What a difference a year makes, especially for Greece. That’s how the financial magazine The Economist has characterized the country’s slow recovery, although with caution that it came at a heavy social price in joblessness and human misery. Greece has performed better than expected, but still has much to do,” according to the article Up, [...]
Tag Archives | IMF
IMF Heading Back To Athens
The International Monetary Fund, one of Greece’s Troika of lenders, will send a team to Greece early in June for talks with Greek authorities and the bailout partners, the European Union and European Central Bank, following a meeting of the IMF executive board to discuss a review of Greece΄s program. “The executive board is expected [...]
Greeces Hopes OPAP Sale Speeds Privatizations
Greece Prime Minister Antonis Samaras said the sale of gambling monopoly OPAP shows that Greece is serious about making reforms as a condition of rescue aid. The deal, which will give Czech-Greek consortium Emma Delta a 33 percent stake in the gambling monopoly, will bring in 712 million euros, about $915.48 million. “It is important [...]
Samaras Vows War On Unemployment
As his government is getting set to shed 15,000 public servants over the next two years on the orders of international lenders putting up bailouts, Greek Prime Minister Antonis Samaras said his administration will bring down the country’s record 27 percent unemployment rate by attracting foreign companies to hire Greeks without jobs. “We have consolidated [...]
Greece Will Sell Troubled Proton, Postbank
Two of Greece’s shakiest banks, Hellenic Postbank and Proton, will have to be sold by mid-July as the country’s largest banks continue gobbling up smaller institutions as part of plans to help the beleaguered economy begin to recover, envoys from international lenders have directed. Proton was taken over when it became insolvency in the wake [...]
Greece Recession Will Ease, Joblessness Won’t
Greek Prime Minister Antonis Samaras’ prediction that the country’s staggering economic crisis will start to abate and that a slow recovery will begin next year seems like, the country’s international debt inspectors said, but the record 27 percent unemployment rate will take years to come down and will probably stay above 20 percent for three [...]
Troika Anxious Over 2015-16 Fiscal Gap
With Prime Minister Antonis Samaras predicting a recovery for Greece’s economy as soon as next year, the country’s international lenders are more worried about 2015-16, saying the outlook is “inherently uncertain” and will be the focus of negotiations with the government later this year, the European Commission said. The Troika of the European Union-International Monetary [...]
EU OK’s $9.72B In Greek Loans
Greece got better news than expected when a meeting of Eurozone finance officials reportedly agreed to approve the release of two loan installments totaling 7.5 billion euros, some $9.72 billion, sources told the newspaper Kathimerini. Finance Minister Yiannis Stournaras was at the meeting. The paper said that the okay came early on as the meeting [...]
Greece Eyes Loans, Samaras Heading To China
On a roll, the Greek government is hoping that Eurozone officials on May 13 will approval release of more loans as Prime Minister Antonis Samaras readies for a five-day trip to China beginning two days later in a bid to woo investment and tourists. Samaras, not having to worry about the same kind of social [...]
Kasoulides Says Cyprus EU’s “Experiment”
Cypriot Foreign Minister Ioannis Kasoulides said the 10 billion euros ($13 billion) bailout being put up by international lenders at a big cost to the government and Cypriot society, including the confiscation of up to 80 percent or more of bank accounts over 100,000 euros ($130,000) was designed to punish the country and a “warning” [...]
IMF Says No Greek Debt Restructure
On the heels of issuing a report praising Greece’s progress in reforms but criticizing its failure to go after tax cheats, the International Monetary Fund (IMF), one of Greece’s international lenders, does not expect a restructuring of the Greek debt any time soon, IMF spokesman Gerry Rice said. “We do not envision any new (debt) [...]
No Happy End To Greek Crisis
The Financial Times dedicated its editorial on May 7 to Greece, underling that more attention should be paid to the country where financial crisis first began. The editorial entitled Greek Drama Lacks A Happy Ending points first to the good news for Greek economy after five years of crisis and five rescue packages. “The primary [...]
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Calendar – Exhibits, Concerts, Fun
- Crete Hosts Talks On Ancient Novels May 23, 2013
- Velos Mutiny Honored in Special Ceremony May 23, 2013
- Contemporary Theatrical Adaptation of Homer’s Iliad May 22, 2013
- A Greek Portfolio at The Benaki Museum May 22, 2013
