Economy

The Greek government determined that it has been paying pensions to people who passed away years ago. There were even cases in which the payments went to someone who died ten years ago. As part of its waste tackling regime, the government...

More than 170,000 small and medium sized Greek businesses risk going bankrupt by the end of 2011, unless the government changes its tax policy and introduces growth measures, according to a survey Thursday. An estimated 375,000 businesses are generating losses...

Greece's government on Thursday said it has started public consultations on a legislative plan to regulate gambling. The Finance Ministry said around 4 billion euros in illegal gambling takes place each year. The Ministry said the legislative initiative is...

A decline of deposits in Greek banks continued in June.  The Bank of Greece announced that deposits by businesses and individual depositors dropped during the month by 3.3 billion euros, compared to May 2010. Total deposits in Greek banks stood at 216.5 billion...

Greece will appoint three foreign international banks as advisors on privatizations and mergers of state-controlled banks, a person with direct knowledge of the matter told Dow Jones Newswires late last week. "The Greek state will appoint Deutsche Bank, Credit Suisse...

People complain about the price of a cup of coffee in Greece, but -let's face it- Greeks know how to create upscale coffee environments around the world. Three Greeks are leading the way in the coffee and restaurant market...

Prime Minister Papandreou's meeting with Finance Minister  Papantoniou and the Governor of the Bank of Greece  Provopoulos centered on the state budget, deviation in revenues and developments in the banking sector. Earlier the Prime Minister met with the Environmental Minister Tina...

The Greek economy is expected to contract more than 4.5% of GDP in the second half of the year, according to provisional estimates by the Bank of Greece. Other estimates take into account adverse scenarios on Greek tourism industry for...

During a visit to two of the most popular Greek islands in the Aegean; we realized that tourism in Greece may not have been in such bad shape after all. Recent terrorist attacks and violent incidents in Athens put Greece...

July's Consumer Price Index determined a  5.5% increase as compared to July 2009; stated the country’s statistical office yesterday. One year prior the annual rate of change in the CPI was 0.6%. The CPI in July 2010 as compared to June decreased...

Prime Minister George Papandreou announced yesterday the appointment of Italian banker and economist Tommaso Padoa Schioppa to advise the Greek government on economic issues. The announcement issued by the Premier's office stated that Padoa-Schioppa would be advising on macroeconomic, taxation, banking...

Greek banks raised their saving and lending interest rates in June, which reflects limited liquidity in the domestic banking system, stated The Bank of Greece on Monday. In a report, the central bank said interest rates for 12 month deposits rose...

The Finance Ministry announced today dozens of audits in agencies of the broader public sector and formal inquiries into the activities of tax and customs officials, following up complaints by members of the public referring to numerous types of...

Greece is currently being pressured to accellerate efforts to liberalize its energy, specifically its electricity market. The liberalization effort and general deregulation focus is on the energy incumbent DEI otherwise known as The Hellenic Public Power Corporation. According to the  31st...

Minister for Employment and Social Security Andreas Loverdos (photo) has given 800,000 employers – natural persons, firms and state-run companies – two months to pay off their debts to the social security funds, states Ta Nea Daily. If the firms...