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Reflections on Greece's balance of payments
Agora: consumption (C), investment (I), exports (X), and imports (M). Thus, when demand is equal to supply: Y = C + I + X - M. X - M describes the exports to abroad of what Greece produces in goods... domestically (including energy such as crude oil and natural gas). The balance X - M is called the “foreign
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Opposition tries to pin government down over last year's Plan X
PoliticsGreek Politicswith the so-called Plan X that former Finance Minister Yanis Varoufakis worked on during the first half... a range of government officials, Plan X was never intended as a blueprint for Greece to follow... an institutional role. The government’s assertion that Plan X does not hide any dark plans
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Time deposit rate slips 12 bps in Oct, average loan rate rises by 29 bps
EconomyMacroeconomyAfter remaining almost flat in September, Greek households’ new time deposit rate fell by 12 basis... change was the rise in the interest rate on loans for amounts above 1 million by 45 bps to 5.12 percent... between 250,000 and 1 million euros. As a result, corporate lending rates in Greece stayed 250-350
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Piraeus Bank makes net profit of 12 mln in Q4, edges into profitability for 2017
EconomyBankingPiraeus Bank’s fourth quarter (Q4) results showed a net profit of 12 million euros from continued... million), rising by 8 percent to 334 million on an annual basis. Operating expenses rose by 24 percent..., EFSF/ESM bonds were down to zero by the end of January 2018. Gross loans further contracted by 1
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NBG net profits decline to 8 mln in Q3, NPLs continue to fall
EconomyBankingNational Bank of Greece (NBG) reported a net profit of 8 million euros from continued operations..., the domestic NPE stock came to 15.9 billion in Q3 from 16.1 billion in Q2. In the last 12 months, NPEs... coming to 10.6 billion. P&L Net interest income (ΝΙΙ) fell by 1 percent QoQ to 274 million. In 9M, NII
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New time deposit rate fell 12 bps in August to record low of 1.19 pct amid capital controls
EconomyMacroeconomyfell by another 12 bps to 1.19 percent in August Bank of Greece (BoG) figures showed on Thursday... for amounts above 1 million euros soared by 76 bps to 4.70 percent offsetting the cumulative drop... 250,000 and 1 million euros nosedived by 76 bps to 5.07 percent, outweighing the 89 bps rise posted
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National Bank reports 1.15 bln H1 profit on back of 1 bln deferred tax
EconomyBanking. Deposits rose 8 percent YoY in H1 and slipped 1 percent QoQ to 65.4 billion euros. In Greece, deposits... YoY in H1 but rose 1 percent QoQ with net interest margin (NIM) improving to 2.74 percent in Q2. The quarterly rebound in NII is attributed to Turkey (up 6 percent), while Greek NII eased 1 percent QoQ
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China’s Footprint in Southeast Europe: Constructing the "Balkan Silk Road"
Agora, September 2016, No. 4, p. 1. [8] See Angela Stanzel, “China’s Belt and Road – New Name, Same Doubts...’s export destination.[1] As a land-locked country in the Western Balkans, the FYR of Macedonia... of the agreements between Hungary, Serbia and China along the Budapest – Belgrade Corridor X initiative. When
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Does the EU Commission suffer from optimism bias? (Part 1)
AgoraThis blog post is based on Chapter 8 of a new book: “The Macroeconomy of the European Union... (the Book). In part 1 of this blog we will highlight differences in the macroeconomic scenarios... on the Maastricht deficit and debt Criteria. * * * Figure 1 below compares the baseline scenario
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Just 8 percent of Greece's 1.27 mln registered unemployed receive benefits
Society. This means that just 102,026 jobless Greeks, or 8 percent of the total unemployed, enjoy financial assistance. Those without jobs in Greece receive unemployment benefits only for the first 12 months... unemployed, meaning they had been out of work for more than 12 months. Also, 9.2 percent of those
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