Economy
Economy
Fitch Puts Greece On Review for Possible Downgrade
Ratings agency Fitch said Tuesday it has placed Greece's 'BBB-' long-term foreign and local currency Issuer Default Ratings (IDR) on Rating Watch Negative (RWN) pending the outcome of a potential downgrade.
"A RWN indicates that there is a heightened probability...
Economy
Athenian Merchants Call for Suspension of Public Transport Strikes
Merchant groups on Monday called for the suspension of public transport strikes in the greater Athens area. They want to allow shoppers easier access to the Greek capital's commercial centres, amid ongoing and rollover strikes, a plea that was partially...
Economy
Gov't Proceeds with 20% Cut Of Hospital Debts
Greek government proceeds with the cut of hospitals’ debts to pharmaceutical companies and suppliers, according to Capital. Minister of Health, Andreas Loverdos proposed the discount of 20% of the money owed by hospitals to pharmaceutical companies at his meeting...
Economy
Greek Stocks Post Heavy Losses
The potential revision of Greece’s rating by Fitch jitters the Greek market on Monday, pushing the Banking Index lower by 4.1% and the General Index below the 1,450 level.
Analysts attribute the intensity of pressure to the negative sentiment created...
Economy
Pimco: Greece, Ireland & Portugal Should Leave Euro if Can't Pay Debts
Greece, Ireland and Portugal should leave Europe’s single currency area if they cannot cope with the burden of their debts. The German daily Die Welt quotes Pimco’s head of portfolio management, Andrew Bosonworth as saying this Monday, according to...
Economy
Moody’s Puts 6 Greek Banks on Review for Possible Downgrade
Ratings agency Moody's today said it had placed the deposit and debt standing of six Greek banks, including several leading lenders, on review for a possible downgrade. It similarly placed Greece's own sovereign ratings on negative watch.
"Moody's Investors Service has...
Economy
Moody's Puts Greece's Debt on Watch
Moody's Investors Service said Thursday that it has placed Greece's Ba1 local and foreign currency government bond ratings on review for possible downgrade. "Moody's decision to initiate this review was prompted...by the increased uncertainty over (1) Greece's ability to...
Economy
Greece Accelerates Real Estate & Asset Privatizations
Greece will speed up its privatization of real estate and other assets, the Finance Ministry said Thursday. This follows a decision by the Interministerial Privatization Committee, according to Dow Jones Newswires.
Greece plans to raise 7 billion Euros between 2011 to 2013...
Economy
Government Proceeds with Privatization Program
Starting today, Greek government proceeds with the implementation of its privatization program regarding the sale of government stakes in banks, as well as of state-owned companies and public property in an effort to earn more than 7 billion euro...
Economy
Germany's War Debt for Greece is 162 Billion Euros
According to Costis Aivaliotis, spokesman of Laos, a small far-right Greek party, Germany's war debt to Greece totals 162 billion euros. The problem of compensating war damage by Germany has always remained open for the government, said Finance Undersecretary...
Economy
Worst Christmas Period for Athens Shopkeepers
The worst Christmas period of the last decade is being forecasted for Athens shopkeepers, particulary for those in the center of Athens. This was stated by Antonis Makris of Greece's Association of the retail sales businesses to the online newspaper...
Economy
Greek Banks Underweighted By Merrill Lynch
Merrill Lynch adopts a more cautious approach by underweighting Greek banks in its analysis published on Tuesday. It also prices a 38-62% probability of sovereign default in Greece, Ireland, & Portugal.
Specifically, it reduces its price-target on shares of Piraeus...
Economy
New Development Law Aims At Growth
Greek government presented on Monday its long-awaited new development framework law, aimed at boosting growth, according to Dow Jones Newswires.
Opposition parties have been criticizing government since last election in September 2009 that in its fiscal consolidation efforts it has...
Economy
Listed State-owned Companies To Adjust Wages
Greek government is asking the Athens Stock Market’s listed state-owned companies to adjust wages to the standards of loss-making - non-listed - ones and plans cuts across the state at the behest of the Troika, according to officials.
As soon...
Economy
Jan-Nov: Deviation Of Revenue And Expenditure
Despite the increasing trend in revenue, problems regarding the 2011 budget still remain. Income for the Jan-Nov period was increased by 4.8%, improved in comparison with the Jan-Oct rate (3.7%), but it stays clear from the set target of...