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  1. IMF's outlook on debt unsustainability adds to doubts after inconclusive Eurogroup
    Photo via Fosphotos

    EconomyProgramme

    that all participants acknowledged that the Greek economy performed better than expected last year... reportedly projects lower growth rates than the Europeans and sees Greece’s primary surplus at 1.5 percent of GDP, rather than 3.5 percent, in the coming years. Under the IMF’s baseline scenario, the Greek

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  2. PBO warns of recovery risks, fourth bailout and possible default

    EconomyMacroeconomy

    out higher than the potential benefit, which could prove temporary, it warns. For instance... GDP would be 2.2-3.1 billion lower than the target, which will also affect tax revenues... that this forecast is more of a message of optimism rather than a reliable estimate. The PBO notes

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  3. General gov't primary cash surplus up to 5 bln in 2016, arrears fall by 1.1 bln in Dec
    Photo by Panayotis Tzamaros/Fosphotos

    EconomyMacroeconomy

    to 5.26 billion. Social benefits of 40.1 billion euros holds the lion’s share making up more than half...-residents (excluding EFSF/ESM/IMF) by 303 million more than offsetting a drop in EFSF/ESM/IMF loans by 282..., up by more than 5 billion from last year on the back of ESM disbursements of 10.3 billion mitigated

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  4. Banks see efficiency gains after shedding 29 pct of staff, 42.6 pct of branches during crisis
    Photo by Panayotis Tzamaros/Fosphotos

    EconomyBanking

    of bank employees dropped by more than 20,000 to 46,654 at the end of 2014 from 65,682 at the end of 2009... market have dropped by 29 percent or by more than 19,000 during the crisis years, from 2009 until... more than halved from 426,500 at the end of 2009 to 194,800 at the end of 2014. Since then, the number

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  5. Tsakalotos and Stournaras raise objections to IMF assumptions
    Photo by Panayotis Tzamaros/Fosphotos

    EconomyProgramme

    incorporated only substantial downside risks rather than being a baseline scenario.” Specifically, Tsakalotos... suggestion for lower tax-free threshold, since more than half of Greek taxpayers do not pay personal... is significantly less than the average household number. The Greek finance minister also disagrees

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  6. Seven years of demanding the impossible in Greece
    Photo by Panayotis Tzamaros/Fosphotos

    Agora

    and the recession will be deeper and longer than expected, he warned. Blanchard’s scepticism and warnings... revenue-raising measures and spending cuts that are equivalent to more than a third of its economy and more than double what Blanchard had described as unprecedented almost seven years ago. The Greek

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  7. IMF comments, blog leave no doubt credible debt relief has to be agreed soon
    Photo by World Bank via Flickr https://flic.kr/p/bPr6Y6

    EconomyProgramme

    than levels that that have a clearly negative impact on the economy, with tax revenues falling... to be based on realistic, rather than heroic assumptions, on growth prospects going forward that could... lose more than if they had promptly faced the facts”, the Fund concludes clearly controverting

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  8. Q4 GDP contracts 1.2 pct QoQ, leading to recession of 0.1 pct for 2016
    Photo by Panayotis Tzamaros/Fosphotos

    EconomyMacroeconomy

    is worse than the 0.4 percent contraction posted in the flash estimates released on February 14... of 2 percent in Q3, which also reflected a low base effect. The Q4 figure is also worse than the flash... due to a sharp drop in services by 7.4 percent that more than offset a rise in goods by 3 percent

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  9. Revenues beat target by 3.9 pct in Feb, remain above target for year

    EconomyMacroeconomy

    in February amounted to 331 million euros, 83 million or one-third higher than target. As a result, net... into account, the better than expected revenue performance in January, the 2-month gross revenues... exceeded the target by 1.7 billion euros largely due to higher than expected revenues from corporate

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  10. Piraeus Bank posts minor losses in Q4, almost breaking even for 2016
    Photo by MacroPolis

    EconomyBanking

    , the NPL stock declined further by more than 1 billion QoQ to 24.38 billion in Q4 from 25.35... was more than offset by loan deleveraging and further pressure on loan spreads. For the whole year, NII... of 2016. Gross loans increased by more than 1.4 billion euros QoQ to 66.6 billion in Q4, yet

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