, fuel, transport

Greece’s inflation rate rose to 1.7 percent in March, Greek Statistics Authority ELSTAT said on Monday. The rise is due to the mass price increases in food, alcoholic drinks, tobacco, telecommunications, heating oil and transport due to special fee in fuel. In February inflation rose to 1.3% and in January …

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US Congressmen push Trump to block IMF participation from Greek bailout

Conservatives in Congress are pushing Donald Trump to block the International Monetary Fund from participating in a European-led bailout of Greece, as his administration signalled it would take a tougher line with global institutions. They say that the Europeans should solve the Greek crisis on their own not through the …

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Greece’s economy shrank 1.2% in the Q4 2016

Greece’ economy shrank by 1.2 per cent in the fourth quarter of 2016.This is three times worse than a first estimate of 0.4%. It was the worst quarter since 2015. OUCH. Greek GDP shrank 1.2 per cent in fourth quarter – three times worse than a first estimate of 0.4% …

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Regling: Greece may need less than originally planned ESM funds

As the government in Athens used only €32 billion from the €86 billion prepared by the European Stability Mechanism, with less than half the program until the end it is clear the final figure will be smaller than the maximum, said Klaus Regling, the facility’s managing director. German daily Bild quoted him …

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IMF’s wrong forecasts increased Greece’s funding needs

The International Monetary Fund (IMF) has made serious mistakes in the first memorandum, noted the chairman of Attica Bank and Greece’s former representative to IMF Panagiotis Roumeliotis speaking to Athens Macedonian News Agency. “The wrong forecasts increased Greece’s funding needs” he said while referring to the second review he estimated …

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