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Economy

Holiday Home Prices at Ten Year High in Greece’s Cyclades Islands

According to the latest statistics, holiday home sale prices on the immensely popular Cyclades islands in Greece are at a ten-year high. The most significant surge in prices can be observed in ultra-luxury properties featuring distinctive attributes, particularly in Mykonos. Of...

Greece Raises €3.5 Billion from 15-year Bond Issue

Greece on Tuesday successfully completed a 15-year syndicated bond issue, raising 3.5 billion euros ($3.86 billion) at an interest rate of 4.45%. Bids submitted exceeded 13.4 billion euros, of which 11.6 billion in cash and 1.8% in bond swap. The Greek...

Mitsotakis Pledges Early Repayment of Greece’s Bailout Loans

Prime Minister Kyriakos Mitsotakis pledged on Tuesday that Greece will make an early repayment of 5.3 billion euros of bilateral bailout loans from European countries by the end of the year. This pledge for repayment ahead of time is a...

Unemployment in Greece Falls to 10.8%

In May, the unemployment rate in Greece fell to 10.8% according to data released by the  Hellenic Statistical Authority on Friday. The newly released statistics are generally consistent with a trend toward lower unemployment in Greece over the past few...

Bank of Greece Sees 2.2% Growth in 2023, 3% in 2024

The Bank of Greece (BoG) sees an acceleration of recovery in Greece after 2023 with growth projected at 2.2% in 2023, 3% in 2024, and 2.7% in 2025. According to its projections, included in its annual Monetary Policy Report 2022-2023...

EastMed Pipeline Project Ready For Market Test By The End Of 2023

The EastMed pipeline to transport natural gas to Central Europe through Greece is expected to undergo a market test by the end of 2023.

Google Launches Anti Money Laundering AI

Google Cloud made an important announcement on June 21, 2023. They have introduced a new product called Anti Money Laundering AI (AML AI). This product utilizes artificial intelligence (AI) to assist global financial institutions in detecting money laundering more...

Turkey Hikes Interest Rate to 15% in U-turn by Erdogan

Turkey’s central bank raised the key interest rate Thursday, almost doubling it from 8.5% to 15% as the new economic administration of recently re-elected President Recep Tayyip Erdogan embarked on a dramatic monetary policy U-turn. The whopping 650-basis-point rate rise...

Amazon, Marriott and Other Companies to Hire Refugees in Europe

Major international companies, including Amazon, Marriott, and Hilton, made a significant announcement on Monday. They have committed to employing over 13,000 refugees in Europe over the next three years. Among these refugees are Ukrainian women who have fled the...

Mykonos Villa on Sale For Record-Breaking €50 Million

Business tycoon Charles Worthington is putting his Mykonos villa on the market for a record-breaking 50 million euro.

Hundreds of Family-Run Hotels in Greece Are Selling Their Businesses

A recently released report has revealed that hundreds of family-run hotels in Greece are now on the market because small business owners cannot keep up with rising costs and other economic stressors. The report, released by E- Real Estates Panhellenic...

Is the De-dollarization of the World Economy Underway?

For almost a century, the US dollar has been the world's reserve currency. This means that the central banks primarily conduct international transactions and settle international debts using the dollar. However, some economists are pointing to signs of de-dollarization; that...

Palm Payment Method Launched in China

Chinese technology firm Tencent is rolling out a new payment service that allows users to conduct transactions with the palm of their hand. The new palm payment method is available through the company's WeChat Pay service, known domestically in China...

Global Economy Expected to Slow to its Lowest Level Since 2008 Crisis

The World Bank, a global financial institution, predicts the world's economic growth will slow in 2023. This means that the global economy will not expand as quickly as it has in previous years. The projected growth rate for this...

US Congress Approves Debt Deal, Averting Default

The US Congress has approved a deal to lift the country's borrowing limit, days before the world's largest economy is due to default on its debt. The bipartisan measure sped through the Senate by a vote of 63-36, a day...