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A breakdown of Greece’s revised financing needs as part of its new ESM programme
EconomyProgrammethose presented in the eligibility report released on July 10. The difference is largely attributed... sector (8 billion). 4) Payment of EFSM bridge loan (7 billion). 5) Unwinding of repo operations (3.5... used in May to service its external debt. 3) Clearance of state’s arrears to the private sector of 7
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Opinion polls indicate fragmentation, close election race
PoliticsGreek Politicsat around 7 and 6 percent respectively 5) PASOK, which announced over the weekend that it will work... to be struggling to reach the levels of support it needs to return to Parliament 7) Anti-bailout Popular...-Independent Greeks government and disappointed with the outcome of negotiations 10) Around a fifth
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No time for Tsipras to celebrate as long list of tasks means pressure is on from start
EconomyProgramme. 7) Better target eligibility to halve heating oil subsidies in 2016 budget. 8) Permanently reduce... of beneficiaries in March 2016. 3) The application of a penalty equivalent to 10 percent on early... and benefit payment procedures across all funds. 7) Gradual harmonisation of the pension benefit
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Final structure of bank recap taking shape, cautious optimism for outcome
Economy(CoCos) and shares. CoCos would bear an annual coupon of 7–9 percent, according to market sources... that managed to raise at least 10 percent of their capital needs from private investors. In contrast, Eurobank..., the market currently expects that 5–7 billion would have to be raised from private investors
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The pension and revenue interventions Greece has to make to meet its 2016 fiscal target
EconomyProgrammeon January 7. They deemed it the least painful to safeguard the viability of the pension system... euros and to 35 percent (from 33 percent) for annual income above this threshold. 7) Tax rate of 30... in the tax rates for insurance fees (54 million) 10) Overhaul of the income tax code (150 million
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Greece’s embattled commercial steel market industry braced for more challenges
EconomyFeaturesglobal market share fall, from 22 percent of global production in 2001 to around 10 percent today... rival steel markets in Italy and Spain had seen their exports rise.[7] The ENXE said at that time.../business/steel-orders-drop-to-1980s-levels [7] http://www.amna.gr/english/articleview.php?id=6439 [8] http
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IMF examines where programme went wrong, what lessons were learnt
EconomyProgrammetargeted a fiscal adjustment of 7 percent of GDP that would be mostly based on sustainable... percent of GDP) but fell short of the program objective (7 percent of GDP). Privatisation proceeds were €1.9 billion during the program period, corresponding to just 10 percent of the initial target
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Institutions back in Athens to resume review, agree new measures
EconomyProgramme), energy (noon), overview (7 pm) and fiscal (8.30 pm), according to Finance Ministry sources. Following... rate by 10 percentage points, the personal income tax rate to 15-20 percent and the top VAT rate... programme after that. Failing that, the gathering of eurozone finance ministers on April 7 is the next
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Collapse of Cyprus talks, "Justice March" raise risk of offshore drilling standoff
AgoraThe collapse on 7 July of the latest UN-sponsored talks to resolve the Cyprus issue has increased... issued a maritime advisory (Navtex 240/17) for a natural gas drill between 10 July and 15 October 2017... days with little progress, the talks finally collapsed in a shouting match in the early hours of 7 July
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A year of risk and reward for Greece
Agorafrom the programme, which would be supported by a cash buffer of more than 10 billion euros rather... of a trial in civil courts is estimated at 5–7 years, while in administrative courts it stands at a minimum of 7–8 years. Greece cannot hope to move forward after its programme exit if such vital
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