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Fitch officials project bright future for Greece

Senior Fitch Ratings officials have expressed their optimism in comments to Kathimerini about Greece’s fundamentals in 2020, just a few days after the agency upgraded the country’s credit rating one notch, and offered a roadmap out of “junk” territory. Michele Napolitano, senior director and head of Western Europe Sovereigns at Fitch visited Athens last week for the company’s conference on ... Read More »

Real Estate Prices in Greek Cities Soar in 2019

The real estate market in Greece’s largest cities recorded an impressive increase in the price of sales and rentals in 2019, according to the accumulative data published by Spitogatos, one of the country’s largest real estate websites. The marked uptick in both rental and sales prices made the Greek real estate sector one of the fastest-growing markets in the entire ... Read More »

Greece Appears to Bow to US Pressure, Delays Decision on Chinese 5G Network

Greece has been reluctant to use the Huawei Fifth Generation (5G) telecommunications network, although pilot programs have already taken place in Greek cities. And some analysts now attribute the Greek government’s slow pace in this burgeoning sector to pressure from the United States. The United States has been increasingly concerned in recent years over China’s growing economic power in Greece, ... Read More »

OECD Releases Cautiously Positive Report for Greek Economy

The Greek economy is projected to grow by 2.1 percent in 2020 and 2.0 percent in 2021, after experiencing a 1.8 percent growth rate in 2019, the Organization for Economic Cooperation and Development (OECD) said. In its newest economic outlook report, the OECD said that it expected Greece to achieve the target of a 3.5% of GDP primary surplus next ... Read More »

Brussels to praise Greece’s progress

Greece’s fourth post-bailout assessment by the European Commission, set to be published Wednesday, is expected to be fairly positive, paving the way for the disbursement of 767 million euros in eurozone central banks’ profits from Greek bond holdings (SMPs and ANFAs). Although that decision will take place at next month’s Eurogroup meeting, the report sends a strong message that Greece ... Read More »

Greece to Cut Taxes and Offer Incentives for Large Investments

The Greek government plans to offer tax relief to households, to cut business taxes and offer incentives to lure wealthy individuals to change their tax residence to the country as part of a new bill which opened for public consultation on Thursday. The proposed legislation provides extensive measures to reduce the burden on households, including the introduction of a basic ... Read More »

Greece is Open for Business: PM

Greece’s Prime Minister Kyriakos Mitsotakis appeared on the Chinese tv network CGTN where he declared “Greece is open for business” and noted the country’s major comparative advantages as a trade hub and tourism destination, both through its geostrategic position and through its cultural heritage and natural beauty. “Greece is ‘open for business’. We are attracting Chinese, European, American and Japanese ... Read More »

Greece, China aim to deepen ties

China’s guests expect to have a busy schedule when Greece is welcomed as the official guest country of the 2019 China International Import Expo, a business trade fair, in Shanghai this Sunday. Greek Prime Minister Kyriakos Mitsotakis and Chinese President Xi Jinping will personally visit the Greek pavilion there. Next week, Xi will be Mitsotakis’ guest in Athens, signaling trade ... Read More »

EU Approves Greece’s Plan to Reduce Bad Loans

The European Commission approved on Thursday a Greek plan to reduce its bad loans at the country’s banks by up to 30 billion euros ($33.04 billion), saying that the proposal did not violate state aid rules. The plan, known as the “Hercules Asset Protection Scheme,” aims to bring down the amount of non-performing loans which are weighing down Greek banks, ... Read More »

Greece Sets Out Plan to Help Banks Shed $83 Billion of Toxic Debt

The Greek government has set out its blueprint for helping the country’s banks reduce a 75 billion euro ($83 billion) pile of toxic debt left over from the last recession. The plan aims to speed up sales of non-performing loans by Greek lenders, repackaging them into securities with the state guaranteeing the safest portions. It’s based on a model used ... Read More »

Oil and Gas Contracts for Ionian Sea, Crete Now Before Greek Parliament

The proposed contracts for hydrocarbon exploration in four areas of the Mediterranean off Crete and the Ionian islands were brought before the Greek parliament on Wednesday for discussion and ratification. The contracts include the area designated as “Ionio,” with rights given to the Spanish-based consortium Repsol Exploracion and the Hellenic Petroleum company HELPE; “Block 10 Ionian Sea” in the Gulf ... Read More »

Police suspect people-smuggling in crash that killed six in Greece

Greek police were investigating two suspects on suspicion of people-smuggling on Monday after six men thought to be migrants from Pakistan and Egypt were killed in an overcrowded vehicle that veered into a ditch off a motorway near the Turkish border. Police said 10 others were injured in the crash. All 16 people had been crammed into what police described ... Read More »

Greece Sets October 15 Deadline for Small Business Funding Applications

Very small (VSB) and small business ventures have until 15 October 2019 to apply for funding out of a 150-million-euro program run by the Greek Economy Ministry offering incentives to business ventures that will stimulate the real economy. Eligibility applies to VSBs – enterprises with fewer than 10 employees and less than 2 million euros in an annual turnover – ... Read More »

Foreign Investment in Greek Properties Skyrockets in First Half of 2019

According to the latest data published recently by the Bank of Greece, the foreign capital flowing into Greece to buy properties during the first six months of 2019 showed a staggering increase of 49 percent compared to the same period in 2018. Last year itself was also a record-breaking one for the purchasing of real estate by foreigners in Greece. ... Read More »

Economic Confidence Climbs Even Higher in Greece in August

According to the latest figures published by Eurostat the Economic Sentiment Indicator (ESI), which was already on an upward trajectory, increased even more in Greece in August. Previously scoring 101 points in June and 105.2 in July on the economic confidence scale, the nation of Greece recorded 108.4 ESI points in August. The ESI, a representation of the overall economic ... Read More »

Greece, EU to talk about bad loans

Talks between the government and the European Commission’s Directorate-General for Competition about banks’ bad loans will begin next week. The Greek proposal involves creating an asset protection vehicle where 16 billion euros’ worth of bad loans will be transferred and guaranteed by the state. The European Union’s concern is that the vehicle does not serve as a conduit for illegal ... Read More »

Opportunity to reduce budget target

The drop in Greek state borrowing costs since last summer, when Athens agreed with creditors on primary surpluses of 3.5 percent of gross domestic product up to 2022 and 2.2 percent from 2023 to 2060, is paving the way for a reduction to those targets, analysts have told Kathimerini. This also comes at a time when Greece has just tapped ... Read More »

Greece secures EU okay to roll out 300 mln-euro broadband network

Greece secured EU regulatory approval on Wednesday for a 300-million-euro ($334.4 million) scheme to roll out an ultrafast broadband network across the country. The project is funded by the European Regional Development Fund, the European Agricultural Fund for Rural Development and private investors. The network will offer full access to all operators on a non-discriminatory basis while the country’s telecoms ... Read More »

Investors are reconsidering Greece

Greece is back on foreign investors’ radar screens as it is considered an attractive destination for investments. However, the numerous obstacles in place, from high taxation to delays in justice and the low level of research and development, have resulted in this country being chosen mainly by companies already active here, which are aware of local proclivities and the deficiencies ... Read More »

Taxes weighing Greek companies down, study shows

Greek companies were the most heavily burdened by tax in the Organization for Economic Cooperation and Development (OECD) over the last decade, according to a study by the Washington-based Tax Foundation. The effective average corporate income tax rate decreased almost everywhere in Europe from 2008 to 2018, with Greece being among the few exceptions as it saw a rate increase ... Read More »