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Newsletter 31 - 19/06/2015
moderate outflows of around 2.9 and 1 billion, respectively. More than 70 percent of total withdrawals... BoG data, the banks’ non-performing exposure (NPE) ratio rose by almost 1 percentage point to reach... NPE exposure of 100 million, banks would have to set aside about 44 million in loan provisions
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The lenders proposals on debt and funding needs that Greeks will vote on in referendum
EconomyProgrammeof 1 percent this year and 3.5 percent in 2020 and 2022. Under scenario A, with nominal GDP growth..., with gross financing needs remaining well below the 15 percent limit set by the IMF. Under the third... tranches between end June and end October. 1) The first tranche involves 1.8 billion euros in 2014
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What next for Greece's revenues and spending?
Agoraan updated set of fiscal measures in an effort to resume negotiations for a new bailout programme... consistently below their targets throughout the first five months of the year and involve: 1) Grants... or 26.9 percent below target in the 5-month period. The main laggers relate to: 1) Consumption and non
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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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