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Debt
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Legal
Out-of-court settlement: An important tool to regulate debts to banks and public sector The Greek government intends to pass a law concerning the out-of-court settlement of debts of entities with trading licenses in an effort to regulate the so called “red loans” owed to banks, funds and the government.
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EconomyMacroeconomy
Fiscal Council adopts 2017 budget forecasts with three reservations Following the tabling of the 2017 budget in Parliament on Monday, the Greek Fiscal Council published on Tuesday its opinion, which concludes that it adopts the forecasts but under three reservations.
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EconomyMacroeconomy
Budget for 2017 sees primary surplus at 2 pct on 2.6 bln fiscal measures, strong growth Finance Minister Euclid Tsakalotos tabled in Parliament on Monday afternoon the 2017 budget detailing the government’s fiscal and macro estimates for 2016 and 2017.
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PoliticsGreek Politics
Tsakalotos states case for debt relief as New Democracy sharpens up Greek politics is gradually returning to normality following the excitement of US President Barack Obama’s visit to Athens and his welcome comments on the need for less austerity and more debt relief for Greece.
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EconomyMacroeconomy
Central government debt drops to 323.7 bln in Q3 on bond repayments Greece’s central government debt dropped by 4.63 billion euros quarter on quarter (QoQ) to 323.71 billion in Q3 from 328.34 billion in Q2, according to the Finance Ministry (MoF) debt bulletin.
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PoliticsForeign Policy
Obama emphasises need for debt relief in Athens but Berlin keeps expectations low US President Barack Obama ended his two-day visit to Athens on Wednesday with a significant speech on democracy and the threat it faces but without adding anything significant to issues related exclusively to Greece.
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EconomyProgramme
Second review to resume in Athens under severe time pressure The institutions’ mission chiefs are expected to return to Athens early this week to resume discussions with the Greek authorities on the second programme review.
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Economy
In autumn forecasts, EC sticks by GDP estimates but expects lower unemployment In its autumn economic forecasts published on Wednesday, the European Commission (EC) repeated its previous estimate that economic activity will start picking up from the second half of this year, before notably accelerating in the next two years.
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EconomyMacroeconomy
Fiscal Council optimistic on 2016 target, sees next year’s goals as feasible The Greek Fiscal Council published on Tuesday its first semi-annually report on fiscal and macroeconomic developments, presenting its views on the 2017 draft budget and whether targets will be met this year and next.
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EconomyProgramme
Eurogroup sees possibility of swift review but differences on debt relief remain There were words of encouragement for Greece regarding the swift conclusion of the second review at Monday’s Eurogroup but also mixed views on whether Athens can expect the detailing of anything more than short-term debt relief measures if the inspection is wrapped up by the next meeting of eurozone finance ministers on December 5.