Economy
Economy
Greek MinFin: Bond Buyback Plan Under Discussion
The Greek Finance Minister said on Friday that a European initiative allowing the Greek government to buy back outstanding debt is being discussed, according to Dow Jones Newswires.
Giorgos Papakonstantinou stated that there were no official talks, as the buy...
Economy
Papandreou Claims Greece Can Achieve Growth in 2012
Greek Prime Minister, George Papandreou said that Greece can achieve growth in 2012, according to a statement.
The European Financial Stability Facility "should be robust and flexible”, he said at a panel discussion in Davos. The European Union needs: “the necessary tools...
Economy
Finance Ministry Announces New Tax Legislation Bill
The Greek market has risen strongly today after the Finance Ministry announced a text for new tax legislation. The new text is aimed at aiding recovery, with the reduction of taxation on company profits.
Greece's General Index was up 2.54% to 1575...
Economy
Bloomberg Poll Predicts Greek Default
Most global investors predict that at least one nation will abandon the euro zone within five years and that Greece and Ireland will default, according to a Bloomberg’s poll.
The sentiment that is intensifying pressure on policy makers to strengthen...
Economy
EU Blocks Aegean Airlines & Olympic Air Merger
The European Commission has prohibited the proposed merger between Aegean Airlines and Olympic Air. It would have resulted in a quasi-monopoly on the Greek air transport market, according to a statement.
The Competition Committee said that this would have led...
Economy
Bloomberg: Greek Debt Repayment Depends on Real Estate Sales
Greece’s debt repayment depends on state-owned real estate sales, according to a Bloomberg report.
“When the Greek government swapped land with a Byzantine monastery on a mountainous northern peninsula, the furor in 2008 over the price contributed to the defeat...
Economy
Reuters: Greek Debt Restructuring isn't Expected Soon
Reuters claims that Athens is not expected to ask for debt restructuring any time soon, according to an analysis.
Greece will never be able to repay its growing debt and would do better to conduct an orderly restructuring sooner rather than...
Economy
Greece Ready to Issue Diaspora Bond: Minister
Greece will issue a diaspora bond aimed at Greek investors all over the world "within the next few months" in an effort to return to long term bond markets in 2011, Finance Minister George Papaconstantinou said Sunday.
"We will mainly...
Economy
Fitch Ratings Claims Greece Must Access Markets by end of 2011
Fitch Ratings said on Friday that there is a continuing risk that euro-region nations will have their credit ratings downgraded, according to Bloomberg.
David Riley, head of sovereign ratings at Fitch said that while the risk of a break-up of...
Economy
Olympic-Aegean Airlines Merger Faces EU Veto
European Union regulators have asked for more concessions to encourage rival airlines to enter the Greek market, to permit the proposed merger of Aegean Airlines and Olympic Air, according to Reuters.
The two companies suggested remedies to the European Commission...
Economy
Regling: Greece Does Not Need A Restructuring Of Debt
The head of the European Financial Stability Facility (EFSF), Klaus Regling, said that there is no need to increase the funding of the EFSF or to restructure the debt of Greece.
"The view of the International Monetary Fund, the European...
Economy
Goldman Sachs: Greek Bondholders Unlikely to Get Paid Back in Full
Goldman Sachs said that Greek bondholders are unlikely to get all their money back on schedule unless borrowing costs fall, according to Bloomberg.
Andrew Wilson, head of fixed-income, said that unless there is a dramatic change in the interest-rate structure,...
Economy
Greece Sells EUR650mn T-Bills
The Greek Public Debt Management Agency announced that during the auction of EUR500mn of 13-week T-Bills conducted on Tuesday, the total bids reached EUR2,489mn and the amount finally accepted was EUR650mn.
The amount sold includes a 30% noncompetitive tranche above...
Economy
"Greece not in Talks to Extend Repayment of its Entire Debt"
A Finance Ministry official noted on Tuesday that Greece is not in talks to lengthen the repayment of its entire outstanding debt, according to Reuters.
"The government has a very specific agenda ... there is preliminary agreement to extend repayment...
Economy
Fitch Downgrades Greece Rating to Junk Status
Fitch Ratings on Friday downgraded Greece's credit rating to BB-plus from BBB-minus. The cut puts Greece's credit rating in junk territory. The agency said the outlook for the rating is negative, which means the rating could be cut further...