Economy

Fitch Ratings said that Greek real-estate prices are expected to decline 15% over the next two years as interest-rate increases make it harder for borrowers hit by austerity measures to keep up with mortgage payments, according to Bloomberg. The proportion...

A government official said that Greece is confident it has made enough progress on implementing its consolidation programme in order to achieve the release of the fourth installment of the EU/IMF loan, according to Reuters. "The tranche is secured," said...

Greek debt agency announced on Friday that the Hellenic Republic will auction 26-week Treasury Bills, in book entry form on February 8, 2011. The amount to be auctioned is EUR300mn, matured on August 12, 2011. Settlement date is set on...

EFG Eurobank Ergasias has agreed to form a partnership with Raiffeisen Bank International AG in relation to their Polish operations. The terms of the transaction envisage RBI acquiring 70% of Polbank EFG for an upfront cash consideration of €490 million,...

The Greek OTE company has informed the Serbian government that it was ready to sell its 20% stake in Telekom Serbia, reports radio B92. This would happen during the forthcoming tender to sell the Serbian state-owned telecommunications company, as confirmed...

Small Greek lender Proton Bank picked former U.S. ambassador to Greece, Daniel Speckhard to head its board of directors. Former ABN AMRO executive Rudolf Eduard Oldeman was named as the new chief executive, the bank said on Tuesday. The bank has...

Greece is in talks with the European Union and the International Monetary Fund on a debt restructuring package, according to The Financial Times. The scheme would enable Greece to borrow up to 50 billion euros from the European Financial Stability...

The European Union, European Central Bank and the International Monetary Fund are set to agree on a three-step plan that will help Greece “re-profile” about two- thirds of its debt, To Vima reported, citing an unnamed senior banking official. The...

German Finance Minister Wolfgang Schaeuble claimed European governments are considering extending the life of aid loans to Greece, WirtschaftsWoche reported, citing an interview. The Greek government has signaled it will be able to pay back its loans and speculation about a...

The Greek Finance Minister said on Friday that a European initiative allowing the Greek government to buy back outstanding debt is being discussed, according to Dow Jones Newswires. Giorgos Papakonstantinou stated that there were no official talks, as the buy...

Greek Prime Minister, George Papandreou said that Greece can achieve growth in 2012, according to a statement. The European Financial Stability Facility "should be robust and flexible”, he said at a panel discussion in Davos. The European Union needs: “the necessary tools...

The Greek market has risen strongly today after the Finance Ministry announced a text for new tax legislation.  The new text is aimed at aiding recovery, with the reduction of taxation on company profits. Greece's General Index was up 2.54% to 1575...

Most global investors predict that at least one nation will abandon the euro zone within five years and that Greece and Ireland will default, according to a Bloomberg’s poll. The sentiment that is intensifying pressure on policy makers to strengthen...

The European Commission has prohibited the proposed merger between Aegean Airlines and Olympic Air.  It would have resulted in a quasi-monopoly on the Greek air transport market, according to a statement. The Competition Committee said that this would have led...

Greece’s debt repayment depends on state-owned real estate sales, according to a Bloomberg report. “When the Greek government swapped land with a Byzantine monastery on a mountainous northern peninsula, the furor in 2008 over the price contributed to the defeat...