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recession

Worst-Case Scenario for Greece is Eight Percent Recession, Says BoG Chief

Estimates of a ten percent economic contraction this year were excessive, Bank of Greece (BoG) governor Yannis Stournaras said on Tuesday, while noting that he still expected the country’s GDP to shrink by 8.0 percent under the worst-case scenario. Speaking...

Greece into Deep Recession after Pandemic, Credit Rating Houses say

International credit rating houses predict that Greece will go into deep recession in 2020, with the covid-19 pandemic causing a blow in the economy and a significant increase in the national debt. Tourism, Greece's main source of revenue, is already...

Greece Expects 4% Recession, as European Economy Enters Uncharted Territory

Christos Staikouras, the Greek Finance Minister, expressed on Sunday his belief that the Greek economy will shrink by four percent in 2020 due to the reduction of economic activity the coronavirus pandemic has brought upon the country. Speaking with Greece's...

Greek Economy Expected to Contract by Up to Three Percent in 2020

Greek Finance Minister Christos Staikouras said on Thursday that the country's economy is expected to contract by between one and three percent in 2020 due to the coronavirus crisis. Speaking to Skai TV, he said he expected the impact to...

Majority of Greeks Believe Nation is Still in Recession

According to a survey conducted by Nielsen in the third quarter of 2018, 72 percent of Greeks still believe that the country's economy is in recession, despite the official figures showing that the economy has been continuously growing since...

Official Data Shows Greece Still in Recession in 2016

Greece's economy performed worse than the country's official creditors were expecting as it decreased by 0.2 percent last year, according to official data from the Greek statistics service (ELSTAT). ELSTAT released its second estimate of the full-year 2016 gross domestic...

SEV: Growth in Greece Will Not Come With Gyms and Hair Salons

In crisis-stricken Greece the businesses that flourish are hair salons, dry cleaners, funeral parlors, electronics repair shops and gyms, says the weekly Hellenic Federation of Enterprises (SEV) report. However, the bulletin says, such businesses will not bring growth, as the only...

Greek PM: 'We Will Not Seek Credit Line Under Supervision After Bailout Program Ends'

Greece is gradually leaving recession behind and returns to normalcy, and we will not seek a credit line after the bailout program ends in 2018, Prime Minister Alexis Tsipras said on Thursday. The prime minister spoke on the sidelines of...

Eurozone Growth at 1.7% in First Quarter; Greece Is the Only Country in Recession

The eurozone economy grew at a rate of 1.7% in the first quarter, while Greece is the only country that experienced a recession. According to Eurostat's first estimate, GDP growth in the Eurozone for the first quarter of the year...

Greek Homeless Man Finds a Home After Stranger Posts his Picture on Facebook

The story of Pavlos, the homeless man who found a home after a stranger posted his picture on Facebook has become viral, painting a vivid picture of the bleak, crisis-stricken Athenian canvas. Pavlos is one of the many who had...