Calamos Supports Greece

Economy

Bank of Greece 2010 Interim Monetary Report Comments

Further deficit efforts from Greece should focus on spending cuts and reining in tax evasion and not on new taxes, Greece’s central banker said. "There is no more room for increasing tax rates on businesses and individuals," Governor George Provopoulos...

Greece to Pay All Medical Debts from 2005-September 2010

Greece will pay by the year's end all hospital debts accumulated with medical suppliers from 2005 up to last month.  The nation plans to keep closer tabs on such costs in 2011, as stated bya senior health ministry official to Reuters on...

NYC Economist: "…Don't Call it Bankruptcy, but Restructuring Under Pressure"

"Greek practical bankruptcy due to restructuring the huge debt of the state is unavoidable, in spite of the austerity measures for cutting budget expenses, which the government undertook."  An authoritative economist made this comment on Sunday. “For me it is...

IMF Says Impact Of Greece’s “Data Revision” Will Not Be Substantial

The implications of the upwards revision of Greece’s budget data by Eurostat will not be substantial, an IMF spokesperson told Capital Still, the Fund points out that there is no question of changing the target of reducing the fiscal deficit...

Qatar Cancels Plans for Astakos Investment

Qatari companies have cancelled their plans for a private 2.5 billion euro liquified natural gas and power project at the Astakos port in western Greece.  This result is due to disagreements with Italy concerning LNG prices. However the cancellation of...

Eurogroup Chief Warned Greece of Economic Dangers 2 Years Ago

Eurogroup chief Jean-Claude Juncker said in an interview with a Greek newspaper appearing on Sunday that: "since 2008 we had been pressing and ringing the warning bell to the Greek authorities to take measures to reverse the situation, which...

Eurogroup Meeting May Point To New Measures For Greece

Economic diplomacy is underway in Luxembourg on the way EU countries will politically accept the revision of the Greek deficit and debt that threatens to subvert the goals of the 2011 budget, but also on the question of extending...

Greece Auctions 3 Month Treasury Bill on October 19th

Greece will auction a three month Treasury bill issue next Tuesday the 19th of October, seeking to raise 900 million euros from the market. The issue will be auctioned to the market's primary dealers.  The settlement date is set...

Deal to sell shipyards may sink

A major deal for the United Arab Emirates-based Abu Dhabi MAR Group to buy Hellenic Shipyards (HSY), also known as Skaramanga, appeared to be floundering yesterday, apparently over the failure to settle several outstanding debts that still burden the...

Unemployment Rate At 12%

Greece’s unemployment rate in July 2010 was 12.0% compared to 9.6% in July 2009 and 11.6% in June 2010, the country’s statistical office said Thursday. The number of employed amounted to 4,439,296 persons while the number of unemployed amounted to...

Hellenic Statistical Authority Reports Decline in Building Activity

Building activity dropped 29.1% in volume in July this year, with a 24.8% decline in the January-July period, substantially contributing to an economic recession in the country, the Hellenic Statistical Authority stated on Monday. The statistics agency reported a total...

NBG’s Capital Raise Oversubscribed By 1.83

National Bank of Greece said Tuesday that for the combined offering of the new shares and the convertible equity notes € 3,315,704,345 were offered vis-à-vis € 1,815,054,306 that related to the new shares and convertible equity notes offered, corresponding...

«IMF can give Greece more time to repay loan»

The International Monetary Fund is prepared to give Greece more time to repay its loan to the institution if European nations, which provided the bulk of a joint 110 billion euro ($154 billion) package, decide to do so first,...

Deputy FM Sends Letter On Astakos Investment

Deputy Foreign Minister Spyros Kouvelis Thursday sent a letter to Qatari Minister of state for Energy & Industry Affairs Dr. Mohamed Saleh Al-Sada regarding progress in the investment in Astakos, an official announcement said. Specifically, Kouvelis noted the signing of...

Revision Of Greece΄s 2009 Deficit May Weigh In 2011 Budget

On the 22nd of October, the day Eurostat will reveal how much the Greek 2009 deficit will be upwards revised, it will become known whether the 2011 budget will once again change incorporating additional measures. The new data will be...