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Prior actions completed, coalition now faces up to first review and contentious reforms
PoliticsGreek PoliticsThe race to complete the second set of prior actions demanded by Greece’s lenders before Christmas... to around 1 percent of GDP (1.8 billion euros), as well as changes to the tax system, designed... already set the bar high as it has ruled out cuts to main pensions, which means that the bulk
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NBG boosts capital base by selling total stake in Finansbank
EconomyBankingis estimated to boost NBG’s Common Equity Tier 1 (CET1) ratio by around 600 basis points (bps). This solely...-provision income (PPI). In addition, the group’s net loans are set to decrease by 17.5 billion euros to 46.3 billion after the transaction, while deposits are also set to be reduced by 13.9 billion to 41.9
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Deadline for liberalisation of household and SME NPLs looms closer
Economyfor the disbursement of the last sub-tranche of 1 billion euros. Until February 15 only NPL sales of large...-November set the new legal framework on foreclosures, which involves a two-tier protection based... eligibility criteria. The property value limit is set at 180,000 euros and income at 13,906 euros
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Newsletter 61 - 05/02/2016
of understanding target for pension cost savings of 1 percent of GDP (1.8 billion) in 2016... of the current set of reforms. However, the lack of dissent is perhaps an indication of the determination... that Greece can only muster as a programme country in accordance with the parameters set
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Gov't offers improved terms to farmers in bid to break deadlock
Economy, Tsipras presented to farmers a set of social insurance and tax measures that aim to ease some of the burden placed on them by the original plan set out by the government. Among the new measures presented were: 1) The farmers’ pension fund (OGA) will remain independent for a 5-year transition period
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Gov't unveils bill to overhaul pension system, increase income tax revenues
EconomyProgrammepercent weight). The social security contribution rate for main pension is set at 20 percent, of which... income. The reform proposal increases contributions for supplementary funds by 1 percentage point... Gaming Revenues (GGR) for all gambling companies is set at 35 percent. This rate was previously at 30
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Hopes of swift deal on contingent measures doused by technical, political complications
PoliticsGreek Politicsin ministry’s budgets would be enough to meet the target set for the stand-by measures. There have also been... Athens to set out exactly what interventions it plans to make (as well as developing an automatic system... will be finely balanced going into the vote, which is expected after Orthodox Easter on May 1. The committees
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Delays in concluding programme review are credit negative for Greece, says Moody’s
Economynew elections. Moody’s had downgraded Greece’s rating to ‘Caa3’ from ‘Caa2’ on July 1, 2015.... S&P has the highest rating for Greece, a ‘B-’ that was set on January 22 this year, while Fitch’s rating stands at ‘CCC’ where it was set on August 18, 2015.
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Greece and lenders edge closer at Eurogroup but standby measures, debt relief not resolved yet
PoliticsGreek Politicsreview. Two-thirds of this was passed through Parliament on Sunday night, while the remaining 1... to legislate an extra set of specific fiscal measures now. The automatic mechanism will have... to the guidelines they set out last summer, which is that financing needs to be kept
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Newsletter 82 - 15/07/2016
for parties to enter Parliament, currently set at 3 percent of the vote, and granting Greeks living abroad... seems set to carry into next week as well. They were at loggerheads this week because the trial... at the end of May, up by 1 billion from the end-April figure. Almost 90 billion euros were owed in taxes
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