Moody's explains cautious approach to Greek credit rating upgrade
PDMA readies bond schedule for 2019, with eye on prepayment of IMF loans
Retail turnover in June grows strongly led by fuel and supermarket sales
Economic sentiment remains stable as retail confidence materially improves
Employment balance year-to-date posts record despite more departures in July
Fitch upgrades Greek rating to 'BB-', three notches from investment grade
Eurostat 2012 figures raise questions about Greece's tax policy
Greek tax revenue as a percentage of GDP rose to 33.7 percent in 2012 from 32.4 percent in 2011, according to data provided by Eurostat this week. Greek ratios remain well below both the eurozone average (39.5 percent in 2011 and 40.4 percent in 2012) as well as the EU average (38.8 and 39.4 percent respectively).
Taking into account the nominal GDP contraction of 7.3 percent in 2012, we conclude that the recorded increase of the Greek ratio in 2012 mostly reflects the denominator effect rather than a rise in the tax revenues.
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