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Tracking Greece's fiscal performance
Agoratime. Figure 1 shows the overall fiscal balance over 10 years through 2022-Q2 as reported by two key... are calculated on what is called a “modified cash basis,” the dashed line in Figure 1. This means... at the time when these have an economic impact (solid line in Figure 1), even if the budget cash impact
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Where are the Conservatives?
Agora(only members with “cabinet authority”). A sample is presented in Table 1. This is not a scientific... (countries are organized differently), but the broad outlines are nevertheless instructive. 1... (Mitsotakis 1 and 2). 2. The average number of “cabinet” members, sometimes including state secretaries
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Greece agrees with troika, looks to tranche release and redistribution of surplus
PoliticsGreek Politicseuros will reportedly go towards reducing the country’s debt, 1 billion to reduce state arrears and 500 million will be given as a “social dividend.” The latter mainly involves one-off handouts to 1... contributions by 3.9 percentage points (2.9 for employers and 1 for employees), which will be effective
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A snapshot of Greek banks' ABS as ECB readies for next move
Economybillion, while Eurobank’s figure stands below 1 billion. In addition, they hold covered bonds (mainly... by Alpha and Eurobank at 3.6-3.7 billion, while Piraeus figure stands slightly above 1 billion... as collateral of uncovered government-guaranteed bank bonds as of March 1, 2015. These guarantees amounted
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Greek travel receipts rise 9.1 pct in January as surplus doubles
EconomyMacroeconomyGreece's travel receipts rose by 9.1 percent in January, after a modest increase of 1 percent..., up by 1 million compared to the 2014 figure, and direct tourism revenues above the 2014 level... Chairman Andreas Andreadis recently said that the euro’s drop against the US dollar to almost a 1:1
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Greece and lenders fail to bridge their differences in Brussels
PoliticsGreek Politics(roughly 1 percent of GDP) to pensions and another 1.8 billion euros per year to be raised from increases... a change in the VAT rates (6, 11 and 23 percent) with estimated additional revenues of around 1 billion... of the institutions’ demand for incremental revenues of 1.8 billion (1 percent of GDP) from VAT changes
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The key numbers behind the latest Greek proposals
EconomyProgrammewill target net revenue gains of 1 percent of GDP on an annual basis, which is similar to institutions’ proposal. Since the changes are effective as of July 1, the additional revenues correspond to 900 million... permanent savings of 0.25 – 0.5 percent of GDP in 2015 and 1 percent in 2016, in line with the institutions
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Greece and creditors try to untangle pension complications
EconomyProgrammeParliament on July 15 included the following pension-related interventions: 1) Health contributions...) for supplementary pensions retrospectively as of July 1. This means that pre-tax pensions... 1, 2015. 3) As of January 1, 2016 the state’s guaranteed social security contributions to main
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Athens and creditors edge closer on tax and pensions but gap remains on NPLs
EconomyProgrammeissues that need to be settled are: 1) The national pension, with lenders insisting the whole amount... contributions for supplementary pensions, but at a lower rate of up to 1 percentage point (pp) vis... of pension cost savings of 1 percent of GDP (1.8 billion euros) in 2016 to be met. Such a development would
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Greece and creditors eye compromise to move review along
PoliticsGreek Politicsof measures (1 percent of GDP from pensions, 1 percent from direct taxes and 1 percent... of the measures, particularly the 1 percent of GDP in extra fiscal interventions, and doubts... should resist demands from the IMF for the 1 percent of GDP in supplementary measures (which
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