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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... million. 4) Further extension of submission of corporate income tax (CIT) declarations, leading... 1 percent to 4.34 billion, marginally above target of 4.32 billion. Tax refunds dropped by 22.8
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Signifcant underspend covers revenue shortfall for budget primary surplus to August
EconomyMacroeconomythat a large part of the revenue underperformance is attributed to: 1) SMP and ANFA income of 1.72... by CIT (298 million). Indirect taxes fell 4 percent in August with the 8-month figure down 2.9... in August, with the 8-month figure up by 1 percent to 7.35 billion, proportionally in line with the full
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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... for granting the national pension, which will be linked to GDP growth. 4) The (new) main pension... system. The third memorandum of understanding (MoU) calls for pension cost savings of 1 percent
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Wide range of exacting issues lie ahead for Greece in first bailout review
EconomyProgrammebailout programme calling for pension cost savings of 1 percent of GDP (1.8 billion euros) in 2016... a gap of around 600 million. In the pension reform plan submitted to the institutions on January 4... to legislate credible measures yielding 1 percent of GDP in total for 2017-18 to support the 2018 fiscal target
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Minor changes in Greek deposit and lending interest rates in May
EconomyMacroeconomymixed trends with that for amounts between 250,000 and 1 million euros slipping by 6 bps to 5.17... for consumer credit without a fixed maturity (mostly credit cards) slipped 4 bps to 14.59 percent. The interest rate for loans to sole proprietors declined by 4 bps to 7.35 percent in May after
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Budget for 2017 sees primary surplus at 2 pct on 2.6 bln fiscal measures, strong growth
EconomyMacroeconomy(439.6 million) 4) Increase in the VAT rate from 23 to 24 percent, implemented as of July 1, 2016..., which were voted in Parliament last May, that are projected to yield more than 4 billion in 2016-17... anticipated impact of 2.45 billion relate to: 1) Income tax reform (716 million) 2) Change in rates
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Stable deposit rate in Jan, slight uptick in loan rate
EconomyMacroeconomyThe new time deposit rate for Greek households fell by 1 basis point (bp) for the second straight... reflecting a similar rise in that for amounts above 1 million euros to 4.72 percent. The respective... between 250,000 and 1 million euros edged down 5 bps to 5.01 percent. Following the slight changes
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Govt tables 2018-21 MTFS containing 4.5 bln in measures, sees growth rising from 1.8 pct this year
EconomyProgramme. It is noted that the nominal GDP is projected to grow by 3 percent in 2017, 3.6 percent in 2018 and 4... in employment by 1–1.8 percent each year in 2017-2021 will drive the unemployment rate lower from 23.5..., the primary surplus is projected to reach 4 percent of GDP and remain broadly at this level
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IMF still sees fiscal gap in 2018 - no action needed, for now
EconomyProgrammedecade, when the Greek growth estimate eases to 1 percent in 2022. This year’s GDP will be boosted.... It is estimated at 4 percent of GDP in 2019. Government revenue as percent of GDP will be at 48.6... include the legislated post-programme measures of pension and tax reforms equal to 1 percent of GDP each
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NBG reports net loss of 163 mln in 2017, bad loans continue to fall
EconomyBankingdue to a seasonal increase of 5 percent in operating expenses. On an annual basis, PPI increased by 4... is anticipated on the Common Equity Tier 1 (CET1) ratio on a fully loaded basis. Over the three year stress.... Capital The Common Equity Tier 1 (CET1) ratio stood at 17 percent in Q4, while the fully-loaded Basel III
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