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Fitch takes no rating action as fiscal continuity remains crucial to investment grade
EconomyMacroeconomyexpects Greece to stick to commitments, with the primary surplus this year at 1 pct of GDP and doubling to 2 pct of GDP in 2024, thanks to strong tax revenue growth that in the first four months..., followed by S&P on October 20 and Fitch again on December 1.
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Newsletter 434 - 27/09/2024
wage effective from April 1 is 830 euros gross per month, paid out on a 14-month basis leading... earning below 700 euros monthly to just 2 pct, with a significant shift of the distribution... than 1 billion euros. Loans There was a modest movement for credit expansion in August with an inflow
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Draft budget maps out narrow fiscal path for coming years
EconomyMacroeconomythis year and rise by over 1 billion euros in 2025 to 26.51 billion euros. The Finance Ministry... 2 pct of GDP and the new SGP rules that is designed to place caps on primary spending, they have... from the reduction in social insurance contributions by 1 percentage point and 238 million euros
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Greece and Ukraine sign LNG deal as US looks on
PoliticsForeign Policyinto the Vertical Corridor pipeline system. A special transport product, “Route 1”, activated... south to north, from Greece to Ukraine.” Zelenskyy said that the deal will "cover nearly 2 billion... and then imported into the Vertical Corridor pipeline system. Route 1 has been active since October after
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Piraeus Bank reports loss of 247 mln for Q1
EconomyBankingmillion. This corresponds to 71 percent of the total targeted fully-phased synergies of 550 million... points QoQ to 109 percent. Eurosystem funding narrowed by 8 billion within Q1 and by a further 1 billion... percent of the total loan book. Following the capital increase of 1.75 billion in April
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Unpaid taxes keep rising, tax audits short of targets
EconomyMacroeconomytax debt of 1 billion by the end of June. The same target of 1 billion has also been set.... The outcome of tax audits on high wealth individuals showed collected taxes at 40.5 percent of total... temporary audits correspond to 73.9 percent of total. The full target is set at 65 percent, implying
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Unemployment edges up for second consecutive quarter in Q1, reaches 26.6 pct
EconomyMacroeconomy) fell by 2.7 pp YoY to 39.7 percent. The 30-44 age group posted a drop in the unemployment rate by 1 pp...’ (more than 1 year) unemployed slightly rose to 910,600, after decreasing in the prior three quarters. However, the percentage of long-term unemployed to total jobless declined for the second straight
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SYRIZA fails to make any friends with new public sector wage grid
PoliticsGreek Politicsof the multi-bill of prior actions that Greece has to pass in order to receive the next 1 billion euros of bailout loans. The proposed changes, which will apply from January 1, include decoupling wages from... of a total of 567,000 civil servants receiving pay rises of between 15 and 80 euros, spread out over
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Unemployment edges up to 24.4 pct in Q4 on seasonal drop in employment
EconomyMacroeconomy(i.e. those looking for a job who have never worked in the past) fell by 1 pp from the previous quarter to 22.6 percent in Q4 from 23.6 percent in Q3. The number of “long-term” (more than 1 year... of long-term unemployed to total jobless rose for the third successive quarter to 74.3 percent, its
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NBG net profits at 5 mln in Q1, NPEs drop for fourth straight quarter
EconomyBankingat a slower pace, by 200 million QoQ from 900 million in Q4. As a result, NPE stock fell by a total of 3... income (ΝΙΙ) improved 1 percent QoQ to 445 million in Q1 mostly reflecting a rebound in loan NII from... basis points (bps) in the next few quarters, with a positive impact on deposit NII. However, total
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