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Banks' trading updates show slight improvement in core pre-provision income, deceleration in NPL formation
Economydeposit cost, attributed to decreased time deposit rates, leading net interest income (NII) down 4... income by 1 percent QoQ to 597 million. After a drop in Q1, expenses headed north in Q2 increasing by 1...) to 275 million. Gross loans slipped by around 1 percent QoQ to 70 billion in Q2, whilst deposits
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Greece gets tranche and looks ahead to next tasks, including pensions and NPLs
EconomyProgrammeof 1 billion. Eurogroup President Jeroen Dijsselbloem said that the pension reform has been moved... percent of GDP in 2015 and around 1 percent in 2016. Almost half of cost savings for 2016 have been secured by the increase in the health care contributions for pensioners from 4 to 6 percent for main
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Pension and income tax reform bill sets out 4.4 bln in new measures
EconomyProgrammeof the proposed measures. The government aims to collect additional annual revenues of 1.7 billion euros (1... and around 640 million to incremental revenues. Cost savings 1) Elimination of the solidarity grant... private and public pensioners – 222 million. 4) Cut in the dividends paid to public pensioners – 208
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Greek banks on cusp of improved liquidity conditions
Agora. On February 4, 2015 the ECB decided to lift the waiver “based on the fact that it is currently... would no longer be eligible as collateral for ECB funding from March 1, 2015. This means... is below, with its current EFSF holdings at around 4 billion almost half its TLTRO-II capacity of 7.7
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Draft budget sees primary surplus at 1.8 pct of GDP in 2017, revenue interventions of 2.5 bln
EconomyMacroeconomythe anticipated import rise of 3.3 percent. The unemployment rate is projected to slip by more than 1 percentage... by 0.6 percent in 2017. It is worth noting that nominal GDP is seen at 176.2 billion euros in 2016, 1... and expenditure interventions that are expected to yield almost 4 billion euros in 2016-17, of which
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Broadly stable rate in time deposits, corporate loan rates fall in Aug
EconomyMacroeconomy. Lower decreases of 19 and 4 bps were recorded for amounts higher than 1 million euros and between... cards) fell modestly by 4 bps to 14.43 percent. The rate on loans to sole proprietors edged down 1 bp...Greek households’ new time deposit rate edged up by 1 basis point (bp) to 0.87 percent in August
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The key elements of the draft agreement between Greece and lenders
EconomyProgrammethe use of the attrition rule starting from 1:5 in 2016 to 1:4 in 2017 and 1:3 in 2018.... to be voted in the Parliament. Those measures, which are not quantified in the document, include: 1... of the national health care provider (EOPYY) 4) Legislation of a tax on short-term tourist accommodation
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Hotel owners sound warning over Thomas Cook revenue losses
EconomyFeatureswere 1, 2 or 3 star establishments, 32 percent were 4 start and 21 percent were 5 star. The lower.... Specifically, the amount of turnover generated via Thomas Cook for 1, 2 and 3 star hotels came... multiplier effect is added in, which estimates that for every 1 euro of tourism revenue generated
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Public sector capital stock in Greece and the Euro-19
Agorain fixed capital stock is important for the wellbeing of all citizens. Figure 1 below shows two lines... spending in the economy as a whole.[1] Benchmarking. Similar calculations of the size of a public sector... is well used and actually contributes to GDP growth.[4] Transparency can motivate better policies. One
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Does the EU Commission suffer from optimism bias? (Part 2)
Agoranotes that our first responses to stimuli are often heuristic and superficial. This is System 1, or “Fast Thinking,” based on instincts and emotion. System 1 has evolved for survival and immediate..., then the subsequent revisions will likely be revised downwards over time. Figure 1 is a plot of five
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