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December retail sales seen down 2.5 pct amid tax onrush
EconomyMacroeconomyin December, more than 100 million lower than the 4.1 billion recorded a year ago. ESEE highlights... seen nominal GDP contracting by more than 26 percent over this period. The most recent data on private
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Cat and mouse: Greece and Schaeuble
Agorahad in mind something completely different than the Greek government. When all the pieces are put... the IMF is demanding (legislation of more than 2 percent of GDP in contingency measures that include... would approve a new deal. Rather than suggesting that Greece’s problems would be over if the IMF
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Overdue contributions rise at accelerating pace of 615 mln in Q4, stock climbs to 17.54 bln
EconomyMacroeconomy, to 314,917 at the end of December. The breakdown displays 40.4 percent of debtors owe less than... side of the spectrum, 1,159 debtors (just 0.4 percent of total) owe more than 1 million each... billion (slightly less than a quarter of total) and involves 60,889 debtors accounting for 19.3
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IMF's outlook on debt unsustainability adds to doubts after inconclusive Eurogroup
EconomyProgrammethat 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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PBO warns of recovery risks, fourth bailout and possible default
EconomyMacroeconomyout 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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General gov't primary cash surplus up to 5 bln in 2016, arrears fall by 1.1 bln in Dec
EconomyMacroeconomyto 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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Banks see efficiency gains after shedding 29 pct of staff, 42.6 pct of branches during crisis
EconomyBankingof 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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Tsakalotos and Stournaras raise objections to IMF assumptions
EconomyProgrammeincorporated 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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Seven years of demanding the impossible in Greece
Agoraand 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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IMF comments, blog leave no doubt credible debt relief has to be agreed soon
EconomyProgrammethan 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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