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The key points in Greece's new bank recap bill
Economyframework: 1) A bank that has been deemed viable by the Bank of Greece (BoG) may apply to the Hellenic... is allocated among preference shares and other Core Tier 1 (CET1) instruments, Tier 1 instruments, Tier 2... (previously until the end of 2014), 8) HFSF capital is set at 50 billion euros and its tenure is until
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Piraeus Bank reveals mitigating actions aimed at reducing size of capital increase
EconomyBankingthat would be approved by the SSM. The list of Piraeus capital actions includes: 1) Two Liability... million relate to senior bonds and 225 million to junior bonds. 2) Increase of Common Equity Tier 1... by the SSM stands just above the 1 billion mark with 60 percent corresponding to the LMEs. Thus, under
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Newsletter 54 - 04/12/2015
. At the same time, tax arrears have increased by around 1 billion per month, to reach a total of 10.38... by 1 percent on the 2015 figure of 48.62 billion. The Finance Ministry has incorporated revenue interventions of 1 billion for 2015 and 3.2 billion for the two-year period until 2016. The bulk
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Coalition poised to unveil pension reform proposals, hoping to avoid cuts
EconomyProgrammeThe Greek government appears to have finalised its proposals on pension reform and is set to submit... those paying social security contributions as well as pensioners, include: 1) Consolidation of all... system. The third memorandum of understanding (MoU) calls for pension cost savings of 1 percent
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The pension and revenue interventions Greece has to make to meet its 2016 fiscal target
EconomyProgrammesystem, as set out in the pension reform proposals submitted to the institutions last week. However... savings of 1 percent of GDP for 2016. In the 2016 budget, the Finance Ministry (MoF) adopted those cost... increase in the social security contributions by 1.5 percentage point (1 for employers and 0.5
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Newsletter 58 - 15/01/2016
for a rise in the SSC for supplementary pensions by 1.5 percentage points (pp), of which 1 pp will come... euros required to achieve the agreed pension cost savings of 1 percent of GDP (1.8 billion) in 2016...–20,000 euros. On the fiscal front, there are estimates that the fiscal gap could reach 0.5–1 percent
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Newsletter 60 - 29/01/2016
in excess of 1 percent anticipated by the institutions. Meanwhile, the positive mood resulting from... euros in Q3, down by more than 1 billion from last year. The fall is mostly due to an 8 percent... euros in Q3, household disposable income was down by more than 1 billion from last year. 2 Solutions
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Some progress made as Greek programme review heads for break
EconomyProgramme) as part of the current set of reforms. Tax reform On the other thorny issue of tax reform... scale are estimated at around 1 billion euros, while an increase in the solidarity levy rates is also considered, which could fetch another 1 billion in tax revenues. Another tax issue relates
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NOME auctions as a mechanism to strengthen competition in the Greek electricity market
Legalof that said Law, as amended by para. 1 of Article 3 of Law no.4393/2016, establishes the sales... Forward Product Quantity was finally set for the year 2016 to 460 MWh / h. This is (also) legally... must be placed (namely article 135 para.2 Law. 4389/2016, as amended by article 3 para 1 of law
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Compromise proposal on table ahead of Friday's Eurogroup
EconomyProgramme. The draft proposal foresees pension cuts with estimated savings of 1 percent of GDP being implemented in 2019 and a reduction in the tax-free threshold yielding another 1 percent of GDP in 2020. This appears... percent of GDP, then counter-measures of 1 percent of GDP would be implemented in 2019 along
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