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Economy

IMF Predicts Inflation to Peak Amid Low Growth

The International Monetary Fund (IMF) released the latest World Economic Outlook report this week. The report tracks important global economic trends. The forecast for growth remains low but has improved since the most recent projections. At the same time, the...

Egg Shortage Drives Up Prices for Consumers

An egg shortage is driving up the price of eggs for consumers across the US and other countries. The main cause appears to be a strain of bird flu which is threatening commercial flocks of chickens. Economists have also...

Amazon to Fire 18,000 Staff to Cut Costs

Amazon is planning to lay off more than 18,000 employees to cut back on costs. It will be the largest dismissal of workers in the firm's 28-year history. It has not yet been announced where the job losses will occur,...

Bitcoin Mining is Environmentally Unsustainable, New Research Shows

The world's most controversial cryptocurrency, Bitcoin, has a climate impact greater than the production of beef and results in nearly as much environmental damage as crude oil, researchers in the United States have calculated. Research from the University of New...

Greece Sixth for Most Cryptocurrency ATMs in European Union

Even with little awareness of cryptocurrency and blockchain technology, Greece ranks sixth in terms of the number of cryptocurrency ATMs. This is out of twenty-seven European member states. There are currently sixty-four active ATMs for usage, mostly concentrated in the...

Greece, China Celebrate 50th Anniversary of Diplomatic Ties

The 50th anniversary of Greece-China diplomatic relations was celebrated with a special event, attended by hundreds on Thursday evening, at the Zappeion Hall in central Athens. The event was also held in celebration of the 73rd anniversary of the founding...

July Becomes a Record-Breaking Tourism Month in Greece

Despite the waning COVID-19 pandemic and the political turmoil the EU is currently facing with the Russian invasion in Ukraine, July was a record-breaking month for tourism in Greece. July saw a high flux of tourists arriving in the...

More Than 40% of Greeks Can’t Afford to Take Vacation; Among Highest in EU

This summer has brought throngs of tourists to Greece but a new report found that more than 43 percent of all employed Greek citizens cannot afford to go on vacation. They totaled more than 1.6 million of the 38 million...

Euro Equal to the US Dollar for First Time in 20 Years

The exchange rate between the euro and the US dollar is the same on Tuesday for the first time in 20 years. As of Tuesday morning Greek time, one euro is equal to exactly one dollar, meaning that the value...

Prices of Goods Continue to Increase in Greece

Prices of everyday goods in Greece continue to increase, which has caused shoppers to cut back significantly in recent months. The cost of everything from electrical appliances, cars, milk, and soap has increased substantially in Greece, much like in most...