Economy

New cuts in pensions are being projected for 2012, since insurance funds are facing a tremendous deficit of 4.5 billion Euros for 2011. Labour Minister George Koutroumanis did not hide any aspect of the dramatic situation the Greek people are...

ATHENS – Following remarks from New Democracy party leader Antonis Samaras that elections tentatively scheduled for Feb. 19 will probably have to be rescheduled because a temporary coalition government won’t be able to finish the work of keeping international...

One of the questions that is going through the minds of the citizens of Greece these days is, if Greece will return to the drachma currency or stay with the euro currency. The Japanese bank Nomura has calculated that...

Government’s failure to comply with its obligations under the MoU and EU leaders’ inability to reach bold decisions, keep open the possibility of Greece exiting the Eurozone. Yesterday’s statement by the President of European Commission Jose Manuel Barroso that Europe...

Almost a month after he resigned as Prime Minister, George Papandreou is clinging to power as the head of the embattled PASOK Socialists, but a growing number of lawmakers and former ministers[...]

The course of state revenue was disappointing in November, since there was a sharp decrease of 13.3% compared with the corresponding month of 2010, according to preliminary figures. It is estimated that net budget revenue amounted to €3.74 billion, against...

The International Monetary Fund Monday approved a EUR2.2 billion tranche of its emergency loan program for Greece, paving the way for the debt-ridden country to avoid default. The IMF board approval of the program allows the fund to immediately disburse...

Economic sentiment in Greece improved marginally in November after the appointment of an interim government helped consumer confidence inch away from record lows, but pessimism remained in all sectors of the economy, a think-tank said Monday. The Foundation for Economic...

It was a «terrible mistake» to ask private holders of Greek government debt to forgo half of their investment, European Central Bank Governing Council member Athanasios Orphanides said on Monday. Orphanides told Cypriot lawmakers that the decision to write down...

ATHENS – Of all the new slew of taxes imposed on Greeks to help the country from going bankrupt, perhaps the most hated – the so-called “haratsi,” or Turkish tax, a second property tax, that is being put into...

ICAP Plc (IAP) has set up a drachma-trading platform in anticipation of Greece leaving the euro, the Sunday Times reported, citing an interview with Chief Executive Officer Michael Spencer. The interdealer broker is preparing and testing the foreign-exchange system, which...

ATHENS – As Greece’s economic crisis worsens and intensifies, new scrutiny is being brought on the 300 Members of Parliament, whose pay and benefits is more than members of the United States Congress, and some of whom are said...

The Greek Finance Ministry has issued new guidelines stating that the most vulnerable groups in[...]

ATHENS – As Greece tries to tax its way out of near-bankruptcy – along with pay and pension cuts and layoffs – a major part of a solution, catching the country’s notorious tax evaders, could bring in more than...

Development, Competitiveness, and Shipping Minister Michalis Chrysochoidis announced on Thursday that a draft law on sea tourism, which will also foresee the complete lifting of cabotage restrictions for international cruise companies, will be introduced to Parliament next week. According to...