Economy

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...

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 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 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...

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...

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...

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...

A major decline in travel by Greeks, both abroad and domestically, was recorded in the Christmas-New Year holiday season this year, according to travel bureau representatives. The reduction in holiday travel mainly concerns middle incomes.  The middle income level is traditionally...

Athens Stocks moved on negative ground in the last session of the year, as the General Index ended at session lows, on a turnover of just 37.3 million euro. National Bank and Alpha Bank were under pressure, as they fell...

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...

Hellenic Telecommunications Organisation (OTE) proceeded with the cutting of extra payments and benefits of both its parent and subsidiaries managers. This is considered as the first step in cutting salary costs. President and CEO Michalis Tsamaz, decided that OTE’s executives...

Greek electricity utility Public Power Corp SA (PPC.AT) said Tuesday that the local Regulatory Authority for Energy, or RAE, has approved its proposed tariff hikes to be implemented from the start of 2011. "There will be an 11% tariff rise...

Greece will resume its monthly Treasury Bill auctions in January, the chief of the country’s Public Debt Management Agency said on Tuesday, according to Dow Jones Newswires. "After a pause in December due to the season, we will be resuming...

The deficit of the trade balance in October recorded a drop of 38.4%, according to Hellenic Statistical Authority’s announcement, based on provisional data. Specifically, the deficit of the trade balance in October amounted to 1438.3 million euro in comparison with...

Subsidies for “green” hotels would reach 45%, according to an announcement by the Ministry of Culture and Tourism.  The department stated this on the occasion of the launch of “Green Tourism” programme, which is subsidized by the National Strategic Reference Framework...