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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Bank cards, smartphones to be used to board Athens public transport
A pilot application in public transport means in Athens will allow the use of bank cards and smartphones to board buses, trolley buses, the metro and the tram, in addition to tickets and passes. With the signing of a contract between OASA and the contractor of the project, a member …
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Court rules to reinstate judges’ pensions after bailout cuts
Greece’s Court of Audit has ruled to reinstate the pensions of retired judges to the levels before 2012 that it before the cuts imposed by the first bailout. The decision triggered an outrage in the society as some media reported that judges could receive at least 35,000 euros each in …
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Market Pass platform opens Feb 21; Guide with Q&A
The much anticipated online platform for submitting ‘Market Pass’ applications to receive a small financial aid for purchases will open on Tuesday, February 21, 2023, the government spokesman announced on Monday. “Beneficiaries are approximately 85% of Greek households,” he added. Beneficiaries with Tax number ending in 0 to 4 will …
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TUI payments delay puts survival of Greek hoteliers at risk
The survival of hundreds of Greek businesses in the hospitality industry is at stake after tour operator TUI earlier this month issued a series of contract amendments that require hotel owners to wait until March 2021 for three-quarters of the money due for accommodation booked this year, the Financial Times …
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Greek banks extend suspension of loan payments for businesses & individuals
Greek banks, members of the Hellenic Bank Association, on Tuesday announced the extension of measures to support enterprises and individuals hit directly and indirectly by the pandemic crisis and of a moratorium on debt payments until December 31, 2020. In an announcement, the banks said they remained steadfast on the …
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Greek banks raise limit for contactless card payments without PIN
The Hellenic Association of Banks announced on Thursday that the banks increase the limit for contactless payments with debit, credit cards and prepaid cards without using PIN. The limit is raised from 25 euros today to 50 euros. The measure will be implemented from Monday, March 30 until Sunday May …
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SCA: EU’s new security standards for card, e-commerce payments
Rapid changes in the payments industry, the rise of e-commerce and the constant threat of fraud have led the European Union (EU) to update its Payment Services Directive (PDS), which has regulated the electronic payment services industry since 2007. The EU’s new PSD2 directive (2015/2366/EU), has gone into effect as …
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“MPs would receive €24,000 in retroactive payments” stirs Greece’s political kitchen
Greek lawmakers secretly voted last week that they are also entitled to retroactive salary payments as those civil servants in the category of special payrolls, media reported on Monday. According to a press release issued on November 12 by the Union for the Protection of Labor (ENIPEKK), each lawmaker is …
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Belgium to pay €222mn to Greece in SMP profit return from Greek bonds
Belgium will pay a total of 221.8 million euros to Greece in the context of profit central banks made from Greek bonds, Belgian business newspaper L ‘Echo reports. The money is from the ECB and EZ central banks Security Markets Program. “In the midst of a crisis, the European Central …
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Nice Profit: ECB made €7.8billion from Greece’s financial crisis
The European Central Bank (ECB) has profited handsomely from its holdings of Greek government debt, according to a document seen by the Financial Times. A written response to a request from Greek MEP Nikos Chountis (Popular Untity) showed the bank collected €7.8 billion in interest payments between 2012-2016 on Greek …
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German Finance Ministry: Debt relief would de facto be a new loan for Greece
German Finance Ministry ‘contemplated’ on debt relief for Greece. And came to the conclusion that should the interest payments put back until 2048, ‘it would de facto be a new loan with a volume that depends on the development of interest rates.” This is estimated 118 to 123 billion euros. …
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Court rules municipality workers on extended contracts to return salaries
The State Auditors Court dropped a bombshell: it ruled that municipality workers with extended work contracts will have to return the salaries they received in the time their contracts were extended. The Court considers the extension of contracts even to one year as against the constitution. The decision will affect …
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Scandal in Greek Parliament: retired MPs to get €100K retroactive since 2008
Yes. Yes. Yes. Our esteemed ‘servants of the public interest’. Our lawmakers, who first of all think about themselves and their own interests. The retired MPs want back – retrospective – thousands of euro. The sad thing is that the government complies with these demands and accepts the decisions of …
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Greek banks charge higher commission for cards payments than in other EU countries
The Greek government wants to boost the use of plastic money as a means to combat tax evasion. But the banks do not share the government enthusiasm and keep their charging rates high. A vendor, a restaurant owner or a lawyer has to pay 3% or even higher commission to …
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EU ministers: Also EU citizens to be checked at Schengen external borders
In the aftermath of the Paris attacks, interior ministers from EU member states decided today in Brussels to impose stricter and systematic controls at the external borders of the Schengen area also for the citizens of the European Union. The decision seems to be justified with the allegation the organizer …
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Lagarde warns Greece will default to IMF, if no payment on June 30th
Greece will default the next day, if it fails to make the bundles payment to the IMF on June 3oth, Managing Director of the International Monetary Fund said on Thursday, dismissing rumors that the debt-ridden country would have a month of grace time. Greece will be in default with the …
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Greece to “bundle” June payments to IMF. No money or strategic move?
Greece cannot and probably does not want to make the €3oo-million pay to the IMF tomorrow, Friday, June 5th. Thursday afternoon the Bank of Greece submitted a request to the International Monetary Fund asking to be able to bundle all four June payments into one. Greece’s obligation to the IMF …
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IMF : Greece has right to “bundle” four June payments into one
Greece’s deadline for repayment to the International Monetary Fund is coming close, while the options for agreement with creditors remain unclear. Without agreement there is no bailout funding for cash-strapped Greece that struggles to avoid a “credit event” on June 5th, when €300 million are due to the IMF. Greece’s …
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Could Greece skip next week’s payment to IMF & make all June’s payment at the end of the month?
Another scenario is making the rounds to keep the media busy and the Greek clock ticking. This time it is some EU officials claiming that Greece will allegedly be allowed to skip payment to the International Monetary Fund (IMF) on June 5 and have time to negotiate a funding deal …
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