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Greece's economy

IMF sees Greek economy growing 3.3pc in 2021, boosted by EU funds, tourism

IMF sees Greek economy growing 3.3pc in 2021, boosted by EU funds, tourism

Published 02 Jun, 2021 07:45pm
  • The forecasts, issued following a regular IMF staff visit to Greece, represent a slight cut in the fund's previous 3.8% forecast for 2021 issued in April but an increase in the previous 5% forecast for next year.
  • The estimates, which follow an 8.2% contraction in Greek GDP in 2020, are slightly below Greece's own forecasts for 3.6% growth this year and 6.2% growth in 2022.
Greece secures EU okay to extend 'Hercules' bad loan scheme

Greece secures EU okay to extend 'Hercules' bad loan scheme

Published 09 Apr, 2021 07:16pm
  • The scheme was launched in October 2019 to help the country's banks offload up to 30 billion euros of bad loans by turning bundles of impaired credit into asset-backed securities that can be sold to investors.
  • Deputy Finance Minister George Zavvos said that with Hercules-2 the government is determined to see a further reduction of bad loans to enable banks to fund the economy, businesses and households.
Greece looks to ease pressure with cautious shops reopening

Greece looks to ease pressure with cautious shops reopening

Published 05 Apr, 2021 08:07pm
  • Last week the government announced the easing of some restrictions, allowing small retail shops selling non-essential goods to reopen, under so-called click-away and click-in-shopping modes.
  • Under the rules, consumers must make appointments and comply with a three-hour limit for shopping, and retailers cannot allow in more than one customer per 25 square metres.
Greek cabinet clears EU-funded recovery plan, eyeing big boost in growth

Greek cabinet clears EU-funded recovery plan, eyeing big boost in growth

Published 29 Mar, 2021 06:55pm
  • "The national recovery plan may add up to seven percentage points to GDP on a six-year horizon, on top of the natural growth rate of Greece's economy, and add 200,000 jobs," said Prime Minister.
  • The Greek plan will now be debated in parliament before being submitted in its final form to Brussels, ahead of an end-April deadline.
Greece sees strong demand for first 30-year bond issue in over a decade

Greece sees strong demand for first 30-year bond issue in over a decade

Published 17 Mar, 2021 09:36pm
  • The bond drew investor demand of more than 26.1 billion euros. It was priced at 150 basis points over the mid-swap level, resulting a yield of about 1.93%, the highest among euro zone countries in that maturity.
  • This 30-year bond is just one additional step we take in the direction of leaving our legacy of the past decade behind us once and for good.
Greece to auction six-month T-bills on Jan 27

Greece to auction six-month T-bills on Jan 27

Published 22 Jan, 2021 05:52pm
  • The agency last sold six-month T-bills in late December, when the paper was priced to yield -0.22%.
  • Primary dealers can submit non-competitive bids for up to an additional 30% of the auctioned amount until Jan. 28.
Greece optimistic over talks with Turkey but won't discuss sovereignty

Greece optimistic over talks with Turkey but won't discuss sovereignty

Published 20 Jan, 2021 06:41pm
  • Mitsotakis was speaking ahead of a parliamentary vote on a bill extending Greece's western territorial waters to 12 nautical miles from six currently.
  • "We will attend with optimism, self-confidence," Mitsotakis said, but there would be "zero naivety" from Athens about the talks.
Greece seeks to send 1,450 migrants back to Turkey

Greece seeks to send 1,450 migrants back to Turkey

Published 14 Jan, 2021 05:38pm
  • Migrant returns to Turkey, under a 2016 EU-Turkey agreement, largely dried up last year due to the coronavirus crisis.
  • We expect Turkey to step up its efforts ... First, to prevent the passage of boats departing from its shores bound for our country and European Union. And second to accept the return of migrants.
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