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Outline of fiscal mechanism for automatic cuts emerges after Eurogroup
EconomyProgramme2 percent of GDP in extra standby measures now, as some of the lenders had initially wanted... will be effective from June 1. If there is a divergence from the target between 0.26 and 0.75 percent... will be 1 percent of GDP. For a shortfall of 1.26 to 1.75 percent, the measures will have to reach
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One-off loss affects NBG’s P&L, NPE stock drops by 900 mln in Q2
EconomyBankingmillion, mainly reflecting lower costs related to pillar II bonds. Net interest income (NII) edged up 1... dropped by 2.8 and 2 percent respectively in the first half (H1) reflecting lower personnel.... Overall, the NPL formation in Greece reached 2 million in Q2 from 127 million in the previous quarter
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Greece’s embattled commercial steel market industry braced for more challenges
EconomyFeaturesand Chinese steel imports to curb the effect of cheap steel on European prices.[1] The fallout from... and 1.3 percent of the EU’s GDP in 2015. [2] Over the years, European steel production has seen its... blamed on price volatility of raw commodities. [1] https://www.ft.com
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Fiscal surplus back in focus ahead of IMF debt discussions
PoliticsGreek Politicsto around 2 percent. Fiscal gap The fiscal performance for 2018 became an issue again in Greece after the IMF Fiscal Monitor report published on Wednesday indicated that the Fund sees a 2 percent of GDP... of the extra fiscal measures lined up for 2019 and 2020 (1 percent of GDP in pension cuts and 1
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Revised GDP data shows recession for 2016, higher growth in 2014
EconomyMacroeconomyand services dropped by 1.8 percent, against a 2 percent decrease in the first estimate. The economy... at 178.14 billion In nominal terms, household consumption dropped by 1 percent in 2016, non-profits by 0.8 percent and general government spending was down by 2 percent. Exports dropped by 5.1 percent
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A European intelligence school led by Greece and Cyprus?
Agoraof Cyprus. This project is part of a list of 17 joint projects signed within the PESCO framework[1]. PESCO... disciplines and other specific fields to EU member states intelligence personnel”[2] in cooperation...-President of the Open Diplomacy Institute (Paris, France). [1] Greece will also lead the training
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IMF warns of uphill battle for economy as Athens seeks to close 2020 fiscal gap
EconomyProgrammedemographics. Based on the latest growth forecast of 2 percent this year and next and long-term growth below 1 percent, the Fund estimates that will take 15 years for per capita income to return... and spending measures announced by the government. The shortfall is reportedly seen at around 1 billion
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Mission chiefs pick up fifth review baton as Greece mulls new bond issue
EconomyProgrammethat Greece is expected to introduce from May 1. This will succeed the primary residence protection... plans to raise 2-2.5 bln euros and the yield is expected to be around 2 pct, if a landmark 15-year bond.... The PDMA outlined four main objectives in the funding policy of 2020: 1) Enhance market access
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Mitsotakis targets inflation on path to elections in 2023
PoliticsGreek Politicsto move ahead quickly with the minimum wage increase, after the first instalment of 2 pct on Jan 1... that the second instalment of the minimum wage increase will be implemented on May 1, which is earlier than... popularity than the pandemic. The 2 pct increase at the beginning of the year took the gross monthly
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OECD sees recovery slowing, urges fiscal discipline
EconomyMacroeconomythe economy to outdo EU peers in 2023 as well, with growth closer to 2 pct. The authorities see 1.8 pct growth this year on the back of private consumption growing by 1 pct, investments rising by 15.5 pct and exports continuing their growth path albeit with a modest 1 pct. The OECD also draws attention
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