The settlement of Greece’s unpaid private debt, estimated at 160 billion euros or 88 percent of GDP, has recently emerged as an important issue in the discussions between the Greek government with the troika.
In its latest quarterly report published on Monday, the Parliamentary Budget Office (PBO) argues that the Greek economy could grow by more than expected this year but that a series of concerns, including bank stress tests, unpaid taxes, lack of structural reforms and stagnant exports could yet weigh on the recovery.
A report over the weekend suggests that the Greek government has expressed concerns to its eurozone partners and the European Central Bank about the imminent stress tests on local banks.
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).
Credit in the Greek market contracted by 3.5 percent in June, unchanged from the previous month and with balances slightly increasing to 214.81 billion euros, according to the Bank of Greece (BoG).
The rate of increase in Greece’s trade deficit accelerated to 21.9 percent in May from 17.2 percent in April, according to the Hellenic Statistical Authority (ELSTAT).
The larger part of the crisis is already behind us and the official estimate for a GDP rebound this year is feasible, according to the quarterly report of the Foundation for Economic and Industrial Research (IOBE).
Reforms are delivering results and there has been an increase in the absorption of European Union funds, according to the seventh quarterly activity report of the Task Force for Greece (TFGR) published today.
Greece is likely to recover more than 30 billion euros of the 50 billion it has borrowed to rescue its banks, Hellenic Financial Stability Fund (HFSF) CEO Anastasia Sakellariou told Kathimerini newspaper in an interview published on Sunday.
The rate of increase of Greece's travel receipts significantly decelerated to 0.8 percent in May from 35.8 percent in April, according to the Bank of Greece (BoG).