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Tsipras suffers serious knocks in prior actions vote but emerges on his feet
PoliticsGreek PoliticsGreek Parliament approved early on Thursday the first set of prior actions demanded by the country... signed on Monday in Brussels, while 64 voted against, 6 abstained and 1 was absent in the 300-seat... to marshal his party as 32 voted against, 6 abstained and 1 was absent. This means that out of 162
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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 Katrougalos on pension reform has been set for Saturday morning.
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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... be set in a fiscally neutral manner and consistent with the agreed wage bill targets. In addition
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Pension reform wrangle prompts Greece to consider going own way on contributions rise
EconomyProgrammefor January, after the second set of milestones has been completed, the issue is already beginning...) called for pension reform savings of 0.25 percent of GDP in 2015 and another 1 percent in 2016... in contributions could reach 2 percentage points (pp), of which 1.5 pp will burden employers (1 pp for main
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Greece stands on fault line between vicious and virtuous cycles for 2016
Agoraan extensive pensions cost saving exercise that has to deliver complete savings of 1 percent of GDP... in Yen maturing in February. The state’s budget foresees a primary surplus of over 1 billion euros... is far from over and it will once again set the tone for the New Year in the ongoing cycle that has
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Gov't submits reform plan that raises contributions and cuts future pensions
EconomyProgrammerates. We present below the key interventions of the government’s 170-page final plan: 1... compared to the current pension system. 8) The upper pension limit is set at 2,300 euros and at 3,070... for the supplementary funds increases by 1 percentage point (pp) to 4 percent for employers and by 0.5 pp
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First days of talks confirm gap between Greece, lenders on pensions
PoliticsGreek PoliticsTwo important developments emerged from the first set of negotiations between the Greek government... for increasing the social security contributions for supplementary pensions by 1.5 percentage points (1 point... million euros to achieve the bailout pledge for pension cost savings of 1 percent of GDP (1.8 billion
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BoG outlines steps to economic recovery, updates on banks' asset quality
EconomyMacroeconomyinvolve: 1) Further strengthening of the banking system by addressing the huge stock of non-performing loans (NPLs). The BoG will set high-level operational targets for NPLs applicable as of June..., Greek banks’ Common Equity Tier 1 (CET1) and total capital adequacy ratios reached 18 percent
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Piraeus first Greek bank to repay Pillar II bonds, others to follow
EconomyBankingthat were also used for liquidity. The initial amount of that programme was set at 28 billion euros... 1 billion. In addition, Pillar III bonds were only held by NBG for a cash amount of 1.2 billion... basis points above that for ECB funding), while the fees paid to the Greek state exceed 1 percent
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A breakdown of the 5.4 bln in measures that form basis of agreement between Greece and creditors
EconomyProgrammeAlthough Greece and its lenders are continuing to debate how to set up an extra 2 percent of GDP... and indirect tax measures, with estimated revenues or cost savings of 1 percent of GDP (1.8 billion... retirement pay amount exceeds 1,300 euros, rise in contributions for supplementary pensions by 1
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