Economy
October budget revenues beat target by 24% but gg arrears reach 2.47 bln in 2013
The Greek general government (gg) cash deficit to September fell by 42.3 percent to 5.50 billion with the gg cash primary surplus landing at 3 million from 434 million, the Ministry of Finance (MoF) said on Tuesday.
Does new troika visit spell fresh drama for Greece? Maybe not
There has been fresh confusion this week over when the troika will return to Greece to complete its programme review and where the differences between Athens and its lenders lie. Our five questions and answers should help clear up the matter.
Manufacturing PMI slightly down at 47.3 in October
Greek Manufacturing PMI slightly eased to 47.3 in October from 47.5 in September, falling further from the 44-month high of 48.7 in August, according to Markit.
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General for Economic and Financial Affairs (DG ECFIN), which was initially published online this week by accident, withdrawn and then released again the next day, provided more fuel for the austerity debate in the euro area.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.