Economy

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...

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...

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...

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 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...

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...

Greek tourism revenues have fallen 7-8% in 2010.  Yet early bookings show signs of a recovery next year. Strikes and protests in Greece have kept many tourists away from its beaches and ancient sites this year.  This has hurt the...

A Greek parliament committee will be set up by the end of the year.  It will investigate the role of international banks regarding the problems that led to the Greek debt crisis, Athens News Agency reported.  It cited statements from...

Piraeus Bank Deputy CE) stated the bank withdrew its offer for the State’s stakes in ATE and Hellenic Postbank. “Piraeus Bank withdrew its interest as it notes that the relevant decisions are not to be made imminently,” Stavros Lekkakos said. In...

The 3rd Greek-Arab Economic Forum opened today in Athens. The event is organised by the Greek Industrialists' Association and by the Greek-Arab Chamber of Commerce. The Forum's theme is:  ''Fostering business alliances to tap emerging opportunities'' and will last until...

Prime Minister Papandreou is expected to sign a cooperation memorandum with the Qatar government.  The memorandum will ammount to 5 billion euros with Emir of Qatar Khalifa al-Thani. The memorandum regards Qatar Investment Authority's (QIA) plans involved in the...

By Paris Karagounis Fitch analyst Chris Pryce stated that Greece is holding tight to its rating of investment grade but it might slip through her hands. His agency is the solemn financial institution which has not downgraded Greece as "junk’’...

Finance Minister George Papaconstantinou warned on Wednesday the following statistics.  The number of pending tax cases totals 2.5 million.  Cases in tax courts total 150,000 and  involve claims worth 30 billion euros.  However tax inspection authorities are able to...

Dow Jones Newswires reported that the Greek Public Debt Management Agency sold 390 million euros of 13 week treasury bills at an auction Tuesday.  The amount sold includes a 30% non-competitive tranche. Meanwhile Greece’s Debt Chief said foreign investors bought most...

 The Bank of Greece announced on Monday that Greek banks will be put under an "extreme scenario stress test" by the end of the year.  In an announcement the central bank confirmed that a decision to delay Greek banks’...