Tag Archives: recession

The European Commission sees Greece’s economy returning to recession in 2015 and the following year, with growth only materialising in 2017, and urged the Greek government to comply fully with the terms of the third lending agreement in order to restore economic confidence. According to finance news MNI.com, in its …

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The “Silly Season” is over. Time for hard work, hard news and figures. Greece’s government is challenged to meet its obligations towards the country’s lenders, successfully pass the first review and receive 2 billion euro as first tranche of 3. bailout program. After the Eurogroup approved the 48 Prior Actions …

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Just as I was surfing around trying to spot some interesting topics on the upcoming elections – and I found nothing, I must admit – I stumble upon an interview of former Prime Minister left-wing Alexis Tsipras who struggles neck and neck with conservative New Democracy to win the elections. …

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Greece had growth. Back in 2014. Everything was fine with the creditors, the unemployment was just 25% – from 27% the year before – the state was paying its suppliers and outstanding debts, consumers were spending money like there was no tomorrow and in addition there was also a primary …

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Growth in the euro zone and in Greece. A sad story. With a thick black line constantly plunging downwards.  Ops, there was a very short “success story”. But a very short one. This diagram will help you understand why many Greeks will cast their vote for left-wing SYRIZA. You may …

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Squeezed between steering wheel, handbrake, door and dashboard, Katerina reads in her history book, takes notes for school. Next to her, on the driver’s seat, cat Eddy stares right in the camera lens. It may look like a cute snapshot on a sunny day, if it wasn’t for a sad …

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One in three workers in Greece’s private sector earn a monthly salary of €300 net -up to  €440 gross. This shocking revelations comes from a survey conducted by the Labor Institute (INE) of private sector union GSEE. The survey reveals that wages in greece have shrunk significantly through the so-called …

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Temperatures sharply dropped recently after a long summer and a mild autumn. And yet, hardly a Greek dared starting heating his home. Unfordable prices of heating oil and even natural gas make a fuzzy warm home almost impossible. For a second year, for a second winter in the seventh year …

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Greek Finance Ministry unveiled the draft Budget 2014 on Monday. In the ambitious draft, Athens predicts recession at 4% from 4.6% originally foreseen. A much better figure when compared to 6.5% of 2012. Deputy finance Minister, Christos Staikouras who presented the draft budget, said that the primary surplus will be …

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How much clown can you be? It looks as if “clownessness” has no limits. Three years after the loan agreement with Greece, the clowns of International Monetary Fund are still puzzled about the causes as to why the Greek fiscal adjustment program did not work and that recession grew much …

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The good news: recession eases. The bad news: recession is still high. And thus for the sixth consecutive year. Austerity measures crack down on consumption, shops and businesses close down. Half of the touristic shops and hotels in Agia Marina, Aegina, stay closed for the second consecutive year. Photo: KTG …

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Sometimes they occur every day. Or ever second. Or once a week. Sometimes, it’s two a single day. Suicides. Greek men and women who decide to put an end to their life. And leave behind children, spouses, parents. Desperate human beings. Cracked spines under the heavy height of economic crisis, unemployment, loans. A …

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 Hellenic Statistical Authority (ELSTAT) announced the Gross Domestic Product for the 1st quarter of 2013. In the press release published on June 7th 2013, the ELSTAT notes: “Available non-seasonally-adjusted data indicate that, in the 1st quarter of 2013, the Gross Domestic Product (GDP), in volume terms 1, decreased by 5.6% …

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Greece’s economic output fell by 5.3 percent in the first quarter of 2013, compared to a year earlier, according to figures published the Hellenic Statistical Authority on Wednesday.  The Greek economy, which has been in recession since 2008, is expected to shrink by about 4.5 percent of GDP this year, …

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Merchants in Thessaloniki are frustrated. Consumption during the Holy Easter Week did not meet their expectations. According to a survey conducted by the Commercial Association of Thessaloniki among 100 traders, revenues dropped 20% in average when compared to the previous year. 82% of the respondent saw a decrease in turnover. …

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Finally a good news! Trading firewood is a business that experiences a rapid growth in recession-hit Greece. Tax increases in heating oil and natural gas have led to sharp decrease but to sharp increase of firewood. According to data released from Athens Chamber of Commerce, the number of enterprises trading …

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The Greek economy shrank 7.2% in the third quarter compared with the same period a year earlier, statistics agency Elstat has said. That was a deeper contraction than the 6.3% fall seen in the second quarter. Greece has been in recession since late 2008 and has been granted two bailouts …

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Society in Chania is shocked after two suicides that took place on a single day. On Friday noon, a young man jumped from the balcony of his home. The paramedics who rushed with ambulance on the  spot could only find out that the man had suffered fatal head injuries. In another incident, …

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A group of IMF technocrats sits down and writes the World Economic Outlook & Fiscal Monitor with the gloomier colours. Global economy looks bad and the IMF forecasts for global growth was marked down to 3.3 percent this year and a still sluggish 3.6 percent in 2013. The IMF revised downward …

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Reductions down to even 70% did not manage to tempt Greek consumers to put their hands in their pockets and spend money taking advantage of summer sales. How could they? It’s the fifth recession year and 72 upcoming additional austerity cuts in pensions, wages and allowances are scaring to commerce-death the average Greek …

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