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General gov't primary cash surplus widens to 2.6 bln in Aug, arrears up by 2.15 bln
EconomyMacroeconomysub-tranches of 2 and 1 billion respectively, the government has indicated it aims to pay arrears... to 315.72 billion reflecting: 1) Redemption of 3.2 billion Greek government bonds (GGBs) held by the ECB... in July 3) Rise in EFSF/ESM/IMF loans by 12.8 billion stemming from the eurozone aid tranche of 13
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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... for farmers and the self-employed and insiste that lower contributions have to result in lower benefits. 3
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Central gov’t debt rises to 314.6 bln in Q3 on eurozone tranche and GGB redemptions
Economyborrowing, which stood at 0.41 years in Q1 and Q2 only reflecting 3- and 6-month T-Bill issues, rose... the remaining 21 percent is almost equally split between short-term (up to 1 year) and medium-term (1
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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... an annual target of 446 million) 3) Grants to hospitals (at 37.9 percent of the FY target of 1.16
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Stock market slips 1.4 pct dragged by huge bank losses
Economy-tranche of 1 billion. The General Index of the Athens Stock Exchange landed at 649.79 on Friday, which... until December 1 to facilitate the reverse split process, while the resulting shares will resume... December 2 and the new shares will trade again as of December 3. NBG will run a Greek public offer for up
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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... for combating fuel smuggling and VAT carousel fraud. 3) Issue a ministerial decree for the application
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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... debts to both private and public creditors as well as execution of specific NPL resolution action. 3
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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 and vulnerable citizens as well as for legal immigrants. 3) Exemption of vulnerable citizens from paying...-tranche of 1 billion, subject to the completion of three milestones including the relevant
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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... surplus leads to a net financing need of 3 billion. The most probable source of funding while
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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... result in much higher SSCs for farmers and self-employed. 3) The (new) main pension will comprise... for the supplementary funds increases by 1 percentage point (pp) to 4 percent for employers and by 0.5 pp
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