The secretary general of the Organization for Economic Cooperation and Development (OECD), Angel Gurria, handed Antonis Samaras the Paris-based body’s Economic Survey for Greece on Wednesday. It contains staggering projections with regard to the country’s debt and gives the Greek prime minister and his cabinet much to think about.
Greek private sector deposits decreased by 0.6 percent month on month (mom) in October, with balances reaching 160.38 billion euros, according to the Bank of Greece (BoG). Net flow remained negative for the fifth consecutive month, with outflows slightly slipping at 630 million in October from 719 million in September.
The final budget execution to October confirmed preliminary figures, released by the Ministry of Finance (MoF) on November 13, showing revenues beating monthly targets by 763 million euros for the fourth straight month.
Greece’s trade deficit soared 27.4 percent to 1.63 billion euros in September, while the respective 9-month figure retreated 13.6 percent to 14.47 billion, according to the Hellenic Statistical Authority (ELSTAT).
The Finance Ministry tabled on Thursday the 2014 budget to Parliament without the final approval of the troika since discussions between the two sides on next year’s fiscal gap and other matters have not yet been concluded.
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 2.36 billion euros in October, according to the Bank of Greece’s (BoG) monthly financial statement.
The September current account (C/A) balance showed a surplus for the fifth straight month at 964 million euros from 895 million last year, according to Bank of Greece (BoG).
The Turnover Index in Industry dropped 8 percent in September, while New Orders Index in Industry also fell by 0.9 percent, according to the Hellenic Statistical Authority (ELSTAT).
Apartment prices in the Greek market fell by 9.2 percent in Q3 at a slightly decelerating pace compared to Q2 performance (-11.8 percent), according to the Bank of Greece (BoG).
The central government net balance to October on a cash basis showed the deficit widening by 34 percent to 9.08 billion euros from 6.78 billion last year, according to the Bank of Greece (BoG).