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Eurosystem funding down by 1.4 bln in Jan due to lower reliance on ECB funding
EconomyMacroeconomyGreek banks’ Eurosystem funding fell for the seventh successive month, albeit at a slower pace, in January, when it declined by 1.42 billion following a drop of 5.89 billion in December, the Bank of Greece's (BoG) monthly financial statement displayed o...
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BoG proposes debt relief measures and lower primary surplus target from 2018
EconomyMacroeconomyIn its monetary policy report published on Wednesday, the Bank of Greece (BoG) suggested a set of debt relief measures that would allow Greece’s primary surplus target to be lowered to 2 percent of GDP from 3.5 percent from 2018 onwards and would keep g...
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PMI slips to contraction territory in September on lower production and new orders
EconomyMacroeconomyGreece’s Manufacturing PMI fell by 1.2 points to 49.2 in September from 50.4 in August, Markit survey displayed on Monday. This was the sixth sub-50 reading in the course of 2016. The return to contraction territory reflects a decrease in both productio...
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In autumn forecasts, EC sticks by GDP estimates but expects lower unemployment
EconomyIn its autumn economic forecasts published on Wednesday, the European Commission (EC) repeated its previous estimate that economic activity will start picking up from the second half of this year, before notably accelerating in the next two years. This ...
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Key fiscal differences lower expectations for Eurogroup
PoliticsGreek PoliticsIn comments during a television interview on Wednesday night, government spokesman Dimitris Tzanakopoulos appeared to rule out one of the rumoured compromise solutions between Greece and its lenders ahead of Thursday’s Eurogroup. There has been reports,...
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Travel balance up by 17.2 pct in September on higher receipts, lower payments
EconomyMacroeconomyGreece’s travel receipts increased by 15.5 percent in September compared to the 16.4 percent increase noted in August, Bank of Greece (BoG) data revealed on Tuesday. Receipts came to 2.47 billion euros in September, while payments fell by 3 percent to 1...
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GDP growth slows in Q3 amid lower 2017 forecasts
EconomyMacroeconomyGreece’s seasonally adjusted (SA) GDP grew by 0.3 percent quarter-on-quarter (QoQ) in the third quarter (Q3) of 2017 after an upwards revised increase of 0.8 percent in the previous quarter, provisional estimates from the Hellenic Statistical Authority ...
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Credit contraction at 1 pct in February on lower household, and corporate lending
EconomyMacroeconomyCredit contraction in the Greek market deepened by 1 percent in February from a contraction of 0.8 percent in January according to Bank of Greece (BoG) figures released on Tuesday. This resulted in the outstanding balance falling to 182.54 billion euros...
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Lower yields for short- and long-term borrowing boost Athens
EconomyMacroeconomyThere was a promising start to May for Greece’s debt management agency (PDMA) as interest in its T-Bills rose and borrowing costs dropped in the two issues it auctioned successfully on May 2 and May 9 via 13- and 26-week notes respectively. At the start...
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Primary cash surplus at 7.45 bln in April on revenue growth, lower expenditure
EconomyMacroeconomyGreece’s central government primary cash surplus recorded a surplus of 7.45 billion euros in the first four months of the year, Bank of Greece (BoG) figures showed on Thursday. The headline figure includes an arrears’ repayment of 464 million euros, of ...
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