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Fitch downgrades Greek IDRs three notches to CCC, sees damage to recovery
Economy: 1) A break-down in negotiations between Greece and its creditors leading to alternative solutions... bonds probable. In contrast, the following developments could result in a rating upgrade: 1... review on Greece. On February 6 Moody’s placed Greece’s ‘Caa1’ government bond rating on review
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A breakdown of the fiscal and structural reforms Greece hopes will unlock funding
EconomyProgrammefiscal impact of around 1 billion. Privatisations We believe the Finance Ministry has revised... to submit eight bills introducing structural reforms in the following areas: 1) Strengthening the autonomy... and vice versa. 5) Implementing an organic budget law that improves the management of public finances. 6
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Unemployment rate eases to 25.4 pct in Feb, as number of unemployed falls
EconomyMacroeconomyremaining consistently well above that of men. Despite decreasing by more than 6 pp YoY, youth... end at 14.8 percent, also showing a drop by 1 pp MoM. In its spring economic forecasts released... though that the EC’s projection for 2015 points to a drop by almost 1 pp YoY.
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Where the key differences between Greece and the institutions lie
EconomyProgrammetargeting revenues of 1 percent of GDP and Greek authorities 0.93 percent of GDP. This difference... contribution for main pensions from 4 to 6 percent and extension for supplementary pensions... percentage points (pp) restoring them to their levels before July 1, 2014 when they were reduced by a similar
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ELA funding up by 9.2 bln in June, banknotes in circulation reach all-time high
EconomyMacroeconomybillion, which is the highest reading since December 2012. ECB funding rose by almost 1 billion to 39.8... currently from zero last December 2014 stems from: 1) Extended deposit withdrawals of around 48 billion... government bonds. On July 6, the ECB Governing Council decided to adjust the haircut applied
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Primary surplus 3.1 bln above target in H1 on severe underspend
EconomyMacroeconomypercent in June to 575 million well below the previous months’ figures ranging between 0.9 – 1... below the FY target namely: 1) Grants to Manpower Employment Agency (at 21.3 percent of the annual... versus FY target of 454 million) 6) Consumption and non-allocated expenditure (at 23.4 percent
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A breakdown of the funding needs involved in Greece's third bailout
EconomyProgrammeof this amount includes: 1. Amortisation of SMP and ANFA bonds held by the Eurosystem (12.7 billion) 2... financing since August 2014, state deposits fell below the 1 billion mark by the end of May... will lower financing needs by 6 billion. Based on these estimates, Greece’s gross financing needs
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General gov't primary cash surplus markedly better in July but arrears climb
EconomyMacroeconomydeclined by 13.7 percent and expenditure by 6 percent, indicating an improving performance in July... to 13.6 percent of total. Around 1 billion from the first sub-tranche of 13 billion Greece received... MoM to 313.17 billion reflecting: 1) A drop in Greek government bonds (GGBs) by 3.55 billion
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Latest polls add to uncertainty ahead of Sunday's elections
PoliticsGreek Politicsof Macedonia poll for Skai TV, which had put SYRIZA 1 point ahead last Friday now shows New Democracy... ahead (by four points) but with its lead narrowing by 1 point since last week. Kapa Research shows... the percentage of voters who have yet to make up their minds at 6 percent, compared to 8 percent last Friday
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Bailout review resumes in Athens but substantial gap remains
PoliticsGreek Politics. According to all indications, the mission chiefs: 1) Do not favour a rise in social security contributions for supplementary pensions by 1.5 percentage points (1 point for employers and 0... period according to the government proposal. 6) Insist on the implementation of the zero-deficit
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