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Stournaras presents debt relief plan with maximum benefits for Greece, minimum cost for lenders
EconomyMacroeconomyratio of 180 percent a reduction in the average interest rate by 1 percentage point (pp) reduces the debt ratio by 1.8 pp, while a rise in the primary surplus by 1 pp of GDP lowers the debt ratio by only 1 pp. Last May’s Eurogroup set the goals for gross financing needs (GFN) below 15 percent of GDP
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Tsipras tries to use Brussels warning to his political advantage
PoliticsGreek Politics,” he said. “Mr Mitsotakis insists on talking about the need to adopt a 1:5 hiring rule, while we have managed to secure a 1:1 ratio,” he said. Tsipras concluded with a warning that Greece has... enhanced surveillance report public on Wednesday, in which the European Commission set out its concerns
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Newsletter 209 -07/06/2019
have an estimated impact of around 1 percent of GDP, or 1.8 billion euros, and is seen as being...) garners between 3 and 5 percent. Ex-finance minister Yannis Varoufakis's party, Mera25, is expected... was set to enter into force in January 2020. This involves not broadening the tax base as planned
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BoG awaits go-ahead from DG Comp over NPL scheme
EconomyBankingpurpose vehicles (SPVs). The highest possible provisions have been set aside for such loans, which... properties worth around 1 billion euros. It is expected that the deal will open the way for Piraeus... of the majority share of the platform has been set at 328 million euros, with both parties aiming to close
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Details of technical agreement between Greece and lenders set out in draft sMoU
EconomyProgramme(MTFS) for 2018-2021, a pension reform with net savings of 1 percent of GDP in 2019-2021 and a personal income tax (PIT) reform also delivering net savings of 1 percent of GDP in 2020 and 2021... assessment. Furthermore, a targeted spending package and a growth-enhancing tax package each yielding 1
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Early rounds of talks with lenders focus on possible prior actions
EconomyProgramme. These measures involve: 1) Changes in the laws for hirings in the public sector, settlement of tax arrears... levy rate was set at 6 percent. The institutions are also asking the government to adopt legislation... regarding 2012 pension reform. According to the CoS, cuts of 5 to 15 percent in pensions above 1,000 euros
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Newsletter 371 - 24/02/2023
was drawn up, 650 million euros has been set aside for the Market Pass, and a one-off stipend... has risen by 1 percentage point to 25.1 pct. Third-placed PASOK has largely paid the price for this apparent rallying of the vote as its support dipped by almost 1 point to 9.8 pct. The undecided voters
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GDP rises by 0.6 pct QoQ in Q3, increases by 2.3 pct YoY
EconomyMacroeconomywas largely driven by gross capital formation increasing by 5.7 percent QoQ, reversing a decline of 5 percent seen in Q2. Gross fixed capital formation declined by 5 percent after having grown by 1.9 percent... capital formation fell by 5 percent YoY, while gross fixed capital formation showed an increase of 2
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These are the bailout deliverables expected from Greece in September
EconomyProgrammewithin the tenure of the caretaker government, include: 1) Finalise a medium-term technical assistance... Contribution debt database that will encompass all social security funds. 5) Issue the needed secondary... by September 1 all supplementary pension funds into the Unified Auxiliary Insurance Fund (ETEA) and ensure
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Greek banks' Eurosystem funding rises again in November, up by 1 bln
EconomyMacroeconomyGreek banks’ Eurosystem funding increased for the second straight month in November, when it rose by 1 billion euros, according to the Bank of Greece's (BoG) monthly financial statement on Wednesday... from 43.85 billion in October. This reflects a 1 billion rise in main refinancing operations, while
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