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Stournaras outlines conditions for strong 2017 growth, calls for debt relief measures soon
EconomyMacroeconomygovernor said that despite the increased number in foreign arrivals, receipts may end up lower this year... negative factor for tourism revenues was also a sharp drop of 35.6 percent in the expenditure of UK.... As a result, travel receipts from the UK made up less than 12 percent of total travel revenues
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Greek 2017 budget reveals size and source of extra tax burden
Agorainterventions will make up around 90 percent of the total incremental revenue collection next year... are expected to reach 26.44 billion in 2017, making up 56.4 percent of tax revenues (from 54.8... in 2014. However, the drop of 296 million euros in direct taxes in 2017 does not reflect lower revenue
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Bank of Greece sees potential for recovery, urges calm in negotiations
EconomyMacroeconomythat are “unlikely to pay” account for 27.5 percent of total, while denounced loans (legal process underway) make up..., which currently make up 44 percent of total restructurings. BoG also said that the NPE coverage ratio... Equity Tier 1 ratio at 17.8 percent in June up from the 16.3 percent recorded in December 2015
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Trade deficit rises by 1.2 pct in November
EconomyMacroeconomyGreece’s trade deficit edged up by 1.2 percent in November, after a double-digit drop of 16.1.... In addition, imports from EU countries edged up by 0.3 percent, while those from non-EU countries increased... percent, while imports edged up 1.2 percent, leading the corresponding trade deficit down 10.8 percent
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Stocks rebound by 0.7 pct for third straight week amid light trading activity
EconomyThe Greek stock market edged up 0.7 percent for the third successive week following the return... turnover picked up to 60 million euros on Wednesday on improved investor sentiment. Overall, the average... Telecom (OTE) reported a drop of 7.8 percent in net profits to 151.9 million in 2016 with turnover
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Wait continues for agreement on measures, tension builds in Athens
PoliticsGreek Politics. It appears that the latest hold-up has been caused by dispute between Athens and the International Monetary Fund over pension cuts and labour reforms. The IMF appeared ready to drop some of its... and Tsipras. Speculation has it that the finance minister is keen to wrap up the agreement and thought
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Athens details fiscal counter-measures, a vital selling point for Tsipras
EconomyProgrammethe contribution be reduced by 50 percent and for higher income up to 1,500 euros the contribution would... in the private sector by 50 percent and up to 500 euros per month. Companies would be obliged to retain... drop to 3 percent (from 5 percent). For the bracket including taxpayers with income between 30,000
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These were the key drivers behind Greece's strong fiscal performance in 2016
EconomyMacroeconomystemmed from VAT, which shot up by 1.45 billion to 14.33 billion. Other revenues increased by 1.37 billion to 11.18 billion, while taxes on income and property, which make up around 21 percent... expenditure, edged up by 210 million to 10.71 billion. Compensation of employees remained almost stable
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Piraeus posts 7 mln net profit in Q2, NPE stock down for seventh straight quarter
EconomyBanking. Nevertheless, the NPE ratio edged up to 52.3 percent in Q2 from 51.9 percent in the previous quarter... to the reclassification of 69 million from loan impairments. Operating expenses edged up 1 percent QoQ to 292 million in Q2, but declined by 5 percent to 582 million in H1, on the back of a drop in personnel
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NBG reports net losses in Q2, NPEs down for fifth straight quarter
EconomyBanking-provision income (PPI) fell by 3 percent quarter on quarter (QoQ) to 232 million, reflecting a drop... a positive formation of 43 and 25 million in Q2. Overall, the group NPE ratio edged up to 45 percent from... quarter going forward. Operating expenses edged up by 0.3 percent QoQ to 232 million, while the H1
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