Economy

Greece has approved the sale of its main shipyard to Abu Dhabi Mar.  Abu Dhabi Mar is a holding company that owns a string of luxury yacht and naval shipyards in Europe and the UAE. The deal will help the...

A recent article published in the "Seeking Alpha" investment publication suggests that Greek laws on gambling will change.  This will  provide a more enlightened approach to online gambling. This could be good news for the Greek gambling monopoly OPAP. Even...

The nation's Finance Minister stated yesterday that Greece plans to sell bonds to Greeks abroad as it eyes a return to international bond markets next year. Greece is keen to return to markets after plunging into a debt crisis last year. ...

Greece's trade deficit shrank by 8% in the first half of 2010, compared with the same period last year.  Eurostat announced the statistic on Thursday. The EU Executive’s Statistics Agency reported that the trade deficit fell to 12.7 billion euros in the...

The Transport, Infrastructure and Networks Ministry hailed on Monday a decision by the EU General Court to reduce the amount of  illegal state aid that privatised Olympic Airlines.  In addition to its failed predecessor, the state-run carrier Olympic Airways, must return...

Today Greece successfully completed the auction of a six month treasury bills issue.  The nation raised 1.17 billion euros from the market. The return of the issue was set at 4.82%; slightly higher from 4.65% of the previous auction. The auction...

A top official with The National Bank of Greece on Wednesday expressed confidence in the country's economic future saying Greece will not default. "We strongly believe that there is no such a chance," Apostolos Tamvakakis, chief executive officer of the...

The Finance Ministry has sent a circular to all tax offices, audit centers and the SDOE financial crimes corps specifying heavy penalties and audits, as provided under the legislation on money laundering.  This pertains to businesses that repeatedly do not...

National Bank of Greece, the country’s largest lender, said late Tuesday it will seek to raise EUR2.8 bil. to boost its capital base. NBG will proceed to the plan through a pre-emptive equity rights offering in cash, to raise proceeds...

Even after the EUR110 bil. bailout scheme for Greece, and the massive EUR750 bil package for endangered EU member states, investors are wary about Europe’s sovereign paper skittish about the banks that hold the region’s debt, Bloomberg says in...

European Central Bank (ECB) chief Jean-Claude Trichet reiterated on Monday that for Greece to withdraw from the euro currency and return to the drachma would be "the worst possible choice", in reply to press questions on the sidelines of...

The European Commission  cleared a Greek plan to recapitalize banks through the Hellenic Financial Stability Fund on Friday. The Fund has a capital of 10 billion euros and forms a part of the financial stability package reached with The International...

Greece has introduced a new draft legislation designed to regulate the country's online gambling market. Under the new law providers of sports betting, internet poker or online casinos in Greece would be required to set up a server in the...

The first discount supermarket of  Greek retailer AB Vassilopoulos of The Delhaize Group will be opened in 2011, under the "Red Market" brand. Earlier this year ALDI had announced market exit from Greece. The development of the new discount brand...

The Greek government determined that it has been paying pensions to people who passed away years ago. There were even cases in which the payments went to someone who died ten years ago. As part of its waste tackling regime, the government...