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New Memorandum Brings More Austerity to Greece

The Greek government has taken a series of new measures in order to convince troika to return to Athens and start the negotiation process once again. These new measures are estimated to ensure approximately 1.2 billion euros for the Greek...

S&P Affirms B-/B Rating and Stable Outlook for Greece

S&P affirmed Greece’s sovereign rating at B-/B with a stable outlook. The investment house believes the Greek economy is rebalancing, as reflected in its reduced current account deficit, notable budgetary consolidation, and improved competitiveness, among other positives. However, it...

2013 Recession at 4%

The Troika accepts as a basic macroeconomic scenario for this year that recession will reach 4%, compared to the forecast of a 4.2% decline in the budget. Athens negotiated with a forecast for decline in the  GDP by 3.8...

Troika Doubts Primary Surplus Claim

Throwing cold water on Greece's expectations of having a primary surplus by the end of the year - not including interest, some military expenditures, social security, municipal budgets and the cost of running state enterprises, which otherwise would show...

Chancellor Merkel on Greek Debt

"Greece needs to reduce its debt to 110% of the GDP by 2022," Chancellor Angela Merkel said, when answering a question posed by a Greek reader of Bild, who participated in a panel put together by the German newspaper. Maria...

Big Tourism Bucks Slow Recession

With summer ending it won't last long, but Greece's record-breaking tourist year has put the brakes on a runaway recession - without stopping it. According to the country's statistical agency ELSTAT, the economy shrank 3.8 percent during the second...

Greek Banks Confident About New Stress Tests

Auditors from the American-based multinational investment management corporation BlackRock, Inc. are expected this week to finalize the methodology they will use in their new stress tests for Greek banks, following their recent recapitalization. The methodology - that is the projections...

Greece΄s Budget Surplus May Be A Minus

While the Greek government is crowing that it has achieved a primary surplus and the economy will begin to recover next year, skepticism abounds in some quarters still, particularly in a report in CNN Money which said the statistic...

BOG Governor Wants Tourism Expanded

 “Greek tourisn can contribute to the development, however, it has to reduce its seasonal nature,” stated the Governor of the Bank of Greece George Provopoulos in his speech at the conference Greek tourism and Climate Change: Adjustment Policies and...

Papandreou's 10-Minute Bailout Call

Former prime minister, George Papandreou, gave a speech on the pressure  exerted on him by his European partners in April 2010 to impose severe austerity cuts, at an event held in Edinburgh, Scotland. Papandreou even revealed the dialogues he had...