Bad loans at Greek banks in 2011 are likely to exceed 31 billion euros ($41 billion), or 12% of total loans, up from 10% this year, Kathimerini reported, citing bank officials. The deterioration is probable because of falling household and business incomes, amid recession and rising unemployment, the newspaper said. This year’s bad loans ratio [...]
About Iro Theophanides
Scrapped Bonuses Means Fewer Greek Gifts
Twice as many Greeks as last year say they have no additional income to spend over the holiday period, Kathimerini reported, citing a survey of consumption patterns by MasterCard Inc. The number of Greeks reporting no additional holiday income is 24 percent compared to 12 percent in 2009, the newspaper said. The proportion of the [...]
1 out of 5 Greeks Live in Poverty States Labor & Social Security Minister
One out of five citizens in debt- ridden Greece today lives in poverty. This was stated by Greek Labor and Social Security Minister Louka Katseli during an event held in Athens on Monday. Twenty-two percent of Greeks living in poverty are pensioners, while 23 percent are minors and 42 percent are unemployed, noted Katseli. Katseli [...]
Papandreou Attends EU-Africa Summit, Libya
The 3rd EU-Africa Summit opens in Tripoli, Libya on Monday. Approximately 80 European and African heads of state, the European Council, European Commission presidents, and the Eurogroup president will participate. Greece’s Prime Minister George Papandreou will be present. The two day summit will focus on investments, economic growth and the creation of jobs. Papandreou will [...]
Citibank Closes 31 Branches in Greece
Citibank announced a large scale restructuring of its activities in Greece. It closed 31 branches out of a total of 72 branches in its network in the country. A bank announcement said the decision was part of a general strategy for the restructuring of its presence in Greece amid a current economic crisis. The crisis [...]
The Pan-Hellenic Seamen’s Federation Strike Continue – Union Calls off Garbage Strike
Adding to Greek woes, the union for seamen began a strike on Tuesday with plans to extend what had initially been a one-day strike into a 48-hour work halt. Now residents of smaller Greek islands without airports are largely cut off from the mainland. The strike appears to have little impact on ferry traffic between Greece [...]
Trade Unions’ Civil Suits Convene on Tuesday
A Council of State (CoS) plenum will convene on Tuesday to hear civil suits brought by trade unions. The suits are against wage cuts and austerity measures imposed this year by the government. The civil suits challenge the memorandum that was signed with the EU-ECB-IMF Troika experts as being unconstitutional, illegal and in violation of the European [...]
Georgios Sklavounos Museum Opens in Amfiklia-Elatia!
The municipality of Amfiklia in south central Greece that is now the Amfiklia-Elatia extended municipality, will inaugurate the Academician Georgios Sklavounos Museum. The inaguration will take place on Sunday, November 28th in the township which lies on the eastern foothills of Mt. Parnassus. The inauguration of the museum and its exhibits is in cooperation with the University of Athens [...]
Government Finalized 2011 Budget Plan
The Greek government finalized decisions over a 2011 budget plan after a meeting between Finance Minister George Papaconstantinou and EU-ECB-IMF Troika officials in Athens on Wednesday. The meeting was attended by Lucas Papademos who is a former European Central Bank Vice President and currently an adviser to Prime Minister George Papandreou. The budget will be tabled [...]
Greece’s 2009 Budget Gap Hits 15.4% Of GDP, Eurostat Says
Greece’s 2009 budget deficit hit 15.4 of GDP, revised data provided Monday by Eurostat showed. The previous notification was at 13.6% of GDP The country’s government debt for the same year reached 126.8% of GDP, versus a previous estimate of 115,1%. Eurostat said it is lifting the reservation on Greek data it previously expressed as [...]
Greece Sells 390 MLN Euro 6-month Bonds, Rates Rise
Greece has today issued six-month state bonds worth 390 million euros at a yield up 28 base points compared to the previous auction in October. The news was released by Reuters, which quoted the agency for Greek debt management (PDMA). At the auction, which saw a relationship between demand and supply of 5.15 and a [...]
Apogeumatini Newspaper Files for Bankruptcy
Apogeumatini newspaper owner Mr. Sarantopoulos filed for bankruptcy yesterday. After having submitted the appropriate documents in court and declared bankruptcy, the chairman of the company Mr. Black, announced to its employees that the owners of the newspaper went to court. He notified them about the paper’s appropriate documents submission to stop its publication. There is confusion and fear among the [...]
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02 / 11 Cabinet Approves Debt Deal After PM Warns of ‘Chaos’
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02 / 10 Papademos Says He Will Remove Dissenters Because Default Would Bring Misery
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02 / 10 ASE: Nervous Breakdown in Athens
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02 / 10 Greek Pirate Party Enters Greek Political Life
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02 / 10 Former President of Macedonian Studies Association Passes Away
Calendar – Exhibits, Concerts, Fun
- Lecture on Human Values by Academic Helene Glykatzi-Arhweiler February 8, 2012
- 3rd Annual Greek Shipping Forum to Be Held in Athens February 8, 2012
- 11th Athens Xclusive Designers Week in March February 7, 2012
- Australian Embassy in Athens Celebrates Australia Day February 4, 2012
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