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New fiscal measures aim to edge Greece closer to deal with lenders
EconomyMacroeconomya primary surplus target of 1.5 percent in 2015 ranges between 1.8 billion euros (1 percent of GDP... that the government is currently considering to cover the estimated fiscal gap involve: 1) A unified VAT rate between... ranging between 1 to 5 euros per day for hotels with three stars or more or a tax rate between 3 to 5
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Drop in corporate loan rates led the average loan rate at a new historic low
EconomyMacroeconomyremains the highest in the eurozone and almost 1 percentage point (pp) above the euro area average... on new deposits eased by 1 basis point (bp) to 1.09, largely reflecting a 5 bps drop..., the decline was lower, by 23 bps to 4.94 percent for loans between 250,000 and 1 million and by 16
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Draft bill sees millions in savings and revenues from variety of bailout interventions
EconomyProgrammewith a net positive impact of more than 600 million euros in 2016 are as follows: 1) Annual revenue... in the excise tax on diesel for farmers (from 66 euros per 1,000 litres to 200 euros as of October 1, 2015 and further to 330 euros as of October 1, 2016) is anticipated to raise 13 million euros in 2016
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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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Notable increase in grants to social security sector leads to budget primary deficit in Nov
Economyfar this year, and also stands almost 1 billion above the monthly target. Salaries and pensions.... These mainly relate to: 1) Grants to Seamen’s Pension Fund – NAT (at 76 percent of the FY target of 1... (at 41.5 percent of the full year target of 130 million) 8) Consumption and non-allocated expenditure
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The pension and revenue interventions Greece has to make to meet its 2016 fiscal target
EconomyProgrammesavings 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... the fiscal target of 0.5 percent of GDP. The key ones are: 1) VAT streamlining (900 million
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Adult skills in Greece lacking, indicates OECD survey
Societyadults (26.5 percent) in Greece are proficient at or below level 1 in literacy (compared to the OECD average of 18.9 percent) and almost 28.5 percent score at or below level 1 in numeracy (6 percentage... of 16-24 year-olds in Greece attain this level, less than half the OECD average of 8 percent
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Time deposit rate edges down to 0.76 pct, loan rate spikes to 5 percent
EconomyMacroeconomypace, by 3 basis points (bps) to 0.76 percent in October, after a decline by 8 bps in September, Bank... new deposits marginally down by 1 bp to 0.37 percent, which is also a new historic low since 2002... for amounts over 1 million euros, where the interest rate climbed 97 bps to 4.91 percent and more than
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Newsletter 105 - 03/02/2017
and tobacco dropped by 8 percent, followed by department stores (-4.4 percent) and motor fuel (-4.1... proprietors eased by 2 bps to 7.34 percent. The new time deposit rate of Greek households slipped 1 basis... loans showed mixed trends, as the rate for loans between 250,000 and 1 million euros rose by 22 bps
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