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The first cut is the deepest? Greek pension reforms in context
EconomyFeaturesin total (around 8 percent of all pensioners). However, in 2017 new measures were also pre-legislated..., Greece was found to lag in other areas of elder support, with 12 percent of men and 17 percent of women... a spending package to match the 1 percent GDP in pension cuts. The spending is earmarked for housing
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IMF raises growth forecast for 2019, lowers sharply medium-term expectations
EconomyMacroeconomysubstantially from a previous 1 percent to 2.5 percent. However, the Fund revise downward its GDP growth... by 24 percent, the declines involved a 36 percent fall in GDP and the downturn lasted 8 years... countries 12 years to reach their pre-decline GDP level.
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Newsletter 181 -2/11/2018
for the contributions to be reduced by a third. They will fall from 20 percent to 13.3 percent as of January 1... confidence has improved by 15.4 points and by 12 points since the start of the year. October’s... by 8 percent. The seasonally adjusted (SA) retail sales index in August fell by 0.7 percent month
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Card usage gains traction with debit cards leading the way, BoG finds
EconomyBankingmillion, recording a rise of 1 percent year-on-year (YoY) versus 2017. The majority of these cards... of transactions of all types of payment cards stood at 12 percent in 2018, compared to 13 percent.... The overall value of card transactions increased by 8 percent YoY and came to 65 billion euros in 2018
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Fitch raises Greece to 'BB,' two notches from investment grade, sees growth at 2.5 pct in 2020
Economyofficial creditors. The reduction by 1 percentage point will have a substantial stimulating effect... to 12 billion euros of state guarantees to reduce their stock of NPEs by up to 50 billion euros... by a leading agency is on April 24 by S&P, followed by Moody’s on May 8. It was widely reported during
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Newsletter 261 -07/08/2020
be able to tap around 12 billion euros in loans. The members of the panel formed by the PM...). Declines were seen in local governments (-8 million), state budget (-7 million) and extrabudgetary...) and SSFs (+1 million). Drops were seen in tax refunds (-91 million) and state budget (-3 million
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BoG warns pandemic will leave trail of bad loans, hastening need for new tools
EconomyBankingon the banks’ own prudential funds. BoG estimates that as a result of the crisis new NPEs will range between 8... moratoria, followed by wholesale and retail at 17 pct and transport and manufacturing with 12 pct each. BoG... provisions, resulting from 1 billion due to downward revised macro assumptions, 1.5 billion euros linked
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Eurobank posts loss of 1.21 bln euros in 2020 as it sheds off bad loans
EconomyBankingof Risk -- compared to 170 basis points in 2019. Balance Sheet Eurosystem funding came to 8 billion... The phased-in Common Equity Tier 1 (CET1) ratio came to 13.9 percent from 13.2 percent Q3, and from 16.7 percent in 2019. The fully loaded Basel III CET1 ratio came to 12 percent from 14.6 percent
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Early details show energy emergency plan facing practical challenges
PoliticsGreek PoliticsKathimerini suggest that acquiring the 8 TWh of natural gas equating to 15 pct of Greece’s annual... lignite production from 5 to 10 TWh over the next 12 months. This would require reopening at least... in May’s sounding, while SYRIZA gained 1 percentage point to reach 22.8 pct. The survey confirmed
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Policy pledges bolster top two parties as ND erases losses from surveillance affair
PoliticsGreek Politicsto come in at 26.5 pct. The gap between the two main parties after Thessaloniki returned to 8 pct... leading parties have each gained one percentage point. PASOK’s ratings remained steady at 12 pct... will be limited to 100 million euros, as 1 billion will come from generators’ profits and emissions trading
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