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IMF sees much scope for reform progress, particularly on tax in Article IV report
EconomyProgrammeto a eurozone average of just 8 percent. Therefore, the IMF concludes that the current structure... in 2019 and 2 percent in 2020, while long-term growth is expected at around 1 percent. Under an adverse scenario with no further policy reform implementation, GDP growth is seen at 1 percent
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Tsakalotos and Stournaras raise objections to IMF assumptions
EconomyProgrammeits long-term growth assumption from 1.25 percent to 1 percent, which is an oxymoron, according... income tax compared to a eurozone average of just 8 percent. Tsakalotos stresses that the argument... Greece’s fiscal outperformance in 2016 and reduction in long-term growth rate from 1.25 to 1
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Q1 GDP provides a positive surprise with 0.4 pct quarterly growth
EconomyMacroeconomy(YoY) in Q1, after a drop of 1 percent in Q4 2016. The flash estimates had shown that Q1 GDP contracted.... Meanwhile, general government consumption rebounded by 1.3 percent QoQ and 1 percent YoY, taking final... by 4.5 percent QoQ and grew 8 percent YoY. The latest figures from the Bank of Greece (BoG) showed
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Industrial turnover falls by 0.8 pct in Sept, down for first time since Oct 2016
EconomyMacroeconomyby an increase in mining and quarrying by 10.6 percent, along with a fall of 1 percent in manufacturing..., capital goods by 7.2 percent and consumer non-durables by 1 percent. Intermediate goods were up by 9.7... manufacturing, coke and refined petroleum products is the most weighted category, and fell by 8
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General govt primary cash surplus at 6.68 bln in October, arrears rise by 9 mln
EconomyMacroeconomy(+1 million). At 30.5 percent, arrears of SSFs made up the majority of arrears during the month... and came to 2.38 billion euros, or under 1 percent of the total. Guarantees The stock of gg... make up 21.5 percent of the total guarantees, fell by 8 million during the month. Bank support
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Athens poised to unveil new minimum wage as post-MoU review continues
EconomyProgramme, the IMF maintains its long standing position that growth will retract to just above 1 percent, when... will then be issued by Labour Minister Efi Achtsioglou so the new minimum wage can be implemented from February 1... and maternity benefit. According to reports, the increase will reach 8 percent, taking the new
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Athens eyes implementation of name deal as Skopje homes in on NATO membership
PoliticsForeign Policy1, paragraph 1 (a) of the Agreement, which foresees "the technical transitional period shall relate... in accordance with Article 1 (3) shall commence at the opening of each EU negotiating chapter... of the Joint Inter Disciplinary Committee of Experts as foreseen in Article 8 paragraph 5 "to revise any
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Newsletter 216 -26/07/2019
percent for properties ranging from 80,000 to 1 million, which relates to 1.5 million middle class taxpayers, and 10 percent for the 14,706 people who own property worth more than 1 million euros... to Greeks saving another 1 billion euros. The Finance Ministry hopes that a good deal of this money will go
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Alpha Bank posts net profits of 4.7 mln in Q3
EconomyBanking. The bank noted that in Q3, new disbursements of loans to the private sector amounted to roughly 1... offset a decline in state deposits. On an annual basis, deposits in Greece showed inflows of 1... percent compared to 103 percent in Q2 2019. Capital The Common Equity Tier 1 (CET1) ratio stood at 18
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Central government debt increases by 2.16 bln to 356.01 bln in Q4
EconomyMacroeconomyby fixed bonds (48 percent) floating rate bonds (2 percent) and EIB loans (1 percent). The majority of FSM.... Repos increased to 28.90 billion, representing 8 percent of the total. The breakdown also showed..., while short-term (up to 1 year) and medium-term (1 to 5 years) debt accounted for 12.4 and 10.2
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