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Greek Economy

Fitch Affirms Greece at 'CCC'

Fitch Ratings has affirmed Greece's Long-term foreign- and local currency Issuer Default Ratings (IDRs) at 'CCC'. The issue ratings on Greece's senior unsecured foreign and local currency bonds have also been affirmed at 'CCC'. The Short-term foreign currency IDR...

Greek State Unblocks Piraeus Port Sale

A senior Greek official involved in the privatization process of the Piraeus port revealed to Reuters that Greece has asked three firms to submit binding bids by September 2015 for a 51% majority stake. The agency reports that unblocking the...

European Parliament President: EU Wants to Continue to Assist Greece

European Parliament President Martin Schulz in an interview to German newspaper Frankfurter Allgemeine Zeitung confirmed that the EU is ready to continue to financially assist Greece, but Athens should seize the opportunity. "That is what I said to Greek Prime Minister...

Greece Returns to Recession in the First Quarter of 2015

The Greek economy entered a new period of recession as the first quarter of 2015 gross domestic product dropped by 0.2 percent compared to the fourth quarter of 2014. According to figures by the Hellenic Statistical Authority (ELSTAT) released on...

Foreign Media Reports After Eurogroup Meeting on Greece

The talks about Greece have once again drawn the attention of foreign media reports, especially after the May 11 Eurozone Finance Ministers meeting. BBC published an article focusing on Greek Finance Minister Yanis Varoufakis’ warning that the country’s liquidity is sufficient for...

Russia Calls on Greece to Join BRICS Bank

Russian Deputy Finance Minister Sergei Storchak called on Greece to join BRICS bank, an association of five major emerging national economies: Brazil, Russia, India, China and South Africa, during an interview with Greek news agency ANA-MPA. Referring to the...

250,000 Unsold Properties in Greece's Crisis-hit Real Estate Market

For decades the Greek banks and the real estate market were operating as communicating vessels, with the former granting long-term mortgage loans to satisfy the increasing demand for real estate properties. With Greece being through the sixth year of economic crisis, the...

Greek Gov't VP Dragasakis Discusses Negotiations, Greek Economy with ECB's Draghi

Greek Government Vice-President Yiannis Dragasakis met with the head of the European Central Bank Mario Draghi in Frankfurt on Tuesday evening. According to the ECB, the two sides discussed the current situation of the Greek economy and reviewed the progress in...

Greek Crisis Brings New Opportunities for Investment

Omaira Gill notes that while the Greek government scrambles to repay its debts "behind the scenes investors continue to eye Greece with interest." "If investors are looking to make cheap purchases, then Greece is the place," the Abu Dhabi-based reporter wrote in...

EU Commission Slashed Greek Economy Forecasts

The European Commission slashed its previous forecasts regards the Greek economy growth in 2015 and the country’s primary surplus, announced Pierre Moscovici on Tuesday, May 5. The Commission, which finished gathering data for its forecast on April 21, noted that...