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On Portugal, PSI and a national salvation pact
Agorathe debt levels and the lower the debt servicing capacity. Postponing a PSI by a year or two would result... a one-year/two-year precautionary line? Or a PSI included in a framework of a second bailout like..., servicing Portugal’s debt costs €7.2 billion in interest payments a year and this number will grow every
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Greek Q4 GDP down 2.6 pct, shrinks 3.7 pct in 2013 - better than troika estimates
EconomyMacroeconomythree quarters of the year), household consumption retreated 7.7 percent in the 9-month period... negative performance (-12.4 percent) in the first quarter of the year. In contrast, the drop in imports stood at 5 percent for the whole year, which was broadly similar to the 5.5 percent decline posted
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General gov't cash surplus widened to 2 bln in January
EconomyMacroeconomyeuros from 1.51 billion last year, according to the gg bulletin released by the Ministry of Finance on Tuesday. The gg balance also showed a surplus at 1.76 billion from 1.25 billion last year. All gg... contributor. Unlike last year, this year’s gg balance does not include any settlement of previous years
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Q1 GDP contracts 1.1 pct as Greece eyes growth in 2014
EconomyMacroeconomyGreek non-seasonally-adjusted GDP contracted 1.1 percent year on year (YoY) in the first quarter... percent in Q3 2013. The Q1 GDP is historically the weakest quarter of the year, accounting for 23.2 percent of the full year GDP in 2013. On the flipside, Q3 GDP is the most weighty, at 26.7 percent
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Greece's C/A deficit for March drops sharply to 44.4 mln
EconomyMacroeconomyGreece's March current account (C/A) deficit shrank to 44.4 million from 1.24 billion last year... positive increasing by 47.7 million year on year to 61.7 million and largely reflects a rise of 26 percent in non-resident’s arrivals. The year-to-date (YtD) C/A deficit narrowed by 53.2 percent or by 1.19
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Alpha Bank posts loss of 94.1 mln in Q1
EconomyBankingeuros from profit of 230.4 million last year. The latter excludes the negative goodwill of 3.28 billion.... This year’s financial performance showed a pre-provision income (PPI) of 250 million euros from 72 million last year, counterbalanced by impairments on loans at 395 million, which were down 21.8 percent year
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Greek economy contracts 0.9 pct in Q1, slowest pace since Q1 2010
EconomyMacroeconomyGreek non-seasonally-adjusted GDP contracted 0.9 percent year on year (YoY) in the first quarter... after a 12.8 percent drop last year. Taking into account Q1 performance, this specific target seems the most ambitious to be met this year. Total exports grew for the fourth straight quarter by 5.4
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Accommodation and food services index rises by 44.9 pct in Q1
EconomyMacroeconomytourism for the second straight year. The tourism index posted a positive growth of 4.8 percent... flights is expected to surge by 25 percent to 15.8 million in 2014 from 12.67 million last year..., the evolution of two additional figures throughout the year, the spending per trip and the daily spending
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Parliament's budget office sees Greek recovery finely poised
EconomyMacroeconomythat the Greek economy could grow by more than expected this year but that a series of concerns... weigh on the recovery. The PBO estimates that the economic recovery this year may be stronger than... to those of the previous 20 years, when 45,000 new jobs were created each year. On Greek banks, the PBO
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National Bank reports 1.15 bln H1 profit on back of 1 bln deferred tax
EconomyBankingNational Bank’s reported net profit reached 1.15 billion euros in the first half (H1) of the year, from 343 million last year. It was the second Greek bank after Alpha, which released Q1 results on August 28. This year’s results include one-off items of 1.04 billion euros largely due
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