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Budget continues to perform strongly in July as VAT beats target by over 1 bln
EconomyMacroeconomyThe budget primary balance was confirmed at a surplus of 5.77 billion euros for July, compared to a surplus of 7.94 billion euros a year earlier, according to the final Finance Ministry (MoF) budget execution data released on Tuesday. The primary balanc...
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Greece - Some structural macroeconomic arithmetic
Agoragrowth. Consider Table 1 below, which presents recent growth outlooks for Greece by the Ministry... suggests that trend output growth sits around 1¼ percent a year. The OECD seems to be below 2 percent... are average workers in the economy becoming more efficient to make up for fewer in number.[1
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Greece's key pledges and requests at the Eurogroup meetings
PoliticsGreek Politicsagreement that during this period the Greek state will be funded under a minimalist menu that solves
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Lenders set out 49 milestones for Greece to meet before next bailout tranche
EconomyProgrammeto the banking sector to “safeguard financial stability” include: 1) Finalisation of a comprehensive.... The current set of prior actions involves: 1) Integration into the Unified Auxiliary Insurance Fund (ETEA) by September 1 of all supplementary pension funds, which will be only financed by own
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Has external competitiveness been fixed in Greece?
Agorathe euro zone is an important indicator of significant progress. Figure 1 above shows some summary... in these calculations from figure 1 above? The lower bold line of figure 1 is the IMF’s REER.... Why 1992? We will explain shortly. Let us first look for the same concept of the REER in figure 1
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The case of SYRIZA's fiscal performance
Agoraas regards the overall fiscal balance on an ongoing basis. Figure 1 below shows in the bold line what this 12-month moving average looks like from December 2013 through August 2021. Figure 1 also... be rolled over, and that no new net debt be incurred.[1] To allow for “normal” shocks and noise around
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China's footprint in Southeast Europe: Constructing the "Balkan Silk Road"
Agoraexists the “16+1” initiative. The 16+1 framework seeks to improve trade and economic relations between... and Slovenia. The 16+1 club includes current and non-EU members, NATO members and EU candidate countries... of countries are absent. For one, it should be noted that Greece is not a member in the 16+1 arrangement
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The key points from lenders' proposals to Greece
EconomyProgrammeprimary surplus targets of 1 percent of GDP for 2015, 2 percent for 2016, 3 percent for 2017 and 3.5... that the VAT reform targets a revenue increase by 1 percent of GDP or 1.8 billion on an annual basis... to be effective as of July 1, compared to October 1 for the Greek government proposal. Other fiscal
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Multi-bill details how Greece aims to raise 1.6 bln from indirect taxes
EconomyMacroeconomymeasures yielding around 1 percent of GDP that completes the 3 percent of GDP in fiscal interventions... in the basic VAT rate, applied to the bulk of goods and services, from 23 to 24 percent as of June 1... in 11 islands will be abolished as of June 1. The excise tax on cigarettes, tobacco, beer and energy
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The Court of Audit's opinion on new pension cuts and its implications
Legalin combination with article 98(1)(d) of the Greek Constitution, according to which: “The Court of Audit... percent reduction of pensions to the extent that, pursuant to article 1 of the First Additional... the compatibility of the cut in question with the articles 2 (1), 5 (1) and 25 (1) of the Greek Constitution which
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