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Tension rises in Greece but creditors see potential for agreement soon
PoliticsGreek Politicsthe Greek side. Tsipras’s request for an EU summit to discuss the Greek issues should probably be seen.... For the Greek government, the vital element is that it should not have to detail another 2 percent of GDP in measures (3.6 billion euros) now as this may kill off any hopes it has of convincing its
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Outline of fiscal mechanism for automatic cuts emerges after Eurogroup
EconomyProgrammethat the mechanism will be based on the Greek side’s proposals and will mean that Athens will not have to legislate... for the mechanism will be the confirmation of the fiscal data for the previous year that is published by the Greek Statistical Authority (ELSTAT) each April. If the primary surplus is off track by more than 0.25
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Tsipras, against all odds
Agorathe creation of a solidarity fund (financed by part of any extra primary surplus) to help the worst off... plans, while many Greek businesses are looking to move abroad (to Bulgaria and Cyprus) to avoid what... July’s referendum. The Public Issue survey indicated that Greek’s opinion of the euro is on a steady
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HFSF sees market value of bank holdings plunge to 2.4 bln after closure, capital controls
EconomyBanking. The latter relates to an equal amount of ESM bonds that HFSF received from the Greek state... of 9.33 billion, a one-off expense of 555.9 million and impairment from banks under liquidation... (CoCos), while a gain of 1.27 billion was recorded from warrants’ revaluation. The one-off expense
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Newsletter 93 - 21/10/2016
and that judges should decide whether the process was in keeping with the Greek constitution.... Excluding this one-off item, the comparable primary cash surplus has almost doubled from last year... between the Greek authorities and the institutions’ mission chiefs, which were initially due to start
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First day of review talks highlights differences as Athens eyes tight schedule
EconomyProgrammeDuring the first day of meetings between the Greek authorities and the institutions’ mission chiefs... and investment fund (HCAP) with the participation of Tsakalotos from the Greek side. Finance Ministry sources... to an increase in the current cap of 5 percent on mass layoffs, arguing that the Greek law is fully
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Energy at forefront as Athens prepares for creditors’ return
EconomyProgrammewhen they visit Athens next week. It is reported that the Commission did not reject Greek requests..., the agreement does not include the Greek side’s request to postpone the market test, according to Kathimerini... they had received the assurances necessary for them to call off the strike they had announced a few
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Eurogroup paves way for completion of third review, talks on debt relief
EconomyProgrammeand the institutions in Athens, paving the way for the Greek government to complete the remaining prior actions so... will now be for the Greek government to implement the prior actions that have been agreed,” said... actions have to be completed. This was acknowledged by Greek Finance Minister Euclid Tsakalotos, who said
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Ministers urged to speed up reforms as Athens prepares for lenders to return
EconomyProgrammemuch groundwork has been done on the 88 prior actions and that many of them can be ticked off.... The institutions are due to return to Athens next week, resuming talks with Greek government officials... by then but the Greek government will have to show that it is making progress towards concluding
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NBG makes profit of 20 mln in Q1, NPE stock falls again
EconomyBankingcore Greek bank that is off ELA while retaining a liquidity buffer. Stress test Under the 2018 EU-Wide... to the one-off impact of IFRS 9 implementation, additional restructurings and sustained deleveraging... peers. The total Greek loan yield fell slightly to 377 bps from 388 bps in Q4. Fee income fell by 5
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