Economy
ECB set to provide extra liquidity to Greek banks but capital needs remain an issue
In its latest comment on Greek banks, Fitch noted that they remain burdened by a large stock of non-performing loans (NPLs), despite capital enhancement and progress with their restructuring plans.
Greece changes banks' DTA conversion law to secure ECB/EBA approval
Τhe Finance Ministry (MoF) tabled on Wednesday night an amendment to the legal framework which allows the conversion of the deferred tax asset (DTA) to a tax credit (DTC), following a relevant request by the European Banking Authority (EBA).
![Photo by Can Esenbel [http://www.mundanepleasure.com/]](resources/toolip/img-thumb/2013/10/16/stocks2_economy_esenbel-medium.jpg "Photo by Can Esenbel [http://www.mundanepleasure.com/]")
Nervous markets subject Greek stocks and bonds to a hammering
In the wake of discussions about an early Greek bailout exit and increasing evidence that Greece could be heading to early elections, the Athens Stock Exchange remained extremely nervous on Wednesday tumbling by 6.3 percent at the closing.
Fiscal consolidation leads Greek 9-month primary cash balance to 2.76 bln
Greece’s central government primary cash balance showed a surplus of 2.76 billion euros in the 9-month period, from deficit of 3.32 billion last year, according to the Bank of Greece (BoG).
Greek banks see Eurosystem funding drop to lowest level since 2009 in September
Greek banks’ Eurosystem funding dropped by another 2 billion euros in September, reaching 42.57 billion according to the Bank of Greece's (BoG) monthly financial statement.
September revenues drive 9-month Greek primary surplus up to 2.53 bln
Greece’s budget execution showed the primary surplus widening to 2.53 billion euros in the 9-month period from 1.95 billion in the 8-month, according to the preliminary data released by the Ministry of Finance (MoF).
Greek economic contraction during crisis higher at 24.6 pct, revised data shows
The Hellenic Statistical Authority (ELSTAT) released on October 10 a revision of national accounts for 1995-2013 so it is in line with the new European System of Accounts (ESA 2010) rather than the previous ESA 1995 before, which produced a deeper recession over the past few years.
Bigger drop for Greek industrial production, which fell by 5.7 pct in August
The Greek Industrial Production Index (IPI) remained on a downward trend for the sixth straight month in August but fell at an accelerating pace falling of 5.7 percent, after a revised -1.1 percent drop in July, according to the Hellenic Statistical Authority (ELSTAT).
Greek building activity drops by another 8 pct in July
Τhe number of building permits issued in Greece continued heading south for the second successive month in July, dropping by 8 percent according to the Hellenic Statistical Authority (ELSTAT).
Tourism helps bring Greek unemployment down to 26.4 pct in July
The seasonally adjusted jobless rate dropped to 26.4 percent in July from a downward revised 26.7 percent in June, according to the Hellenic Statistical Agency (ELSTAT).