Economy

The head of European Financial Stability Facility Klaus Regling said on Wednesday that it was not yet possible to say whether Greece will have to restructure its debt, according to Reuters. After a parliament committee hearing, Klaus Regling told German...

Greek Finance Minister Giorgos Papaconstantinou said on Tuesday that Greece may resort to the Eurozone’s rescue fund (EFSF) in 2012 if the cost of borrowing in the bond market is prohibitive, according to Dow Jones Newswires. "Our borrowing needs are...

The International Monetary Fund on Monday agreed to disburse 4.1 billion euro to Greece under the country's joint IMF/EU rescue program and urged authorities to push through tough economic reforms. An announcement said the IMF Executive Board has voted in...

Moody΄s Investors Service said on Tuesday it downgraded the long-term issuer rating of Hellenic Telecommunications Organisation (OTE) to Baa3 from Baa2. Concurrently, Moody΄s has downgraded the senior unsecured ratings on the global medium-term notes (GMTN) and global bonds issued by...

Deutsche Bank said that its top picks regarding Greek stocks are Hellenic Exchanges, Motor Oil and Jumbo. It also has “Buy” ratings on Frigoglass, Coca- Cola Hellenic, OPAP and Public Power Corp. Near end of earnings downgrade cycle, Deutsche Bank...

Greece’s Gross Domestic Product recorded a 4.5% decline in 2010, according to HEL.STAT. The GDP of 2010 at 2009 prices reaches EUR 224.5bn in comparison with EUR 235bn. At current prices, the GDP of 2010 reached the EUR 230.2bn in comparison...

Greece toughened the laws ahead of a euro zone summit expected to press Athens to step up reforms Shortfalls in tax collection are a key weakness for Greece as it fights to shore up its finances under the terms of...

Greek Finance Ministry announced that the State Budget deficit is EUR 1,028mn for the period of January-February 2011, compared to EUR 944mn during the same period in 2010. Moreover, net revenues of the ordinary budget declined by 9.2%, as a...

Greek Dept Management Agency (PDMA) said the country will not issue 3-month treasury bills on March 15, because its cash balance is adequate, according to Reuters. "We do not need to proceed with an issue of T-bills next week," PDMA...

A merger between National Bank of Greece and Alpha Bank looks now unlikely, says UniCredit, and “the ideal merger scenario is unlikely to happen in the current climate”, according to Dow Jones Newswires. Analyst Tania Gold commented that the banks...

The governor of Greek Central Bank said on Thursday that he expects consolidation moves in the country΄s banking sector to take place this year, according to Reuters. "(Greek) banks are in a difficult phase because of the fiscal crisis. 2011...

Moody’s Investors Service said on Wednesday that it downgraded the deposit and debt ratings of six Greek banks. Moreover, Moody’s downgrades National, Bank of Greece, EFG Eurobank Ergasias, Alpha Bank and Piraeus Bank to Ba3 from Ba1, and Agricultural Bank...

Moody΄s Investors Service announced on Tuesday it downgraded the issuer rating of the City of Athens by three notches to B1 from Ba1, with a negative rating outlook. Moreover, the rating action on Athens reflects the ongoing uncertainties regarding the...

Greece sold on Tuesday EUR 1.625bn of 26-week treasury bills at an auction, according to a Greek Public Debt Management Agency statement. The coverage ratio was 3.59, as the total bids reached EUR 4.485b, with uniform yield at 4.75%.

Moody's Investors Service on Monday slashed its Greek credit ratings by three notches from Ba1 to B1 and warned that they could be downgraded further given the risks to the country's stabilisation efforts. Moody's said the downgrade reflected its concerns...