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Piraeus reports net loss of 37 mln in Q1, records negative NPL formation for first time since 2008
EconomyBankingbillion for the whole year with the NPL stock at the end of 2016 falling below last year’s level. The bank’s medium-term target calls for a reduction in the NPL ratio at around 17 percent in 2018. During... in Q1. In addition, the bank’s tangible book value stood at 7.78 billion at the end of Q1
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Rating agencies positive on disbursement, stress programme implementation risks remain high
EconomyRating agencies welcomed the Eurogroup’s decision to approve the disbursement of 10.3 billion euros... implementation risks remain high. Moody’s noted that both actions are credit positive as they alleviate... the agreement on a contingency fiscal mechanism. In the rating agency’s view, this risk could rise
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Coalition lines up draft legislation with aim of shifting debate and mood
PoliticsGreek Politicsa difficult few months during its efforts to conclude the programme review. The coalition’s focus... that the proposals will not be tabled imminently. SYRIZA’s political committee is due to meet on the weekend of June...) but it is not clear to what extent this will match the expectations of Greece’s creditors.
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General gov't primary cash surplus for Jan-Apr quadrupled to 2.6 bln, arrears stable at 6.7 bln
EconomyMacroeconomyGreece’s general government (gg) primary cash surplus more than quadrupled to 2.6 billion euros... that the state budget’s primary cash surplus reached 2.29 billion euros and remains the key contributor... billion and 48 million above last year’s figure. Arrears Arrears to the private sector (including tax
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Potential changes to constitution and electoral law move onto main agenda
PoliticsGreek Politicsabout the government’s ideas on the constitutional review rather than the adjustment programme, which.... Gerovasili said that she expects the discussion on how to overhaul Greece’s constitution to last... that one of the government’s main aims is to create smaller electoral regions so that no single area elects
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BoG cautions on impact of tax rises, updates on rising NPEs
EconomyMacroeconomyis foreseen for 2016. The greater risk, in the central bank’s view, relates to the excessive emphasis... government bonds (GGBs) and the inclusion of GGBs in the ECB’s quantitative easing (QE) programme..., Greek bank’s Common Equity Tier 1 (CET1) ratio reached 16.4 at the end of 2015 from 13.8 percent
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Brexit leaves Greece dangling precariously
AgoraBritish voters’ decision to head for the European Union’s exit door will test the EU like never..., contributing around 2 billion euros to the country’s tourism sector, which makes up around a fifth... likely to strengthen these fears. In the short- to medium-term, Brexit may give Tsipras’s rivals
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Budget primary surplus of 2.28 bln in first five months of 2016, tax revenues beat target in May
EconomyMacroeconomyGreece’s budget primary surplus was confirmed at 2.28 billion euros in the 5-month period of 2016, which was significantly higher than last year’s figure of 1.51 billion, according to the Finance Ministry’s (MoF) final budget execution bulletin released on Monday. Compared to the target
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Tsipras gauges EU mood on Brexit as gov't strives for support on change to electoral system
PoliticsForeign Policysince the referendum in the UK but attention at home was still on the government’s plans to change... not back the government’s plan. These three parties account for 100 MPs, meaning that Tsipras would need... PASOK end up supporting the government’s proposal, it may damage the chances of a fruitful cooperation
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PMI improves by 2 pts in June to rise above 50-pt mark on higher production, employment
EconomyMacroeconomyGreece’s Manufacturing PMI rose by 2 points to 50.4 in June from 48.4 in May, Markit’s monthly survey showed on Friday. The headline figure for June represents an expansion, albeit marginal... continued on their downward trend on the back of weak demand and strikes at Greece’s two main ports
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