Economy
Study estimates tax evasion costs taxpayer up to 16 bln annually
Tax evasion in Greece is estimated to range from 6 to 9 percent of GDP, involving tax losses from 11 to 16 billion a year – the equivalent of almost one third of public revenues – according to a new study conducted by Ernst and Young for the Athens-based think tank Dianeosis.
ECB reinstates waiver in first step towards improving liquidity conditions for Greek banks
As expected, the European Central Bank’s governing council decided on Wednesday evening to reinstate the waiver on Greek government securities, which was lifted on February 4, 2015.
Lower foreign arrivals lead to 7 pct drop in April travel receipts
Greece's travel receipts fell by 7 percent in April after a short-lived rise by 8.2 percent in March, Bank of Greece (BoG) figures displayed on Wednesday.
Industrial turnover dives by 15.3 pct in April in fourth straight double-digit decrease
Greece’s Turnover Index in Industry dropped at an accelerating pace of 15.3 percent in April from a revised 12.4 percent decline in March, Hellenic Statistical Authority (ELSTAT) figures displayed on Tuesday.
Current account deficit narrows to 822 mln in April
Greece's current account (C/A) deficit fell by almost 21 percent to 822 million in April from 1.04 billion a year ago, Bank of Greece (BoG) figures showed on Tuesday.
Lenders' report reveals long-term savings from pension reform, which also offset court ruling
The compliance report for the first programme review published by the European Commission (EC) last week revealed, among others, the long term fiscal impact of the pension reform arising from the measures legislated in the summer of 2015 as well as from those recently voted through Parliament.
Despite strong rebound on Friday, Greek stocks dive 5.2 pct during week
Despite a rebound of 5.4 percent on Friday, the Greek stock market fell 5.2 percent this week amid the negative sentiment that prevailed in the global markets until Thursday largely fuelled by Brexit concerns.
Primary cash surplus widens to 2.66 bln in first five months of 2016
Greece’s central government primary cash balance climbed to 2.66 billion euros in the first five months of 2016 from 1.07 billion euros last year, Bank of Greece (BoG) figures showed on Friday.
Commission sees lower Greek financing needs, provides timetable for course of programme
Along with an updated debt sustainability analysis (DSA), the European Commission’s (EC) compliance report for the first programme review included an update on Greece’s financing needs.
In updated DSA, EC sees Greek debt as unsustainable if no relief measures implemented
In its compliance report for the first programme review, the European Commission (EC) included an updated debt sustainability analysis (DSA). This takes into account the milder recession and higher fiscal outcome in 2015 and lower bank capital needs.