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Economy

Greece Issues T-Bills Worth 500 Million Euros on January 18th

Greek Public Debt Agency will proceed with the auction of 13-week treasury bills worth EUR500mn on January 18th, according to a statement on Friday. Settlement date is set for January 21st, with maturity on the 26th of April. Only Primary Dealers are...

2nd Regional Greek & Turkish Business Forum Begins in Komotini

The second Regional Business Forum between Turkey and Greece began in Komotini, Western Thrace on Friday, Anatolian news agency reports. The forum was jointly organized by Foreign Economic Relations Board of Turkey (DEIK) and the Greek Union of Chambers &...

S&P: 40% Probability Of Greece Defaulting On Its Debt

Rating agency Standard & Poor’s said that there is a 40% probability that Greece may have to restructure its debt, according to Dow Jones Newswires. "Apart from Greece, all other euro-zone countries have an investment-grade rating, which means the risk...

Unemployment Rate Reached 13.5% In Oct 2010

Hellenic Statistical Authority announced on Thursday that the unemployment rate in October 2010 increased to 13.5% compared to 9.8% in October 2009 and 12.6% in September 2010. The number of employed amounted to 4,369,543 persons while the number of unemployed...

Consumer Price Index Rose By 5.2% In Dec 2010

The Hellenic Statistical Authority announced on Tuesday that the Consumer Price Index recorded a rise of 5.2% in December 2010 compared with December 2009. The Consumer Price Index (CPI) in December 2010 compared with December 2009, increased by 5.2%. In...

Greece Sells EUR1.95bn T-bills, Interest Rate At 4.90%

The Greek Public Debt Management Agency said it sold EUR1.95 billion of 26-week treasury bills with Greece paying a yield of 4.90% during the auction of EUR1.5bn on Tuesday. The total bids reached EUR 5,100mn (bid-to-cover ratio 3.4) , while...

Jan.-Dec. 2010 Budget Reduced By 36.5%, Beats Target

State budget deficit for the period January-December 2010 is EUR19.603mn, reduced by 36.5% compared to EUR30.871mn in 2009, the Ministry of Finance announced on Monday. Based on preliminary data, the btate budget execution indicates a larger than projected fiscal adjustment,...

Greek Bond Spreads Hit New Record

Greek 10-year spreads hit another record high amid volatility and just ease off their new record, exceeding benchmarch German bond rates by 10 percentage points for the first time. Monday's record occurred on the eve of a euro1.5 billion ($1.96...

"Sovereign Risk Report" Ranks Greece as Most Risky Nation

Greece tops the list of the ten most risky sovereign countries seen as most likely to default on debt and unable to honor its debt obligations. In the report “Sovereign Risk Report for Q4 2010″ released by world’s leading credit...

Greek Investment to Inject 4 Billion Euros in Economy

Greece will announce investment worth 4 billion euros ($5.2 billion) in March under a plan to inject liquidity into Greece’s economy, the Athens News Agency reported, citing Economy and Competitiveness Minister Michalis Chrisochoides (photo). Chrisochoides spoke after a meeting in...

Greece will Issue 6 Month T-Bills Worth 1.5 Billion Euros

Greece on Friday said it would issue next week a batch of six-month treasury bills worth 1.5 billion ($1.97 billion).  This is the largest offering in months amid a planned bond comeback this year. "On January 11th, the Hellenic Republic will...

Greece Isn’t in Debt Restructure Talks, Minister Tells Reuters

Greece isn’t in talks with creditors on restructuring its debt, Reuters news agency said, citing an interview with Finance Minister George Papaconstantinou. Papaconstantinou said talks with China on buying Greek bonds, as Chinese Premier Wen Jiabao pledged during a visit...

Greece’s Revenue In 2010 Rose By 5.4%

Despite repeated revisions of the financial goals of last year΄s budget, Greek government missed a revised target of revenue by about EUR290million, according to officials. The shortfall is considered relatively small, as no significant effect will have on the deficit...

President of Industrialists of Athens & Pireaus: Greek Economy Entered Vicious Circle

The Greek economy has entered a vicious circle that will be very hard to exit, president of the Association of Industrialists of Athens and Piraeus Dimitris Mathios warned.  He delivered his claim in a circular message to the association's members. This...

Private Sector Credit Decelerated Further in Nov 2010

The annual growth rate of total credit granted to the domestic private sector decelerated further to 0.4% in November 2010, from 1.0% in October 2010 and 4.1% in December 2009, according to the Bank of Greece "This development reflects the...