Economy
A breakdown of the 5.4 bln in measures that form basis of agreement between Greece and creditors
Although Greece and its lenders are continuing to debate how to set up an extra 2 percent of GDP in fiscal measures so they are on standby if primary surplus targets are missed next year or in 2018, there appears to be agreement between all sides on the basic package of 3 percent of GDP in spending cuts and tax hikes that will apply immediately.
OTE Group profits drop in Q1
The Hellenic Telecommunications Organization S.A (OTE Group) has released its unaudited results for Q1 2016, showing that fixed line revenues increased by 1.7 percent compared to the same quarter in 2015, registering a figure of 378.9 million euros compared to 372.4 million euros last year.
Corporate lending rates fell in March, time deposit rate slightly down to a new low of 0.88 pct
Greek households’ new time deposit rate eased for the third straight month, albeit modestly, by 3 basis points (bps) to 0.88 percent in March, Bank of Greece (BoG) data displayed on Wednesday.
PMI edges up to 49.7 in Apr, highest reading in last three months but concerns remain
Greece’s Manufacturing PMI rebounded for the second straight month by 0.7 points to 49.7 in April, Markit survey displayed on Wednesday.
EC expects milder recession of 0.3 pct in 2016, sees debt to GDP at 178.8 pct in 2017
In its spring economic forecasts released on Tuesday, the European Commission (EC) lowered its estimates for Greek GDP contraction to 0.3 percent in 2016 from 0.7 percent expected in early February. EC noted that the slower than initially anticipated recession this year is largely due to the more moderate adverse trends in the second half of 2015.
Delays in concluding programme review are credit negative for Greece, says Moody’s
In its latest comment on Greece included in the weekly credit outlook of May 2, Moody’s notes that the delays in the country’s bailout programme review are credit negative since they increase the risk of a liquidity squeeze and prevent any discussion on debt relief.
Greek stocks fall 3.7 pct during week on inconclusive discussions with lenders
The Greek stock market shed 3.7 percent this week in the aftermath of the inconclusive discussions of Greek government and the mission chiefs on the first programme review and the postponement of the Eurogroup that was initially due on Thursday.
Economic sentiment edges up to to 90.3 in April, consumer confidence falls for fourth month
Greece’s economic sentiment (ESI) rose for the second straight month in April, albeit by just 0.2 points to 90.3, according to European Commission (EC) data published on Thursday.
Retail sales down 7.3 pct in Feb for highest drop since July 2015
The turnover of Greece’s retail trade index fell at the notably faster pace of 7.3 percent in February from a revised 3.5 percent drop in January, Hellenic Statistical Agency (ELSTAT) figures showed on Thursday.
Piraeus first Greek bank to repay Pillar II bonds, others to follow
Piraeus Bank said on Thursday that its remaining Pillar II bonds will be redeemed on Friday, which will make it the first Greek bank with zero reliance on any of the three pillars of the capital and liquidity support programme (Law 3723/2008) that was initiated in 2008.