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Fitch maintains Greek 'BB' rating with stable outlook amid some lack of visibility
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Economic sentiment stable in June, but consumer confidence drops
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BoG sees growth of 4.2 pct this year but warns of multiple challenges ahead
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Unemployment edges down to 16.3 pct in March as inactives approach 3.5 mln
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Greece raises another 2.5 bln with reopening of sought-after 10-yr bond
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IMF raises outlook on Greek debt sustainability to merely 'uncertain'
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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