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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... with income criteria. 4) Insist on lower pension replacement rates, particularly for those with less than
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Fiscal target revision shows 3.07 bln 9-month primary surplus was 1.8 bln above target
Economybelow targets. These mainly involve: 1) Grants to Manpower Employment Agency (at 37.3 percent... of 446 million) 3) Grants to hospitals (at 37.9 percent of the FY target of 1.16 billion) 4... of the disbursement of the next two sub-tranches of 2 and 1 billion respectively may result in a further delay
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Eurobank makes 877 mln bond exchange offer to cover part of its capital shortfall
EconomyBankingmillion Tier 1 securities. Unlike the previous bond swap offers recently announced by Alpha and Piraeus... percent of nominal value for senior securities, at 80 percent for Tier 2 and at 50 percent for Tier 1... to commence on or about November 4 and last until November 11. Piraeus initiated Greek banks’ LMEs
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Sharp increase for Greek bank provisions in Q2 due to capital shortfall highlighted by ECB
EconomyBankingto 67 percent in Q3 from 63 percent in Q1. On the capital front, the Common Equity Tier 1 (CET1) ratio... more than offsetting the lower time deposit cost. Gross loans slipped 1 percent QoQ to 73.28 billion... almost stable QoQ in Q3 at 471 million after dropping by 4 percent in Q2 on elevated ELA reliance. After
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Budget execution improves significantly in Oct, primary surplus reaches 4.53 bln
EconomyMacroeconomyincome tax fell by 1 percent to 922 million. Total ENFIA revenues are targeted at 2.65 billion euros... that remain proportionally well below targets. These mainly involve: 1) Grants to Manpower... billion) 4) Allowances to families with many children (at 35.5 percent of the annual target of 650
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Greece receives list of milestones for next bailout sub-tranche
EconomyProgrammeof milestones Greece has to implement in the next three weeks for the disbursement of the next sub-tranche of 1... to: 1) Preparation of a plan for the establishment of a new independent secretariat of public... of clawback on hospitals and limit the prices of private diagnostic tests. 4) Operation of the committee
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Management of NPLs to test gov't in negotiations with lenders
Economyof 1 billion euros. The government is due to adopt legislation regarding the licensing and regulation... of the first programme review. Among the other topics including in the NPL prior actions, we highlight: 1... scheme for liquidators in consultation with the Hellenic Financial Stability Fund (HFSF). 4) Set up
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Gov't postpones discussion on parallel programme ahead of tranche approval
Economyinterventions such as: 1) Establishment of poor citizens’ bureaus. 2) Health support for uninsured... municipal taxes. 4) Extension by one year of subsidised electricity, food tokens and sheltering...-tranche of 1 billion, subject to the completion of three milestones including the relevant
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Time deposit rate eases by another 5 bps in Nov, average loan rate drops 16 bps
EconomyMacroeconomyon total new deposits slipped by another 4 bps to 0.58 percent in November, which is also the lowest..., the respective rate rose to 5.22 percent (amounts between 250,000 and 1 million euros). It fell to 5 percent for amounts above 1 million euros. The corporate lending rates in Greece stand around 200-300
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Greek pensions: The unsolvable equation
AgoraLast July the conditionality of Greece’s third programme included savings of 1 percent of GDP from... pensions from 4 percent to 6 percent and introducing a 6 percent health contribution in supplementary... at the end of 2013, took roughly 1 million people out of labour force. The latest figure as of October 2015
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