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EconomyBanking
Commission gives go-ahead for APS to reduce NPL pile The European Commission (EC) announced on Thursday that it approved the Greek plan, codenamed “Hercules,” for helping Greek banks remove up to 30 billion euros in non-performing loans from their books.
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EconomyProgramme
Athens strives to bridge fiscal gap before unveiling 2020 draft budget European Economic Affairs Commissioner Pierre Moscovici has given assurances ahead of his visit to Athens on Friday that the Greek government and the institutions will be able to bridge the fiscal gap for 2020 before the draft budget is submitted to Brussels on October 15.
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EconomyBanking
Athens looks to overcome APS snags as it awaits green light from Brussels Finance Minister Christos Staikouras was due to meet the CEOs of Greece’s four systemic banks on Thursday as the government appears to be stepping up its efforts to secure approval for the Asset Protection Scheme (APS) aimed at reducing the giant pile of NPLs on their balance sheets.
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EconomyProgramme
IMF warns of uphill battle for economy as Athens seeks to close 2020 fiscal gap The International Monetary Fund (IMF) concluded its consultations with the Greek authorities in the context of its Article IV mission with a statement issued on Friday afternoon in which its staff outline the challenges that the new administration will face.
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EconomyProgramme
Fourth review talks conclude with fiscal differences remaining The talks between the Greek authorities and the heads of institutions concluded on Wednesday as the fourth post-programme moves on to the next stage.
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EconomyBanking
Athens submits APS plan aiming to remove up to 30 bln of NPLs from bank balance sheets The Greek government appears to have submitted to the European Commission its final proposal for an Asset Purchase Scheme (APS), which it hopes will help local banks substantially reduce their stock of non-performing loans.
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EconomyFeatures
VAT gap remains high as non-compliance overtakes revenue rise The European Commission's VAT Gap report has revealed that tax revenues in Greece increased in 2017, but this did not close the gap between expected and actual VAT revenues.
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EconomyMacroeconomy
Consumer confidence hits 19-year high, ESI highest since 2007 Greece’s economic sentiment (ESI) strengthened by 3.1 points in August to reach 108.4 points, European Commission (EC) figures showed on Thursday.
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EconomyProgramme
Brussels urges Athens to remain on reform path as fourth post-MoU review looms The European Commission (EC) marked on Tuesday the first anniversary from the completion of Greece’s third adjustment programme - a 3-year adjustment effort with emphasis on structural reforms and provided loans of just short of 62 billion euros via the European Stability Mechanism (ESM).
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EconomyProgramme
Athens hopes lower bond yields strengthen case for reducing fiscal targets The Greek government is keeping high up on its agenda the matter of renegotiating lower fiscal targets with the institutions as New Democracy tries to build its case ahead of talks with the creditors in September.