Economy

Greece Facing Three Major Challenges in Summer 2020

Greece is facing three major challenges this summer, with PM Mitsotakis' government having to tackle Turkey's aggressive behavior in the Aegean, ensure that the post- coronavirus pandemic tourist season will be safe, and secure 32 billion euros from the European Union...

EU Report Notes Disturbing Trends in Greek Demographics

According to a European Commission report just released in Brussels, recent demographic changes in Greece may indicate problematic social and macroeconomic imbalances for the country in the future. The report itself presents long-term demographic trends across Europe, including their social...

Greek Economy to Contract by Almost 10 Percent, EU Says

The Greek economy is set to contract by 9.7 percent in 2020 because of the Covid-19 pandemic, the European Commission forecast on Wednesday. Greece, along with Italy, Spain and Portugal will be among the hardest hit nations by the economic...

New Forecast Warns Greece Could See a Drop of 52% in International Arrivals in 2020

The International Air Transport Association (IATA) published on Thursday its revised forecast for the impact of the COVID-19 coronavirus in various destinations around the world. The IATA said that airline companies are expected to lose a staggering $89 billion in...

April 23, 2010: Ten Years Since the Official Beginning of the Greek Financial Crisis

It was a day much like this on April 23, 2010, when the then-Prime Minister of Greece George Papandreou announced from picturesque Castellorizo Island that Greece would officially ask for financial assistance from its fellow Eurozone member-states as the...

Greek Fruit Exports Boom as Consumers Worldwide Turn to Healthier Products

The coronavirus pandemic and the unprecedented havoc it has caused across the entire world has dealt an enormous and unprecedented blow to nations' economies. However, one agricultural sector seems not only to be emerging from the crisis without a scratch...

PM Mitsotakis Reiterates Greece Will Overcome the Coronavirus Crisis

Speaking with Greece's Kathimerini newspaper on Saturday, Greece's Prime Minister Kyriakos Mitsotakis expressed his belief that Greece will overcome the coronavirus crisis. Mitsotakis admitted that 2020 will be a year of recession for the Greek economy, but stated that 2021...

Greek State to Subsidize Ferry Routes to Islands To Keep Connection Alive

Greece's Ministries of Shipping, Finance, and Growth announced recently that the state will subsidize all ferry connections between the country's mainland and its islands, in order to keep the minimum amount of cohesion across the country, despite the coronavirus...

Greece Draws €2 Billion From Capital Markets After Successfully Issuing 7-Year Bond

Athens drew €2 billion from international capital markets on Holy Wednesday, following the successful issuance of seven-year syndicated bonds. Greece "has accessed global markets today, through adverse social and economic conditions created globally by the pandemic, and succeeded," Finance Minister...

Greece Aims to Raise Money from Capital Markets by Issuing New 7-Year Bond

Greece opened a book-building process for a seven-year syndicated bond on Holy Wednesday. The Greek government ordered Citi, Commerzbank, Credit Suisse, Morgan Stanley, Nomura and Societe Generale banks to issue the new seven-year bond, as Athens takes action to strengthen...