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EU Commission revises forecasts for Greece’s economy downwards to 3.5%

The European Commission has revised its forecasts for the Greek economy downwards, envisaging a GDP growth of 3.5% in 2022 and 3.1% in 2023, from 4.9% and 3.5% respectively in its winter forecasts made in last February. On Monday, the Commission released its spring 2022 report on economic growth in …

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Greek enterprises lost €4.2 billion in turnover due to pandemic

Greek enterprises with an obligation to double-entry bookkeeping suffered losses in turnover of around 4.2 billion euros, or 17.5 pct, in July 2020 because of the pandemic, in comparison with July 2019, Hellenic Statistical Authority said on Thursday. The biggest hit was suffered by enterprises in the hospitality sector (-71.4 …

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Greece concerned about impact of coronavirus on economy & tourism

Greece is highly concerned about the impact of coronavirus on economy and the tourism industry, especially now that the country has started to improve its fiscal figures and progress. The international and Greek tourist industry are sailing in uncharted waters after the outbreak of COVID19 and the biggest crash test …

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Greece sees “minimal” impact on tourism due to coronavirus

Tourism Minister Haris Theocharis expressed optimism that the impact of coronavirus to Greek tourism will be minimal. On the contrary, he believes that there is a chance that travelers change their behavior, move away from Asia and decide for Greece. Speaking to state broadcaster ERT TV on Thursday, Theocharis said …

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Albania earthquake: Seismologists reassure “no risk to activate fault lines in Greece”

Prominent Greek seismologists agree that the earthquake in Albania cannot activate fault lines in Greece. However, some are concerned about the magnitude of 6.4 R that followed the 5.6 R two months ago. “There is no risk that the earthquake in Albania triggers earthquakes in Greece,” Seismology professor at the …

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Full impact of Thomas Cook collapse “not apparent yet,” says SETE

The repercussions for Greece from the collapse of Thomas Cook, the second largest travel agency in the world, have not yet become fully apparent, the president of the Greek Tourism Confederation (SETE) Yiannis Retsos said in an interview with the Athens-Macedonian News Agency (ANA). He noted the damage to the …

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Thomas Cook: Revenue loss for Greek hotels at €315mn in 2019, over 1bn in 2020

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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Finance Ministry: Thomas Cook affected hotels will not pay “stay-over tax”

The Greek Finance Ministry will exempt hotels hurt by the Thomas Cook collapse from the payment of “stay-over tax.” A relevant Legislative Act is underway and it will refer for the time period from September 23 to October 10, that is for as long as the repatriation operation by the …

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Financial problems in Italy could impact Greece, says FM Kotzias

When Greek politicians are outside …Greece, ‘Greece worries about the impact of the financial problems in Italy.’ When Greek politicians are inside …Greece, ‘everything is under control.’ Two contradictory statements on Two contradictory statements on the same day: one by Foreign Minister, Nikos Kotzias, and one by Economy Minister, Yannis …

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Earthquake 6.6R caused soil deformation in Kos, subsidence and uplift in Kara Ada

The powerful earthquake that stroke with a magnitude of 6.6 R caused distortions of the geological morphology on the island of Kos and the small Kara Ada islet outside the port of Bodrum in Turkey. Experts from the Remote Sensing Research Team of Harokopio University in Kallithea, Athens, found out …

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Bland & Boring as usual: Grexit-dish served by ECB’s Nowotny

Despite some progress recorded during the Brussels Group meeting on Saturday, creditors’ pressure against Greece remains high. It is the same indirect threat being told over and over again. That the eurozone is not afraid of a Greek exit from the eurozone as the impact would not be as devastating …

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