Economy
Economy
Bank of Greece Announces Stress Tests
The Bank of Greece announced on Monday that Greek banks will be put under an "extreme scenario stress test" by the end of the year. In an announcement the central bank confirmed that a decision to delay Greek banks’...
Economy
Abu Dhabi Mar Acquires Shares in Greek Shipyard
Greece has approved the sale of its main shipyard to Abu Dhabi Mar. Abu Dhabi Mar is a holding company that owns a string of luxury yacht and naval shipyards in Europe and the UAE.
The deal will help the...
Economy
New Investment Publication Suggests Greek Gambeling Laws Will Change
A recent article published in the "Seeking Alpha" investment publication suggests that Greek laws on gambling will change. This will provide a more enlightened approach to online gambling. This could be good news for the Greek gambling monopoly OPAP.
Even...
Economy
Greece Plans Selling Bonds to Greeks Abroad
The nation's Finance Minister stated yesterday that Greece plans to sell bonds to Greeks abroad as it eyes a return to international bond markets next year.
Greece is keen to return to markets after plunging into a debt crisis last year. ...
Economy
Greek Trade Deficit Shrank 8% in 1st Half of 2010
Greece's trade deficit shrank by 8% in the first half of 2010, compared with the same period last year. Eurostat announced the statistic on Thursday. The EU Executive’s Statistics Agency reported that the trade deficit fell to 12.7 billion euros in the...
Economy
Greek Government Responds to EU's Desicion on Olympic Air
The Transport, Infrastructure and Networks Ministry hailed on Monday a decision by the EU General Court to reduce the amount of illegal state aid that privatised Olympic Airlines. In addition to its failed predecessor, the state-run carrier Olympic Airways, must return...
Economy
Successful Treasury Bills Auction
Today Greece successfully completed the auction of a six month treasury bills issue. The nation raised 1.17 billion euros from the market. The return of the issue was set at 4.82%; slightly higher from 4.65% of the previous auction.
The auction...
Economy
National Bank of Greece States Nation Will Not Default
A top official with The National Bank of Greece on Wednesday expressed confidence in the country's economic future saying Greece will not default.
"We strongly believe that there is no such a chance," Apostolos Tamvakakis, chief executive officer of the...
Economy
Finance Ministry Commands Heavy Penalties & Audits for Tax Evasion
The Finance Ministry has sent a circular to all tax offices, audit centers and the SDOE financial crimes corps specifying heavy penalties and audits, as provided under the legislation on money laundering. This pertains to businesses that repeatedly do not...
Economy
National Bank Of Greece Plans Share Capital Increase (upd)
National Bank of Greece, the country’s largest lender, said late Tuesday it will seek to raise EUR2.8 bil. to boost its capital base.
NBG will proceed to the plan through a pre-emptive equity rights offering in cash, to raise proceeds...
Economy
Bloomberg: Europe’s Banks ‘Tied’ To Greek Debt
Even after the EUR110 bil. bailout scheme for Greece, and the massive EUR750 bil package for endangered EU member states, investors are wary about Europe’s sovereign paper skittish about the banks that hold the region’s debt, Bloomberg says in...
Economy
Trichet: No euro exit for Athens
European Central Bank (ECB) chief Jean-Claude Trichet reiterated on Monday that for Greece to withdraw from the euro currency and return to the drachma would be "the worst possible choice", in reply to press questions on the sidelines of...
Economy
EU Clears 10 Billion Euro Greek Recapitalization Banking Plan
The European Commission cleared a Greek plan to recapitalize banks through the Hellenic Financial Stability Fund on Friday.
The Fund has a capital of 10 billion euros and forms a part of the financial stability package reached with The International...
Economy
Greece Introduces New Regulations on Online Gambling
Greece has introduced a new draft legislation designed to regulate the country's online gambling market.
Under the new law providers of sports betting, internet poker or online casinos in Greece would be required to set up a server in the...
Economy
AB Vassilopoulos Launches Discount Brand
The first discount supermarket of Greek retailer AB Vassilopoulos of The Delhaize Group will be opened in 2011, under the "Red Market" brand. Earlier this year ALDI had announced market exit from Greece.
The development of the new discount brand...