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Greece

Eurostat: Greece Is the Only EU Country in Economic Recession

Greece was the only country in the European Union in economic recession over the fourth quarter of 2016. The performance of the Greek economy over the past three months of 2016 are reflected in Eurostat's chart with the data of...

Economic Recession Hits the Greek Military

  As much as we all want to think of Christmas Holidays as a very cheerful time of year, this is not something that jives with reality. In Greece, where the economic crisis has been going on for some years now,...

Worst-Case Scenario for Greece is Eight Percent Recession, Says BoG Chief

Estimates of a ten percent economic contraction this year were excessive, Bank of Greece (BoG) governor Yannis Stournaras said on Tuesday, while noting that he still expected the country’s GDP to shrink by 8.0 percent under the worst-case scenario. Speaking...

IMF Warns Greece Could Face The Worst Coronavirus Recession in Eurozone

The International Monetary Fund (IMF) recently presented its World Economic Outlook, in which it predicts that Greece could experience one of the worst recessions in the world due to the coronavirus pandemic. The IMF said that Athens will see a...

Greece Says EU Economic Response to Coronavirus 'Satisfactory'

Finance ministers of eurozone countries agreed on Thursday evening to to make €500 billion ($547 billion) available "immediately" to stimulate the EU economy that is hit hard by the covid-19 pandemic. The decision came after hours of deliberation between the...

Greece into Deep Recession after Pandemic, Credit Rating Houses say

International credit rating houses predict that Greece will go into deep recession in 2020, with the covid-19 pandemic causing a blow in the economy and a significant increase in the national debt. Tourism, Greece's main source of revenue, is already...

Greece Expects 4% Recession, as European Economy Enters Uncharted Territory

Christos Staikouras, the Greek Finance Minister, expressed on Sunday his belief that the Greek economy will shrink by four percent in 2020 due to the reduction of economic activity the coronavirus pandemic has brought upon the country. Speaking with Greece's...

Official Data Shows Greece Still in Recession in 2016

Greece's economy performed worse than the country's official creditors were expecting as it decreased by 0.2 percent last year, according to official data from the Greek statistics service (ELSTAT). ELSTAT released its second estimate of the full-year 2016 gross domestic...

Population of Care Homes in Greece Affected by Economic Crisis

The care home population in Greece has been affected by the economic crisis, even though public and private homes for the elderly are full. According to a 2015 Help Age International report, Greece is one of the worst countries for...

Greek Companies Reopen During Economic Crisis

The huge economic crisis that has struck Greece has resulted in the lockage of small and large businesses, however other historic Greek brands have been reborn and given new leases of life under new ownership. A revival of sorts...

European Commission: Recession in 2016, Growth in 2017 in Greece

The European Commission predicts that the end of 2016 will find Greece with a 0.3% recession, but 2017 will follow with a 2.7% growth, according to the autumn estimates. The EC report says that Greek economy stagnated in the first...

Tax Avalanche Will Bring Recession in Greece in 2017

The new taxes that will pile up on Greek households will bring a new recession, despite the government's optimistic forecast of 2.7% growth, says the Parliamentary Budget Office (GPV). The GPV economists' report warns the government that its forecasts for...

WSJ: Greece's Economic Recovery Elusive

Economic recovery in Greece seems elusive, despite the optimistic forecasts of the country's government and foreign creditors, a Wall Street Journal report says. The International Monetary Fund, through the head of its team in Greece, recently said that the Greek...

The Map of Greeks Who Emigrated During the Economic Crisis

More than 332,572 Greeks have emigrated abroad since 2010, at the onset of the economic crisis, says a General Secretariat for Greeks Abroad report. The data is compiled from figures coming from the migration authorities of the countries where Greeks...

ELSTAT: Greek Statistics Show Deepening Recession in First Half of 2016

The Hellenic Statistical Authority (ELSTAT) announced the GDP for the 2nd quarter for 2016. Seasonally adjusted data showed that GDP in the second quarter increased by 0.2 percent compared to the first quarter against an increase of 0.3 percent...