Economy

Greek government Thursday tabled in the nation’s parliament its 2011 Budget that “continues agressive fiscal consolidation effort,” the Ministry of Finance said. The aim is to reduce the deficit by 5 billion euro to 7,4 % of GDP in 2011...

The Greek government finalized decisions over a 2011 budget plan after a meeting between Finance Minister George Papaconstantinou and EU-ECB-IMF Troika officials in Athens on Wednesday. The meeting was attended by Lucas Papademos who is a former European Central Bank...

The European Commission is still looking for suitable remedies from Greek airlines Aegean and Olympic before deciding whether to clear their merger, an EU executive said on Wednesday, Reuters reports. "We are finding some difficulties, we are in contact with...

Greece’s programme is broadly on track, but following the revision of its debt and deficit figures for 2009 by Eurostat, the debt ridden country will need to take all the required measures in 2011 to bring its deficit down...

Austrian Finance Minister Josef Proell said on Wednesday that Greece will receive its next tranche from the EU-backed bailout package in January instead of December, Reuters reports. Referring to talks on Tuesday night in the Eurogroup that focused on Ireland,...

Greece successfully auctioned a three-month treasury bills issue raising 390 million euros from the market today. The Public Debt Management Organisation accepted bids totaling 300 million euros and non-competitive bids totaling 90 million euros, although at a higher cost....

Greek Finance Minister George Papaconstantinou refused to comment Tuesday on reports that Austria might withhold its contribution to the country's E110 billion aid deal. "I will not comment on the specific comments," Papaconstantinou told reporters as he arrived for the...

Greece’s 2009 budget deficit hit 15.4 of GDP, revised data provided Monday by Eurostat showed. The previous notification was at 13.6% of GDP The country’s government debt for the same year reached 126.8% of GDP, versus a previous estimate of 115,1%. Eurostat...

The job search is no longer confined to Western Europe and now includes Turkey. Dozens of requests from jobless Greeks are being sent to the Greek Consulate in Istanbul each week. Applications are also being made at the Greek-Turkish...

Greece has today issued six-month state bonds worth 390 million euros at a yield up 28 base points compared to the previous auction in October. The news was released by Reuters, which quoted the agency for Greek debt management...

Greece is not mulling restructuring its debt while the regional elections that took place on Sunday proved the government has the support it needs to go through with its fiscal reform, the Finance Minister said according to Reuters. "We have...

Greece will auction a six-month Treasury Bill issue on Tuesday, November 9th.  It seeks to raise 300 million euros from the market. The T-bill issue will have a maturity date of May 13th, 2011, while the settlement date was set...

Athens has been given a rude awakening by the EU.  Greece will have to repay the European Commission 347.5 million euros that were wrongfully spent, against the rules of the common agricultural policy. The announcement came today from Brussels,...

Car sales dropped 31.7 % in the ten month period of January to October this year, offering more proof of the crisis hitting the domestic car market. The independent Hellenic Statistical Authority said on Friday that car registrations including both new and...

Greece has once again followed a familiar pattern as it lost ground on the latest "Doing Business Index", published by the World Bank. According to the report, which is set to be formally released today and which assesses how easy...