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 [...]
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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 [...]
Greece Wants To Join The Digital Age
As anyone who’s been in a Greek public office can tell you, it’s unsettling to see filing systems that include stacking piles of files on desks, in shopping carts and boxes and even on the floor, one of the reasons for the country’s notorious reputation for inefficiency. Now the government wants to go paperless and [...]
IMF Lauds Greece, But Cites Tax Cheats
The International Monetary Fund, one of Greece’s chief lenders, has released a report praising the country for using austerity to drive down its debt and deficit and increase competitiveness, but said that it’s still woefully short of fulfilling other reform, such as prosecuting tax chaets who owe more than $70 billion, and firing public workers [...]
Cyprus Gets Loan Break From Russia
Despite tension that flared when Cyprus said it would confiscate up to 80 percent of the deposits in state banks over 100,000 euros ($130,000) which particularly hit Russian investors, Russia has agreed to to allow two more years for repayment on a 2.5 billion euros ($3.26 billion) loan and lower the interest rate from 4.5 [...]
Greek Lifetime Job Guarantee In Peril
With the coming firing of 15,000 workers, it seemed that Greece was finally going to bend to demands from international lenders to reduce its bloated public workforce – except that it’s going to hire 15,000 younger workers to replace them. Still, the government said it will pare the number of civil servant jobs enough through [...]
Cypriot Lawmakers Narrowly OK’s Bailout
The Cypriot Parliament, by the slimmest of margins, 29-27, gave approval on April 30 to an international bailout package that critics said will condemn the island country to years of hardship, recession and unemployment – but which the government said would save it from bankruptcy and chaos. President Nicos Anastasiades’ ruling center-right Democratic Rally party [...]
Cyprus Expected To OK Bailout Deal
Cyprus’ lawmakers are voting April 30 on a bailout agreement aimed at preventing the country from going bankrupt that includes 10 billion euros ($13 billion) from international lenders but requires the government to find savings and revenue-raisers of another 13 billion euros ($17 billion). “What we’re called upon today to do is to adopt a [...]
Eurogroup OK’s 2.8B Euros For Greece
Satisfied with passage of a multi-faceted bill that will lead to the removal of 15,000 public workers over the next two years, the Eurogroup of Eurozone finance officials on April 29 approved the release of a 2.8 billion euros ($3.5 billion) installment that had been delayed since March. The coalition government of Prime Minister Antonis [...]
Greek Parliament OK’s Multi-Bill With Firings
By a vote of 168-123 on April 28 just before midnight, the Greek Parliament – as expected – easily approved another set of reforms demanded by international lenders in return for continuing bailouts, including the firing of 15,000 public workers the next two years. The measures were sure to pass because the coalition government headed [...]
Out On Bail, Papantoniou Glad For Euro
Yannos Papantoniou, a former Greek finance minister who propelled the country into the euro 11 years ago – and who is now being investigated over a secret Swiss bank account – said he’s not sorry Greece switched to a currency that skyrocketed prices and put the country under the oversight of lenders who had to [...]
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Calendar – Exhibits, Concerts, Fun
- Greece Celebrates International Museum Day on May 18 May 18, 2013
- Edessa Cherries, Wine For Gastronomy Fair May 17, 2013
- Greek Choreographers Festival In Thessaloniki May 17, 2013
- Taxidi Exhibit 2013 Opens in Cyprus May 16, 2013
