Economy

Further Reduction in Borrowing From ELA by Greek Banks

Greek banks further reduced their borrowing from the Emergency Liquidity Assistance mechanism (ELA) after the governing council of the European Central Bank approved a request made by the Bank of Greece to lower the borrowing ceiling by 100 million euros...

ELSTAT: Less Vacations for Greeks

According to the Hellenic Statistical Authority (ELSTAT), Greeks cut back considerably on taking vacations due to tax hikes and financial obligations in 2015. Mostly those impacted are between the ages of 25 to 44 and the lack of Greek vacationers...

Yiannis Stournaras Says Greek Banking System Shielded and Views Greek Economy as Positive

Bank of Greece governor Yiannis Stournaras said the Greek banking system is shielded from developments at Deutsche Bank and there is no reason for concern. The BoG governor made this statement following a meeting with Prime Minister Alexis Tsipras...

WEF Report Reveals Greece's Competitiveness Dropped in 2016

According to the Global Competitiveness Report 2016-2017 released by the World Economic Forum (WEF) on Wednesday, Greece has dropped in its competitiveness. Greece came in 86th place out of 138 countries; a five place drop from the previous year. "Declining openness...

Alt Tourism Min Kountoura Says on World Tourism Day: Tourism Is Greece's National Power

“Tourism is our national power,” Alternate Tourism Minister Elena Kountoura said on the 37th celebration of World Tourism Day. Kountoura underlined that Greece is an attractive destination that constantly increases its international appeal. “We always enrich our tourist product. We...

Government Officials and Creditors Agree on Composition of New Privatization Fund

According to sources, creditors and Greek officials have reached an agreement regarding the composition of a new privatization fund. Reaching an agreement regarding the fund is a crucial element and condition in releasing the next loan tranche worth some 2.8 billions...

Increase in VAT Revenues as August Targets are Surpassed

VAT revenues increased significantly in August, surpassing monthly budget targets, while in the January-August period revenues surpassed targets by 3.01%. Both the Finance Ministry and the Secretariat-General for Public Revenue expressed satisfaction over the increase of VAT revenue which is attributed largely...

President Pavlopoulos to CNN's Christiane Amanpour: The Biggest Challenge of Our Times Is to Combat Inequality

Greece's President Prokopis Pavlopoulos spoke in an interview with CNN's Christiane Amanpour, on Thursday regarding many predominant issues facing Greece and Europe and what he feels needs to be done to better society. “Europe will exist with one face, one...

Need for Ground Rules, Reining in Markets and Neoliberalism, Economist Krugman Says

“Neoliberalism can mean many things, but if it means letting markets reign without restrains is always the answer then I’m also against neoliberalism,” Paul Krugman, Nobel Laureate, economist, said in an interview with the Athens-Macedonian News Agency. The economist and...

Alibaba Managing Director Says Chinese Consumers Interested in Greek Tourism, Wine and Olive Oil

Greek tourism, wine and olive oil could have a significant presence in the electronic platform of Alibaba Group, Rodrigo Cipriani Foresio, managing director of Alibaba for Italy, Spain, Portugal and Greece said on Wednesday. Addressing an event organized by the Athens...