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IMF examines where programme went wrong, what lessons were learnt
EconomyProgramme€1.9 billion during the program period, corresponding to just 10 percent of the initial target... of more than 5 percent of GDP within three years (or 1.7 percent per year on average) has an increasingly..., there have been only 15 cases of recessions of longer than 5 years, while no country sustained a primary
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From MoU exit to Grexit: Where next for Greece?
Agorafor Tsipras. An attempt to reach an all-round deal at the December 5 Eurogroup foundered. From... and for less than the 10 years agreed in the fraught summer of 2015. Armed with these gains... by pushing Greek sovereign yields down to around 5 percent, which would enable a small, medium-term
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Athens, lenders trying to put last pieces in place for technical agreement
EconomyProgrammeon mass layoffs to increase from 5 to 10 percent may be dropped. The IMF has also reportedly backed... of 5 percent for pensioners of the Social Security Institute (IKA), the largest pension fund
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Piraeus Bank posts minor losses in Q4, almost breaking even for 2016
EconomyBankingimpairment losses. Core pre-provision income (PPI) fell by 10 percent quarter on quarter to 227 million.... For 2017, management foresees a further drop in operating expenses by around 5 percent, also including... 1,200 employees in late 2016. Impairment losses rose 5 percent QoQ to 220 million, while sharply
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Newsletter 122 - 09/06/2017
7.5 and 10 billion euros) to be released, but would mean that the Washington-based organisation does... increasing for the previous eight months Imports and exports increased by 5 and 3.8 percent, respectively... of ships, imports and exports increased by 5 and 3.8 percent, respectively, while the resulting trade
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Greece as an energy hub: Reality or wishful thinking?
EconomyFeaturesthat Exxonmobil plans to invest 5 billion euros in Greek offshore explorations, and Total another 5... efforts. Since 2007, a total of 10 different energy ministers have passed through the government. Looking
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Eurobank records 40 mln net profits in Q2 and third quarter of negative NPE formation
EconomyBankingof 5 billion in June. Gross loans edged down by 100 million to 50.1 billion in Q2 on the back of lower... Equity Tier 1 (CET1) ratio edged up by 10 basis points (bps) QoQ to 17.4 percent in Q2. The disposal of the bank’s stake in Grivalia in July is expected to improve CET1 ratio by 5 bps. Furthermore
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Are hirings in the public sector out of control?
EconomyFeaturesand local government and the public bodies supervised by them is subject to a strict 1:4 (previously 1:5) attrition rule laid out in the MoU, meaning one new hire is permitted for every 4 (previously 5... with these bodies grew by 1,273 (3 percent) in 2016 and 4,923 (10 percent) in 2017. The Register of Services
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Greece’s unstable and confusing tax system failing to deliver results
EconomyMacroeconomyof any OECD country, with tax evasion estimated at between 2 to 5 percent of GDP per year according... to an EU average of 22.5 percent. Bulgaria has a rate of 10 percent, Romania 16 percent and Cyprus.... The equivalent in the UK is 5 percent, and in Germany just 2 percent. Greece’s problematic tax
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PDMA sets out plans to build on recent market forays with bond issues in 2019
Economyand a coupon that reached 4.3 percent, into 5 new benchmark bonds maturing every five years and coupons... stands at 18.5 years. The maturity profile is generally rather benign, exceeding 10 billion only four... 5 billion euros of its cash reserves. The figure drops to just 1.1 billion if new bonds reach
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