GDP
Economy
Greece Takes the Lead in Shadow Economy
Shadow economy in Greece has hit a high record of 24% of the GDP or approximately around 45 billion euros, according to a relevant research realized by the Institute of Economic Affairs.
According to the survey, Greece ranks 1st among...
Crime
Greek Tax Debtors Won't Pay Fines
As Greece continues to go after workers, pensioners and the poor to pay for a crushing economic crisis while tax cheats largely escape prosecution, the country is also losing money by failing to collect more than 95 percent of...
Business
Greece Dares to Hope
The Economist published one more article about Greece on May 4. This article, on a somewhat different wavelength, had the title Greek economy: Daring to hope, fearing to fail, and focused on the prevalent situation in Greece, the hopes...
Economy
EU Sees Smaller GDP Drop For Greece
Greece's economy may shrink 4.2 percent this year instead of 4.4 percent, an almost negligible difference if it's correct, the European Commission has re-estimated, but could return to a 0.6 percent growth next year. Most every previous estimate has...
Economy
Chinese Push Piraeus' Port Growth
The takeover of the port of Piraeus by the Chinese company Cosco, which was fought by unions, is proving to be a money-maker, expected to bring in 5.1 billion euros ($6.59 billion) by 2018, or about 2.5 percent of...
Greece
ECB: Greece Set to Return to Growth in 2014
The Greek economy is likely to start growing again in 2014, a top European Central Bank official said in a newspaper interview released Friday.
"Greece will probably be able to show economic growth again in 2014," ECB executive board member...
Economy
World's Bankers Say Greek Bailout Risky
The powerful international bank lobby Institute of International Finance (IIF) has warned that Greece's newly revamped bailout program still faces large risks as long as the economy continues to contract sharply, with more austerity measures expected to make it...
Economy
Greek Red Tape Costs 14 Billion Euros
Greece's slow and burdensome bureaucracy is estimated to cost the cash-strapped country a total of 14 billion euros a year, ($18.26 billion) or 6.8% of Gross Domestic Product (GDP) - almost double the European Union average of 3.5%.
That was...
Cyprus
Fitch Downgrades Cyprus Debt to 'BB-'
Credit ratings agency Fitch has downgraded Cyprus deeper into junk territory by two notches to BB- and warned of further slides because of a weakening economy and ongoing uncertainty over how much aid the country's ailing banks will need...
Economy
ECB's Asmussen: Greece to Need Aid Beyond 2014
Greece will need yet more international financial assistance beyond the agreed bailout programs through 2014, a European Central Bank board member said Sunday.
The government in Athens probably won't be able to return to finance its debt on financial markets...