Economy

PM George Papandreou contacted the President of the European Commission Jose Manuel Barosso via telephone earlier in the afternoon to inform him of the latest developments and news concerning the Greek debt in view of the coming EU Summit. Mr....

House prices in Greece will decline by 10% by 2013, according to National Bank of Greece's monthly report on the economy, published on Thursday. The report estimates that the total correction of prices from their peak in 2008 will amount...

Russian President Dmitry Medvedev will visit Greece, which is looking for support in the International Monetary Fund for its efforts to pull through the financial crisis, Finance Minister Evangelos Venizelos stated on Friday. "We want Russia's support, as we want...

A relentless wave of tax increases hasn't provided enough revenue to plug a deep hole in public finances, so a new supposed one-time “solidarity” surtax on income paid by Greeks will continue next year[...]

The Greek state will sell €1.25 billion of 13-week treasury bills at an auction on Tuesday October 18, according to the Public Debt Management Agency. The uniform yield at the previous auction was 4.56%, while the settlement date is on...

Greece and Turkey signed a tourism cooperation protocol in Vouliagmeni, Athens, with visions of a greater exchange of information on issues of infrastructure, especially maritime tourism. The protocol was signed on the sidelines of the 3rd joint Greek-Turkish tourism committee...

“Our pupils faint due to starvation. We see our pupils coming to school with holes in their shoes. They don’t even have money to buy food from the school canteen[...]

As Greek leaders are admitting that the country’s investors won’t get paid back all they are owed, Cyprus’ Nobel Prize Winner for Economics Christopher Pissarides has joined the bandwagon of analysts who say the so-called “haircut” could be a...

George Papandreou said on Thursday that the comprehensive package would include issues such as the need for deeper economic cooperation, integration and governance, the strengthening of the EFSF and the strengthening of the European banking system. “We need to ensure...

Greece needs to reduce its debts if it is going to come through the economic crisis, European Commission President Jose Manuel Barroso said Thursday. "If Greece is going to have success... it΄s better to reduce the debt than anything else,"...

Talks between Greece's official creditors and international banks on a new private sector debt deal for the country are expected to be held in Paris Thursday, a local newspaper reports, following a first round of negotiations earlier this week...

Tax inspectors will go on strike next week to protest against planned wage and pension cuts, threatening more disruption to revenue collection efforts that are already falling behind budget targets imposed by international lenders. With much of Greece expected to...

A haircut, or loss, on Greek debt "can΄t be excluded," European Central Bank Governing Council member Jens Weidmann tells Germany΄s mass circulation newspaper Bild Zeitung in an interview pre-released Wednesday. Still, he warns that this would not solve the source...

ATHENS – Finance Minister Evangelos Venizelos reiterated that Greece will do whatever it takes, including following the demands of the European Union-International Monetary Fund-European Central Bank Troika lending the country $152 billion to stay afloat, and challenged private dissenters...

The Slovakian government has blocked plans to expand the European bailout plans, although international lenders are still expected to give Greece a loan next month. According to Reuters, Slovakia is the only country not to agree to grant the European...