Economy
Retail's downward slide continued with 8.9 pct sales drop in August
Retail sales headed south for yet another month with the contraction rate decelerating to 8.9 percent in August from a revised 14.1 percent in July, according to Hellenic Statistical Authority (ELSTAT).
BCP in first successful placement of Greek bank shares after recap
Portugal’s BCP (Banco Comercial Portugues) launched on October 29 an accelerated placement (to institutional investors only) disposing its entire stake in Greece’s Piraeus Bank.
Deposits down for fourth month in a row as tax obligations rise
Greek private sector deposits marginally slipped 0.53 percent month on month (mom) in September with balances reaching 161.35 billion euros. Net flow remained in negative territory for the fourth consecutive month with outflows increasing at 719 million in September from 212 million in August.
No signs of credit revival in Sept., balances at 221 bln
Credit contraction in the Greek market remained unchanged from the previous month at 3.9 percent year on year (yoy) in September with balances reaching 221.0 billion euros, according to the Bank of Greece.
Eurozone periphery condemned to low wages, demand, EC study suggests
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General for Economic and Financial Affairs (DG ECFIN), which was initially published online this week by accident, withdrawn and then released again the next day, provided more fuel for the austerity debate in the euro area.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
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
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
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
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.
![Photo by Can Esenbel [www.mundanepleasure.com]](resources/toolip/img-thumb/2013/10/16/rock_esenbel_572_1610-medium.jpg "Photo by Can Esenbel [www.mundanepleasure.com]")
How Greek banks could cut 2014 financing gap with a bond rollover
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.