recession

More than 16,000 businesses shut down in Greece in 2015, according to European Commission figures. Since the economic slump of 2008, and the 2010 economic crisis that followed, the private sector in Greece has received a tremendous blow with a total...

The Greek government "underestimated" the financial costs of protracting negotiations for "political benefit," reads the report of the Parliamentary Budget Office for the January-March 2016 period. The PBO is an independent authority that monitors the state budget. The first 2016...

The world economy is increasingly at risk of stalling, the International Monetary Fund warned Tuesday as it once again cut its forecast for global growth prospects. More precisely, the IMF estimated for Greece that the GDP has collapsed by 0.2% in...

The economic crisis in Greece has hit hard private sector employees with one million of them remaining unpaid for an average of five months, says an Ethnos newspaper report. The decline of labor relations has led one million employees of...

European Commissioner for Financial Affairs Pierre Moscovici released an economic forecast for Greece showing -0.7 percent recession for 2016, but 2.17 percent growth in 2017, while GDP remains stable (0 percent) in 2015. The forecast also shows a gradual drop...

The prices of basic food items in Greece have increased up to 18% in one year, despite the recession and high unemployment, says a new study. The study was conducted by the Labor Institute of the General Confederation of Greek...

Greek Alternate Finance Minister Giorgos Chouliarakis claimed that the capital controls that are currently restricting the Greek economy will be lifted by June 2016. During a hearing at the Greek Parliament's Economic Affairs Committee, Chouliarakis claimed that liquidity in the Greek economy will be fully...

Greek economy seems to be shrinking 1.4 percent in 2015, a much lower contraction than the 2.3 percent estimated, according to a Reuters report. Citing sources close to the bailout talks, Reuters says that the creditors had agreed with the new...

Greek consumer prices fell by 2.2% in July, compared to last year, with the annual pace of deflation remaining unchanged from the previous month, according to Reuters. Hellenic Statistical Authority (ELSTAT) data released on Friday show that the deflation rate, which is...

Greece’s public finances destabilized in the first half of 2015, main opposition MP Christos Staikouras said on Thursday, commenting on the budget execution in the first six months of the year. Staikouras, who comments on economic issues for New Democracy,...