The troika wrapped up a brief assessment of the Greek adjustment programme this week, leaving the coalition facing an uphill task to be ready for the inspectors’ return in mid-September, when a much more substantial review will take place.
After failing in its bid to force Parliament to vote on whether to hold a referendum on the part-privatisation of the Public Power Corporation (PPC) earlier this month, SYRIZA now intends to confront the coalition over legislation aiming to make it easier to develop Greece’s coastline.
Greek private sector deposits increased 0.7 percent month on month (MoM) in June, with balances rising for the fourth straight month and reaching 163.21 billion euros, according to the Bank of Greece (BoG).
As we have highlighted before, one of the consequences of the Greek crisis often overlooked is that the vast majority of the country’s unemployed do not receive benefits as they would in many European Union countries.
During the economic crisis people have been watching Greece closely for signs of a change in mentality or attitudes in the country, particularly with respect to whether young Greeks are adopting different practices to the previous generation.
Many Greek workers are not receiving their salaries on time or are being paid in kind rather than money, according to data gathered by the Labour Institute (INE) of the General Confederation of Greek Workers (GSEE).
It seems slightly surreal to be discussing whether shops in Greece should open on Sunday when household disposable income has dropped by around 30 percent since 2010 and we have seen the emergence of consumers of need rather than choice. Nevertheless, this is the debate that has been prompted by a new law allowing stores in 10 areas of Greece to open every Sunday.
Having completed capital increases of 8.3 billion euros, which more than covered the capital needs identified by the Bank of Greece (BoG) under the baseline scenario, the single most important risk for Greek banks remains the non-performing loans (NPLs).
“Unless the general public is informed by basic economic theory and by key economic facts, they’re going to make wrong decisions,” Korean economist Ha-Joon Chang recently said in an interview following a presentation at the London School of Economics.