Economy

Subsidies for “green” hotels would reach 45%, according to an announcement by the Ministry of Culture and Tourism.  The department stated this on the occasion of the launch of “Green Tourism” programme, which is subsidized by the National Strategic Reference Framework...

Greece's representative to the International Monetary Fund (IMF), Panagiotis Roumeliotis, on Friday was quoted.  He stated that the Washington D.C based institution has essentially approved an extension of the repayment period for Greece's 110-billion-euro EU-ECB-IMF bailout package. In a published...

The Greek government will create the special fund ''Go 2 Market'', which will have an initial capital of 100 million euros. It is meant to support small and medium sized Greek companies in their exports of goods and services. The...

Fitch Ratings said it placed the long-term ratings of major Greek banks on rating watch negative (RWN), after placing Greece’s sovereign rating also on RWN. Specifically, the rating agency places National Bank, Alpha Bank, Eurobank Ergasias, Piraeus Bank, and Agricultural...

Twice as many Greeks as last year say they have no additional income to spend over the holiday period, Kathimerini reported, citing a survey of consumption patterns by MasterCard Inc. The number of Greeks reporting no additional holiday income is...

Greek lawmakers approved the 2011 budget in the early hours of Thursday amid ongoing strikes and protests by labor unions over painful austerity measures and structural reforms introduced to tackle a severe economic crisis. The budget was approved on a...

Government spokesman Giorgos Petalotis on Tuesday again dismissed the prospect of early elections.  He also ridiculed a return to the drachma currency, speaking to a local radio station. "We are not discussing a return to the drachma, these are scenarios that...

Greek government is pushing state-controlled companies, listed in Athens Exchange, to cut their wages in line with recent legislation for other state-controlled companies, according to Dow Jones Newswires. The legislation, introduced last week, urges 52 state-owned firms to cap salaries,...

Ratings agency Fitch said Tuesday it has placed Greece's 'BBB-' long-term foreign and local currency Issuer Default Ratings (IDR) on Rating Watch Negative (RWN) pending the outcome of a potential downgrade. "A RWN indicates that there is a heightened probability...

Merchant groups on Monday called for the suspension of public transport strikes in the greater Athens area.  They want to allow shoppers easier access to the Greek capital's commercial centres, amid ongoing and rollover strikes, a plea that was partially...

Greek government proceeds with the cut of hospitals’ debts to pharmaceutical companies and suppliers, according to Capital. Minister of Health, Andreas Loverdos proposed the discount of 20% of the money owed by hospitals to pharmaceutical companies at his meeting...

The potential revision of Greece’s rating by Fitch jitters the Greek market on Monday, pushing the Banking Index lower by 4.1% and the General Index below the 1,450 level. Analysts attribute the intensity of pressure to the negative sentiment created...

Greece, Ireland and Portugal should leave Europe’s single currency area if they cannot cope with the burden of their debts.  The German daily Die Welt quotes Pimco’s head of portfolio management, Andrew Bosonworth as saying this Monday, according to...

Ratings agency Moody's today said it had placed the deposit and debt standing of six Greek banks, including several leading lenders, on review for a possible downgrade.  It similarly placed Greece's own sovereign ratings on negative watch. "Moody's Investors Service has...

Moody's Investors Service said Thursday that it has placed Greece's Ba1 local and foreign currency government bond ratings on review for possible downgrade. "Moody's decision to initiate this review was prompted...by the increased uncertainty over (1) Greece's ability to...