Economy

German Finance Minister Wolfgang Schäuble is making preparations for a Greek insolvency, according to newsweekly Der Spiegel. His officials are reported to be preparing for several scenarios that might arise should Athens go bankrupt. There are two possible outcomes, in the...

THESSALONIKI – With Greece only weeks away from bankruptcy without a new instalment of international aid, and scores of thousands of demonstrators on the streets protesting pay cuts and tax hikes, Greek Prime Minister George Papandreou said he will...

Adequate private sector participation in a Greek debt swap meant to help the southern Mediterranean country avoid default hung in the balance Friday, radio reports said. Banks and insurers were expected to indicate whether they intend to join in the...

Greek wholesale turnover fell by 10.8% in the second quarter of the year, as ANA reports citing a survey from the independent Hellenic Statistical Authority (ELSTAT) released on Friday. According to ELSTAT, Greece's trade balance deficit improved further in...

Greece is now facing the critical possibility of shortage of funds to meet the basic needs of the state, causing intense fear within the government, which prepares scenarios of gradual suspension/postponement of payments in order to ensure sufficient funds...

Unemployment in Greece will reach 26% next year. This is the alarming figure contained in a study carried out by the employment institute of two of the country's biggest trade unions, GSEE and ADEDY, who operate on behalf of...

Europe is pushing for Greece to cut its deficit by an additional 0.7% of gross domestic product this year in order to win further euro-zone financing, but the International Monetary Fund fears existing targets may already be stretching the...

According to Reuters, Klaus Regling, CEO of the EFSF (i.e. European Financial Stability Facility) said during a discussion organized by the Social Policy Association that the IMF/EU bailout programme may have bore fruits for Ireland and Portugal in terms...

The Royal Bank of Scotland (RBS) projects that Greece will face a sovereign default in the middle of December, because the Greek government is not able to enforce the required reforms, something that could provoke the rapid spread of...

According to Reuters, Greece's budget gap this year will be at least one percentage point of gross domestic product higher than the 7.6 percent agreed in its emergency loan program, only a quarter of which is due to a...

Greece's Finance Ministry Thursday released the names of 6,000 businesses that owed more than EUR30 billion in unpaid back taxes as part of a new campaign to name and shame tax evaders. The list includes several state-owned enterprises, topped by...

There can be no flexibility for Greece on its budget deficit targets if the country hopes to receive the next tranche of its bailout from the European Union and the International Monetary Fund, the head of Eurogroup Jean-Claude Juncker...

Greece's inflation rate dropped for a second month in August as retailers slashed prices during the summer sales season. The annual rate calculated using European Union methods fell to 1.4% from 2.1% in July, the Hellenic Statistical Authority (ELSTAT) said...

The barrage of statements about “disciplining” Greece to Troika’s orders seems to have no flexibility this time. European Council President Herman Van Rompuy prepares proposals for “economic governance” of the Eurozone to be released in October. They would form the...

Unemployment rate in June 2011 was 16.0% compared to 11.6% in June 2010 and 16.6% in May 2011. The number of employed amounted to 4,161,125 persons while the number of unemployed amounted to 793,685 and the number of inactive...