Economy

A draft tax bill introduces an expanded tax residence definition[...]

The International Monetary Fund (IMF) is privately pushing Greece to restructure its debt soon in view of the unsustainable fiscal burdens it is carrying, marking a change of course, German magazine Der Spiegel reported. Without citing any sources, it wrote...

Greece hopes to start selling bonds next year on the international market, claims the finance minister. George Papaconstantinou, in an interview with Bloomberg during the Economic Forum underway in Cernobbio, stated, "I hope we will be able to sell bonds...

Standard & Poor΄s Ratings Services said on Thursday that it has lowered its credit ratings on four major Greek banks following Greece’s downgrade to “BB-“ from “BB+” last Tuesday. S&P has lowered its long-term counterparty credit rating on National Bank...

Standard & Poor΄s Ratings Services said on Tuesday it lowered its long-term sovereign credit rating on Greece to ΄BB-΄ from ΄BB+΄ and maintained the rating on CreditWatch with negative implications. At the same time, the rating agency placed its ΄B΄...

JPMorgan Chase forecasts further widening of Greek, Portuguese and Irish bond spreads, as the European leaders’ agreement failed to calm bond markets, according to Bloomberg. "The significant EU agreements reached this month have not been enough to spark investor demand...

Hellenic Statistical Authority said on Monday that the deficit of the trade balance, excluding oil products, in January 2011 recorded a drop of 33.3%. More specifically, it was decreased from €1859.1mn ($2637.4mn) in January 2010 to €1240.5mn ($1643.2mn) in...

Domestic tourism in Greece is expected to fall by 20% this year, compared with 2010, Andreas Andreadis, president of the Panhellenic Federation of Hoteliers said on Wednesday, as ANA reports. Andreadis said although this trend was not expected to significantly...

Greek Finance Minister Giorgos Papakonstantinou didn’t rule out the possibility of additional measures on both expenditure and revenue in order to cover the gap in budget execution. In a briefing on the results of Eurogroup’s meeting, Papakonstantinou tried to justify...

According to data available for the State Budget execution for the two months of January  and February 2011, on a fiscal basis, the State Budget deficit is € 55 million lower than the target set in the 2011 Budget...

The Greek government will proceed with the acceleration of the privatization of state property and companies, setting a target of at least €15bn by 2015. The decisions are expected during the week, probably on Wednesday, at the meeting of the...

The Economist magazine blames Greek bureaucracy and law for subverting business in Greece. “Opening a new business in Greece is well nigh impossible; closing one is somewhat easier”, the magazine stated. The article refers to the comments of the head of...

Greek government calls up for the increase of revenue and restrain of expenditure, knowing that it would be forced to reopen the case of cutting wages, pensions and benefits, if its initial plan fails. The medium-term package of budget measures,...

Most Greeks are not planning a house purchase within the next two years.  They are concerned that they may be unable to meet rent and mortgage payments, according to a survey carried out by Athens' Economic University. The findings...

International Monetary Fund said on Wednesday that a medium-term budget strategy paper, which will set annual spending ceilings for individual line ministries and fiscal balance targets for all general government entities through 2014, is under preparation. It will also define...