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Debt relief or debt restructuring for Greece?
Agora) is without precedent in the history of a sovereign debt restructuring exercise.[1] Put otherwise, while... debt dynamics (see graph 1 below) it is a matter of time until this secondary migration process... a combined volume of 240 billion euro. The current programme expires in mid-2014. 1. Who will blink first
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The key numbers behind the latest Greek proposals
EconomyProgrammewill target net revenue gains of 1 percent of GDP on an annual basis, which is similar to institutions’ proposal. Since the changes are effective as of July 1, the additional revenues correspond to 900 million... permanent savings of 0.25 – 0.5 percent of GDP in 2015 and 1 percent in 2016, in line with the institutions
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Greece and creditors try to untangle pension complications
EconomyProgramme1, 2015. 3) As of January 1, 2016 the state’s guaranteed social security contributions to main... Parliament on July 15 included the following pension-related interventions: 1) Health contributions...) for supplementary pensions retrospectively as of July 1. This means that pre-tax pensions
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These are the bailout deliverables expected from Greece in September
EconomyProgrammewithin the tenure of the caretaker government, include: 1) Finalise a medium-term technical assistance... will be treated as a single but serious procedural violation for VAT. 3) Sign the ministerial... by September 1 all supplementary pension funds into the Unified Auxiliary Insurance Fund (ETEA) and ensure
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Athens and creditors edge closer on tax and pensions but gap remains on NPLs
EconomyProgrammeissues that need to be settled are: 1) The national pension, with lenders insisting the whole amount... as an incentive for a longer working period. 3) Lenders seem to accept an increase in the social security contributions for supplementary pensions, but at a lower rate of up to 1 percentage point (pp) vis
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EU and IMF bailout drafts confirm conditionality as well as differences on primary surplus
EconomyProgrammetarget of 3.5 percent by 2018 that would be covered by: 1) A holistic pension reform yielding savings of 1 percent of GDP and would also compensate for the Council of State decision ruling... tax reform (1 percent of GDP), including a lowering of the tax-free threshold to 8,182 (compared
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Newsletter 70 - 15/04/2016
of 3.5 percent in 2018 that would be covered by interventions in the pension system (1 percent), personal income tax (1 percent) and a series of parametric measures (1.2 percent). The draft IMF... pension reform (1 percent) and personal income tax (1 percent) as well as from VAT reform and the wage
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Stournaras presents debt relief plan with maximum benefits for Greece, minimum cost for lenders
EconomyMacroeconomyratio of 180 percent a reduction in the average interest rate by 1 percentage point (pp) reduces the debt ratio by 1.8 pp, while a rise in the primary surplus by 1 pp of GDP lowers the debt ratio by only 1 pp. Last May’s Eurogroup set the goals for gross financing needs (GFN) below 15 percent of GDP
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Newsletter 144 -15/12/2017
days before a brief break for Christmas and New Year. Sessions are due to resume on January 3... Democracy by 2.5 points since the last survey in June. Support for New Democracy rose by 1 point to 30.7... production index (+1 percent). The water supply production index fell by 2.6 percent, and the manufacturing
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Athens aims for November agreement with lenders on pension cuts
EconomyProgrammetaken by eurozone finance ministers at the Eurogroup due to take place on December 3... to ensure that the 1 percent reduction in pension spending is not implemented. To Vima reported... agreed with the lenders that as of next year there could be a 1:1 ratio for hirings and departures
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