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Economy

Greece Becomes Europe’s Tax-Free Shopping Champion

Greece has became a European champion in regards of tax-free shopping against the background of the turbulent economic situation in the world. The country has become the favored destination for duty-free purchases by visitors from third countries. Although there...

EU Fills 90% of Gas Storages Ahead of Schedule

Stocks of natural gas in the EU have reached a historic high. By August 17th, the storage facilities of the EU member states were 90.12 percent full. This was reported by Politico in reference to data from the Gas...

Greece Tops Morgan Stanley’s Emerging Markets Fund

Greece has become the best choice for investment in emerging markets, said Marshall Stocker, co-head of emerging markets at Morgan Stanley. As Stocker stated on CNBC's Squawk Box, this was due to "the improvement in the economic institutions that the...

Greece has 79,000 Millionaires, Wealth Report Reveals

The latest edition of the Global Wealth Report published by UBS and Credit Suisse includes a wide range of datasets, including information on the number of millionaires in various countries across the world. In its fourteenth iteration, the Global Wealth...

China Overtakes Greece as Largest Commercial Fleet

China has overtaken Greece as the largest commercial fleet in the world in terms of gross tonnage in shipping capacity. Greece has held the title with its impressive shipped tonnage since 2014, and while it still holds first place in...

Greece Comes Second in EU Research Spending

According to Eurostat data reported and reviewed by the Development Ministry on Monday, Greece holds the second position in the European Union in terms of Government Budget Allocations for Research & Development (GBARD) over the long term. From 2012 to...

New Illegal Routes of Russian Oil Spotted in Kalamata, Greece

A new investigation has uncovered a widespread practice of illegal transportation of Russian oil, according to Le Monde. The investigation has revealed an underground practice of transporting hydrocarbons in old and covert tankers in open seas. This shipping method has...

Second Agency in a Week Raises Greece’s Rating to Investment Grade

Scope, the leading European provider for credit ratings, raised Greece's rating to investment grade on Friday. Scope upgraded Greece's long-term local- and foreign-currency issuer and senior unsecured debt ratings to BBB-, from BB+, and revised associated outlooks to stable, from...

Fitch Downgrades US Credit Rating, Warns of Mild Recession

Credit agency Fitch has downgraded the US government's credit rating following what it called a "steady deterioration" in governance over the last twenty years. Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top...

R&I Raises Greek Economy’s Rating to Investment Grade

The Japanese rating agency Rating and Investment Information (R&I) announced on Monday that it has raised the Greek economy rating to investment grade BBB-, with a stable outlook. The investment grade is considered a harbinger of new upgrades by rating...

US Department of State Releases Investment Climate Report for Greece

On Wednesday, the United States Department of State released Investment Climate Statements, including a report on Greece. The Investment Climate reports offer valuable insights to US enterprises, enabling them to make well-informed business choices. The reports provide current and comprehensive...

Holiday Home Prices at Ten Year High in Greece’s Cyclades Islands

According to the latest statistics, holiday home sale prices on the immensely popular Cyclades islands in Greece are at a ten-year high. The most significant surge in prices can be observed in ultra-luxury properties featuring distinctive attributes, particularly in Mykonos. Of...

Greece Raises €3.5 Billion from 15-year Bond Issue

Greece on Tuesday successfully completed a 15-year syndicated bond issue, raising 3.5 billion euros ($3.86 billion) at an interest rate of 4.45%. Bids submitted exceeded 13.4 billion euros, of which 11.6 billion in cash and 1.8% in bond swap. The Greek...

Mitsotakis Pledges Early Repayment of Greece’s Bailout Loans

Prime Minister Kyriakos Mitsotakis pledged on Tuesday that Greece will make an early repayment of 5.3 billion euros of bilateral bailout loans from European countries by the end of the year. This pledge for repayment ahead of time is a...

Unemployment in Greece Falls to 10.8%

In May, the unemployment rate in Greece fell to 10.8% according to data released by the  Hellenic Statistical Authority on Friday. The newly released statistics are generally consistent with a trend toward lower unemployment in Greece over the past few...