MacroPolis

Eurozone periphery condemned to low wages, demand, EC study suggests

24/10/2013 - 15:54

A research paper by an economist at the European Commission’s Directorate General for Economic and Financial Affairs (DG ECFIN), which was initially published online this week by accident, withdrawn and then released again the next day, provided more fuel for the austerity debate in the euro area.

Direct taxes jump by 46 pct to help Sept. revenues beat target for third month in row

23/10/2013 - 10:30

The budget execution to September showed revenues beating monthly targets by 339 million euros for the third straight month in September, with the year to date shortfall further narrowing to 710 million from its peak of 1.61 billion euros at the end of June, according to the final data released by the Ministry of Finance (MoF).

Disposable income plunged 9.3 pct in Q2, dragging consumption down with it

22/10/2013 - 14:18

Greek household disposable income fell by 3.1 billion euros or 9.3 percent year on year (yoy) in the second quarter of 2013 and reached 30.1 billion, according to the Hellenic Statistical Authority (ELSTAT). The latest data indicates an accelerating decline compared to the first quarter drop of -7.4 percent.

Industrial turnover and new orders indices rebound for second straight month

21/10/2013 - 13:15

The Turnover Index in Industry increased 1.7 percent in August, while New Orders Index in Industry also improved by 2.7 percent, according to the Hellenic Statistical Authority (ELSTAT). It is the second straight month both indices have rebounded concurrently, following a 3.7 percent and 1.6 percent respectively rise in July.

Greece's current account in surplus for the fourth consecutive month

18/10/2013 - 14:30

The August current account (C/A) balance showed a surplus for the fourth consecutive month at 1.22 billion euros from 1.63 billion last year, according to Bank of Greece (BoG). The recorded drop year on year (yoy) mainly reflects an increase in the income and current transfers’ deficits by 295 million and 249 million respectively more than offsetting a rise in the services’ surplus by 259 million.

How Greek banks could cut 2014 financing gap with a bond rollover

16/10/2013 - 17:07

In an interview with Naftemporiki daily on October 14, Greek Finance Minister Yannis Stournaras identified two key sources that could reduce – if not eliminate – the emerging funding gap as of July 2014, currently estimated at 10.5 – 11.0 billion euros. Both solutions involve rolling over of Greek government bonds (GGBs) that mature in 2014.

Greece's 2014 fiscal gap suddenly appears bigger, much bigger

15/10/2013 - 17:30

Just one week after the Greek Finance Ministry submitted to Parliament the draft budget for 2014 - which sees a primary surplus of 2.9 billion euros, or 1.6 percent of GDP – European Central Bank executive board member Joerg Asmussen appears to have put the economic plan in some doubt, while testing the limits of Finance Minister Yannis Stournaras’s positivity.

Cash deficit widens as Greece pays off state arrears

15/10/2013 - 17:30

The central government net balance to September on a cash basis showed the deficit widening to 8.88 billion euros from 6.53 billion last year, according to the Bank of Greece (BoG). At the same time, the primary cash deficit also expanded to 3.32 billion from 543 million.

Greek banks less reliant on Eurosystem funding in September

15/10/2013 - 08:53

Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, dropped by another 1.4 billion euros in September, according to the BoG’s monthly financial statement.

Unemployment creeps up to 27.6 pct in July; little tourism boost evident

10/10/2013 - 15:58

The seasonally adjusted unemployment rate in July edged marginally higher to 27.6 percent from 27.5 percent in June, according to data released on Thursday by the Hellenic Statistical Authority (ELSTAT).