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EU makes dramatic revision to economic forecasts, sees recession of 2-4 pct this year
Economytargets. In specific, a primary deficit of zero to 1 percent is now projected for 2015, a primary balance of 1 to 0.5 percent in 2016 and a primary surplus of 2.25 to 2 percent in 2016. However... the next three years, the EC projects they would reach 81.7 billion and stem from: 1) Bank
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Revenue uptick unable to stop 7-mth primary surplus outperformance falling to 724 mln
EconomyMacroeconomyunderperformance in July revenues, which primarily stemmed from: 1) No receipt of SMP and ANF income... 1 percent to 4.34 billion, marginally above target of 4.32 billion. Tax refunds dropped by 22.8... underperforming items related to grants to SSS and operational and other expenditure include: 1) Grants
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Coalition poised to unveil pension reform proposals, hoping to avoid cuts
EconomyProgrammethose paying social security contributions as well as pensioners, include: 1) Consolidation of all... system. The third memorandum of understanding (MoU) calls for pension cost savings of 1 percent...’ healthcare contributions to 6 percent (from 4 percent) for main pensions and to 6 percent (from zero
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Piraeus reports net loss of 37 mln in Q1, records negative NPL formation for first time since 2008
EconomyBankingincome fell 6 percent QoQ to 74 million. It was negatively affected by the domestic macro... dropped by 35 percent QoQ, as Q4 was burdened by one-off costs, while fell by 6 percent on a like... in the previous quarter. The management reiterated its target for a negative NPL formation of 1
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CPI drops at a slower pace of 0.5 pct in October
EconomyMacroeconomya drop of 1 percent in September, according to data published by the Hellenic Statistical Authority... to a fall in the goods’ index by 1 percent, while the services index edged up 0.2 percent. Meanwhile... textiles (-6 percent) and purchase of motorcars (-6 percent). In contrast, prices in alcoholic
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Budget for 2017 sees primary surplus at 2 pct on 2.6 bln fiscal measures, strong growth
EconomyMacroeconomyanticipated impact of 2.45 billion relate to: 1) Income tax reform (716 million) 2) Change in rates... (439.6 million) 4) Increase in the VAT rate from 23 to 24 percent, implemented as of July 1, 2016... million) 6) Income tax on corporate cars (91 million) 7) Tax on coffee (62 million) 8) Tax on fixed
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Deposit interest rates broadly stable in March, average loan rate down slightly
EconomyMacroeconomyGreek households’ new time deposit rate edged down 1 basis point (bp) to 0.66 percent in March... for amounts above 1 million euros rose by 15 bps to 4.04 percent, while for amounts between 250,000 and 1... successive month by 6 bps to 4.47 percent, which is a new record-low since 2002. Overall, the modest
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NBG reports net loss of 35 million in Q3, NPEs fall for sixth quarter
EconomyBanking) and small business loans (-6 million). This led the group NPL ratio to stand at 34.1 percent from... other negative developments. Balance Sheet Eurosystem funding stood at 6 billion in Q3 from 8.4 billion... (ELA) funding from 3.8 billion in June to 2.3 billion in September. At 1 billion euros in October, NBG
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Newsletter 141
of Macedonia poll before the summer was published, the gap between the two parties has narrowed by 6... payments will drop from 6 billion this year to 5.2 billion next year, while public investment... and quarrying by 10.6 percent, along with a fall of 1 percent in manufacturing. Industrial turnover
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NBG reports net loss of 163 mln in 2017, bad loans continue to fall
EconomyBankingGreek banks are expected to increase provisions by roughly 6 billion euros. NBG noted that IFRS 9 adoption would push domestic NPE coverage up by around 6 percentage points to 61.3 percent... is anticipated on the Common Equity Tier 1 (CET1) ratio on a fully loaded basis. Over the three year stress
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