What is Systemic Risk and How Does it Lead to a Banking Crisis?
By Spiros Bougheas The recent collapse of Silicon Valley Bank (SVB), a regional US bank that funded start-up companies in the technology and innovation sector, has created a worldwide wave of financial instability. Despite the efforts of US financial regulators to...
US Raises Interest Rates Despite Banking Crisis
The US central bank has raised its key interest rate by 0.25 percentage points, despite fears that the move could aggravate the global banking crisis. Wednesday's rate rise is the ninth in a row by the Fed. It lifts its...
Amazon to Lay Off Another 9,000 Employees
Amazon has announced that it will lay off 9,000 employees in yet another round of redundancies initiated by the online retail giant this year. Amazon president and CEO Jeff Jassy cited an "uncertain economy" and cost-cutting as reasons for the...
Greece Raises Minimum Wage For Third Time Since 2020
Greece will raise the minimum wage from April 1 for a third time, Prime Minister Kyriakos Mitsotakis said on Friday, as high inflation takes a toll on household incomes. “I am under no illusions. I know that wages in our...
Would Greek Banks Survive a Global Financial Crisis?
The shares of Greek banks took a hit on Wednesday following fears of a global meltdown after the troubles of banking giant Credit Suisse. Piraeus Bank and Alpha Bank closed with losses of 10.98 percent and 10.39 percent respectively, with...
Facebook Parent Meta Cuts 10,000 Jobs
Meta Platform will cut another 10,000 jobs as the tech sector prepares for a sharp economic decline. Facebook's parent company announced Tuesday that recruiting teams and tech groups would reduce in late April, then business groups in late May. Meta is...
Biden Promises Stricter Banking Regulations After SV Bank Collapse
On Monday, United States President Joe Biden sought to reassure Americans that the banking system is "safe" following the collapse of Silicon Valley Bank (SVB). The president also promised to introduce new banking regulations and made further assurances to United...
Silicon Valley Bank Shut Down By US Regulators As Domino Effect Looms
Silicon Valey Bank, a tech startup-focused lender, was shut down by US regulators, in what is described as the largest failure since 2008.
Saudi Arabia Deposited $5 Billion in Central Bank of Turkey
On Monday, Saudi Arabia announced that it deposited $5 billion into the Central Bank of the Republic of Turkey. The move was made to support Turkey's economy, which has taken a battering from pervasive inflation and from the earthquakes that...
Unemployment in Greece Now Lowest Since 2009
The unemployment rate in Greece eased to 10.8% in January, down from 12.4% in December, data from the statistics service ELSTAT showed on Thursday. The reading was the lowest since December 2009 – at the start of Greece’s decade-long economic...
Tourism Receipts in Greece Rise to Pre-Pandemic Levels
The Bank of Greece reported on Wednesday that receipts from tourism in 2022 surpassed initial forecasts by 2.6 billion euros, reaching 17.6 million. Total travel revenues in 2022 did not exceed those of the last full year before the pandemic,...
Taliban plan Turning Ex-Military Bases Into Special Economic Zones
The Taliban government in Afghanistan has announced plans to convert some of the former foreign military bases in the country into economic zones for businesses. The move is aimed at reviving the country's struggling economy, which has been hit hard...
Greek Government Offers Handouts as Elections Loom
The Greek government announced on Wednesday new handouts in a new package worth 800 million euros ($855 million) aimed at pensioners, taxpayers and businesses hit by inflation. The package of measures, presented by Finance Minister Christos Staikouras, envisages payment of...
Greek Economic Growth to Exceed Eurozone Average in 2023
Greek economic growth was solid in the first half of 2022 and it is projected to continue in 2022, 2023 and 2024, surpassing the EU and the eurozone average growth rates, the European Commission said in its winter economic...
Giannis Antetokounmpo NFT Sells for $187K, Breaking Sorare NBA Record
On Sunday, an NFT (non-fungible token) of Giannis Antetokounmpo sold for $187,000 worth of ETH, setting a new record on Sorare NBA, for the highest-sold NFT on the platform. Sorare NBA is an NFT-driven fantasy basketball game, officially licensed by...