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Tag Archives: Greece’

Greece repays €3.4b to the ECB

ATHENS: Greece made a €3.4 billion loan repayment to the European Central Bank on Thursday after having received funding from the European Stability Mechanism (ESM). The ESM approved the bailout deal for Greece on Wednesday and disbursed the first loan tranche of €26 billion to Greece earlier today. Read More »

ESM approves Greece €86b bailout plan

ATHENS: The European Stability Mechanism (ESM) on Wednesday approved Greece third bailout package, unlocking the first disbursement of 13 billion euros to Greece a day before it has to repay a 3.2-billion-euro loan to the European Central Bank. According to a statement released by the ESM, the board of governors, comprising the finance ministers of the euro zone’s 19 countries, ... Read More »

Greece may seek €24 billion in first draw from bailout aid

ATHENS: Greece may seek 24 billion euros in a first tranche of bailout aid from international lenders in August to prop up its banks and repay debts falling due at the ECB, a pro-government Greek newspaper said in its early Sunday editions. Athens is now in talks with the European Commission and the International Monetary Fund to secure up to ... Read More »

Greece stocks plunge most in decades as market reopens to crisis

ATHENS: Greece’s stock market reopened after five weeks to the most savage wave of selling in decades, underlining a crisis that’s crippled the economy and pushed the country’s euro membership to the brink. Banks led the plunge following the shutdown, which was due to capital controls to prevent the lenders from bleeding more deposits. Piraeus Bank SA and National Bank ... Read More »

Greece targets tax evasion at holiday hotspots

ATHENS: From five-star hotels to humble tavernas, Greek tax inspectors are fixing their attention on tax evasion at summer holiday hotspots. The government served notice on Wednesday that Prime Minister Alexis Tsipras’s promised crackdown on tax evasion is now under way, a week after sweeping increases in value-added tax were imposed. We will start in the expensive destinations, the luxurious ... Read More »

Greece, China test investor’s faith

ATHENS: Recent developments in Europe and China pose important questions for investors. They test two widely held faiths: the first is the ‘whatever it takes’ commitment to the euro among Europe’s leaders; the second is the ability of the Chinese authorities to control their economic destiny. Through the crises of recent years, investors have comforted themselves with these two beliefs, ... Read More »

Greece sends back 24 Filipino bulker carrier crew memebrs

ATHENS: Twenty of the 24 Filipino crew onboard a bulk carrier detained in Greece are to be repatriated after being stranded for four months. The Panama-flagged handysize Golden Arrow III (34,200 dwt, built 1972) was arrested at Greece’s Aliveri Port on April 5 due to unpaid wages and outstanding financial obligations to the crew members and its creditors. The crew ... Read More »

Greece to seek alternatives for privatising grid unit: Minister

ATHENS: Greece will look to alternatives to privatising its power grid operator ADMIE as part of a new bailout deal with its lenders, Energy Minister Panos Skourletis told the weekly Agora newspaper in an interview. As part of measures Greece agreed with its creditors to start talks on a new bailout deal, Athens has committed to selling ADMIE unless replacement ... Read More »

Greece sends back 24 Filipino bulker carrier crew memebrs

ATHENS: Twenty of the 24 Filipino crew onboard a bulk carrier detained in Greece are to be repatriated after being stranded for four months. The Panama-flagged handysize Golden Arrow III (34,200 dwt, built 1972) was arrested at Greece’s Aliveri Port on April 5 due to unpaid wages and outstanding financial obligations to the crew members and its creditors. The crew ... Read More »

Greece passes 2nd crucial bailout bill

ATHENS: Greece’s parliament on Thursday passed legislation on a second batch of reforms needed to help unlock a huge international bailout for the country’s stricken economy. The bill passed by a resounding 230 votes out of the 298 members of parliament present, after a marathon debate stretching into the early hours that nonetheless exposed deep divisions in the governing Syriza ... Read More »

Greece passes 2nd crucial bailout bill

ATHENS: Greece’s parliament on Thursday passed legislation on a second batch of reforms needed to help unlock a huge international bailout for the country’s stricken economy. The bill passed by a resounding 230 votes out of the 298 members of parliament present, after a marathon debate stretching into the early hours that nonetheless exposed deep divisions in the governing Syriza ... Read More »

Greece tax hikes of 13% to 23% begin to take effect

ATHENS: Greece’s Government has started implementing the demands of the EU refinancing deal, with a steep increase in rates of VAT. For most goods and services, the rate of VAT has increased from 13 percent to 23 percent with effect from July 20, 2015. This applies to goods including sugar, coffee, beef, spices, oil for cooking, and salt. All prepared ... Read More »

Greece banks reopen amid tax rise

ATHENS: Greece banks reopened on Monday after remaining closed for three weeks due to a deadlock over the country’s debt, as the government initiated repaying loans to the European Central Bank and International Monetary Fund, a media report said. The shutdown was imposed on June 29 to prevent Greece’s financial system from collapsing, the Guardian reported. The withdrawal amount has ... Read More »

Greece makes repayments to ECB, IMF as banks reopen

ATHENS:Banks in Greece reopened on Monday after remaining closed for three weeks and the country made repayments to its key lenders the European Central Bank and IMF after receiving temporary funding. Greece repaid the European Central Bank euro 4.2 billion, comprising euro 3.5 billion bond and euro 700 million interest payment. It also repaid about euro 2.05 billion to the ... Read More »

Greece makes repayments to ECB, IMF as banks reopen

ATHENS:Banks in Greece reopened on Monday after remaining closed for three weeks and the country made repayments to its key lenders the European Central Bank and IMF after receiving temporary funding. Greece repaid the European Central Bank euro 4.2 billion, comprising euro 3.5 billion bond and euro 700 million interest payment. It also repaid about euro 2.05 billion to the ... Read More »

Greece Braces for even more Economic pain in future

ATHENS: Greece may have bought itself a bit more time with a third bailout, but its economic troubles are set to continue this year, and possibly even get worse. We asked 20 economists where they thought Greece was headed. Their answers below make for a depressing read. The great shrinking economy Gross domestic product will contract 0.7 percent in 2015, ... Read More »

Greece bans export of 73 drugs to avert shortage

ATHENS: Greece’s drug agency EOF announced on Wednesday a temporary ban on the export of dozens of pharmaceuticals to the EU and other countries in order to avert a possible shortage caused by capital controls. “As an emergency measure to protect public health, there will be a temporary ban on the export” of 73 drug types, the agency said. “This ... Read More »

Greece parliament to approve bailout deal despite Syriza rebellion

ATHENS: Greece’s Prime Minister Alexis Tsipras has defended the bailout deal struck at a Eurozone summit, saying the agreement saved Greece from exiting the euro and must be implemented even as the Greek parliament is expected to approve the deal thanks to strong support from the opposition. Greece’s Parliament has to approve many of the tough bailout measures by Wednesday, ... Read More »

Greece Opposition Set to Bail out Tsipras amid Syriza backlash

ATHENS: The toughest conditions ever attached to a Greek loan agreement could sail easily through Greece’s turbulent parliament when a vote is held Wednesday, even as widespread defections from Alexis Tsipras’s governing coalition threaten his government. That’s because Greece’s main opposition political parties, conservative New Democracy, centrist To Potami and Socialist Pasok, have united in supporting the sweeping reform agenda ... Read More »

Greece gets debt deal for 3rd bailout

ATHENS: Greece received the debt deal reached at the euro summit in Brussels on Monday over the terms of the third Greek bailout with mixed reactions of relief and disappointment. Speaking to the media before his return here, Greek Prime Minister Alexis Tsipras hailed the outcome, stressing that now scenarios of an imminent Greek default and Grexit were things of ... Read More »