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BoG shows lower deposit rates and a sharper drop in loan rates in June
EconomyMacroeconomy. Despite the drop recorded so far in time deposit rates, they remain 60-100 bps higher than those... that for larger amounts the loan rate In Greece is 1 percentage point higher than the euroarea average... bps higher than that at year-end 2013 of 3.31 percent. In outstanding (‘old’) loan and deposit rates
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Finance Ministry scrambles to correct property tax after error-strewn debut
EconomyMacroeconomyof those cases, this resulted in the calculation of a property value up to 10 times higher than... percent of the total 6.15 million) paying more than 500 euros. Taking into account that each household... of more than 1,000 euros for properties it possesses, regardless of whether these properties produce
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Alpha Bank reports H1 profits of 267.4 mln on one-off item
EconomyBankingbetter than the consensus. The financial performance this year showed net loss was trimmed to 57.4.... The slight improvement mainly reflects higher deposit NII and lower funding cost, which more than offset... ratio at 40 percent (55 percent in Q2), cost of risk less than 1 percent (2.2 percent in Q2), loan
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Piraeus Bank reports net profit of 164.3 mln in Q2
EconomyBankingshows a delinquency less than 89 days past due. The management said that the bank’s statistical... slipped to 108 percent (and to 107 percent for Greece), higher than that of NBG at 94 percent and Eurobank at 103 percent and lower than Alpha’s at 119 percent. Eurosystem funding remained flat QoQ at 10
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Vast majority of Greeks pessimistic on prospects of recovery despite coalition efforts
Societythey are satisfied. The level of dissatisfaction in Greece is higher than any other country surveyed... are “bad.” This is slightly higher than Ukraine, Spain and Italy. The Pew Research survey also provides...) fare worse in gaining Greeks’ trust. Interestingly, the troika performs slightly better than all
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Greek unemployment rate hovers at 27 pct in June
EconomyMacroeconomysince October 2013. Unemployment among females remains more than 7 percentage points (pp) higher than... figure is the lowest since 2011, while has more than doubled over the 24.4 percent posted in June
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Greek primary budget surplus eases to 1.95 bln on back of lower revenues in Aug
Economysurplus remains above target by 989 million euros, while the budget deficit is 1.27 billion better than... than target). Revenues and the Public Investment Budget (PIB) balance fell short of their targets.... In particular, PIB revenues dropped 15.9 percent to 3.35 billion euros, 65 million lower than target
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S&P upgrades Greece one notch to B, sees growth in 2015
Economy’ on August 2 and of Fitch by one notch to ‘B’ on May 23. Moody’s rating stands two notches lower than... 20 percent lower than in 2007. The rating agency highlights that a drop in the unit labor cost... of 2 percent of GDP in the next three years, which is less than half the 4.5 percent target
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Tsipras starts to flesh out SYRIZA's economic policy but questions remain
PoliticsGreek Politicsretirement payment for 1.26 million pensioners that receive less than 700 euros per month and reducing... should not make up more than a third of customers’ income. Tsipras pledged to scrap the contentious... these as untapped sources of revenues. Having given a more detailed idea than ever before in the last two
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Finance Ministry challenges SYRIZA's plans for economy, ups cost
Economy, more than double the 11.38 billion projected by SYRIZA. The deviation of almost 16 billion euros.... The document notes that the key problem for Greece’s economy lies with the supply rather than the demand side. “If the country’s production capacity is not improved, than the increase in demand would
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