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Crisis management policy: the sad lesson of the Greek case
Agorareview of the 2015 agreement, a structural general government surplus of 6–7 percent of GDP in 2016... thereof. However, there is no reason to believe that the 6–7 percent could be reduced to lower than 4... 2016 to 2018. Accordingly, there is an obvious risk that optimistic EU growth scenarios of 2–3
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Q2 GDP rebounds 0.2 pct QoQ but shrinks 0.9 pct YoY amid consumption drop and investment rise
EconomyMacroeconomy, which grew by 1 percent QoQ and by 7 percent YoY. In contrast, private consumption fell by 0.2 percent..., after a drop of 6.6 percent in Q1, and climbing by 7 percent YoY in Q2 from a 2.5 percent decline posted in Q1. As a result, investment grew by 2 percent in H1. However, investment has tumbled
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The story behind Attica Bank, the non-systemic lender thrust into the spotlight
EconomyBankingof 871 employees, which makes up 2 percent of the Greek banking personnel. In 2015, Attica posted... on July 26 that 7 of the 15 Board of Directors (BoD) members resigned. This included the CEO and six non... announced on September 7 that it completed the composition of its BoD with Gerasimos Sapountzoglou
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IMF examines where programme went wrong, what lessons were learnt
EconomyProgrammetargeted a fiscal adjustment of 7 percent of GDP that would be mostly based on sustainable... percent of GDP) but fell short of the program objective (7 percent of GDP). Privatisation proceeds were... surplus of larger than 2 percent of GDP after such a period of negative growth. Lessons learnt
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Institutions back in Athens to resume review, agree new measures
EconomyProgramme), energy (noon), overview (7 pm) and fiscal (8.30 pm), according to Finance Ministry sources. Following... targeted savings of 2 percent of GDP after 2018, which are almost equally split between a reduction... programme after that. Failing that, the gathering of eurozone finance ministers on April 7 is the next
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Slow progress on fiscal, impasse on labour keep review deal on hold
PoliticsGreek Politicsagreement ahead of the April 7 Eurogroup rather than the one on March 20. Finance Ministry sources told... there is room to reduce the demand for 2 percent of GDP (3.6 billion euros) in new measures. Any... on April 7 and the uncertainty would be prolonged. The poor Q4 2016 GDP data, the recent deposit
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Greece eyes first bond issue since 2014 to smooth out volatile relationship with markets
EconomyFeatures, July 20 and September 7. A potential global deal at the next Eurogroup on May 22 or even on June 15... on bond prices from the recent positive news flow, such as the technical agreement clinched on May 2... lower of the 5-percent mark from the level of around 7 percent in mid-January, the Bank of Greece
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Possibility remains for trial bond issue before IMF debt analysis
PoliticsGreek Politics. “That was completely different 4, 5, 6, 7 years ago, where big amounts of money were needed to finance the fiscal... between 2 and 4 billion euros. Athens may offer investors holding the five-year bond issue in 2014... on September 7 the scaling back of its QE programme, and that this tapering may cause some volatility
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Newsletter 133
euros. Credit to insurance corporations increased by 70 million to just over 7 billion euros. Deductions... billion euros. Consumer credit posted marginal net declines of 7 million euros. The balance remained below... exposures (NPEs), a figure the country’s lenders are keen to see reduced. 2 Deposit inflows at 1.41
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A year of risk and reward for Greece
Agorain the debt relief package), the targets will be around 2 percent of GDP. Nevertheless, coming out... of a trial in civil courts is estimated at 5–7 years, while in administrative courts it stands at a minimum of 7–8 years. Greece cannot hope to move forward after its programme exit if such vital
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