EconomyLoop
where regional business news becomes global to everyone

Greek high court throws out special consumption tax on wine

The Council of State (CoS) has reportedly overturned a controversial surcharge on wine, according to Greek Wine Federation, in a ... read more

 Naftemporiki41 days ago

     
New employment subsidy projects

The clear signs of a slowdown in the unemployment reduction rate have forced the Labor Ministry to draw up plans to introduce three new programs in the next couple of months through the Manpower Organization (OAED).... read more

 Ekathimerini41 days ago
Industrial gas being sold widely as motor fuel

Fuel market professionals speak of major smuggling phenomena in the Greek autogas market, estimated to cost the public coffers more than 40 million euros per annum.... read more

 Ekathimerini41 days ago
Exports grow, trade deficit shrinks in H1

Greek exports rose 15.6 percent and the trade deficit contracted by 10 percent in the first half of the year, an analysis of provisional Hellenic Statistical Authority (ELSTAT) data carried out by the Panhellenic Exporters Association (PSE) has shown... read more

 Ekathimerini41 days ago
Investors staying away from Greek paper

The deterioration of the investment climate in emerging markets, along with the still fragile picture in Greece, despite its exit from the bailout program, and talk of government handouts ahead of the Thessaloniki International Fair are driving inves... read more

 Ekathimerini41 days ago
Greece tops OECD tax chart

The policy of overtaxation sets Greece apart from most countries, the majority of which have been going in the opposite direction, reducing the burden on taxpayers and enterprises to boost growth and competitiveness.... read more

 Ekathimerini41 days ago
ATHEX: Benchmark drops to new 17-month low

The benchmark of the Greek stock market dipped to a new 17-month low on Wednesday as pressure continued not only on bank stocks but also across the blue chip board as well as on bond prices.... read more

 Ekathimerini41 days ago
High court rules against Church of Greece over taxed income from leased urban properties

A trio of Council of State (CoS) rulings this week rejected an appeal by the Autocephalous Orthodox Church of Greece ... read more

 Naftemporiki41 days ago
UN mediator Nimetz: Failure to pass 'name issue' agreement could lead to another 25 years before resolution

The most experienced of the "old hands" involved over the past quarter century in the "name issue", US diplomat Matthew ... read more

 Naftemporiki41 days ago
EU official offers glimmer of hope that latest round of pension cuts will be avoided

A glimmer of hope for the embattled Tsipras government that creditors will acquiesce to a postponement, or even suspension, of ... read more

 Naftemporiki41 days ago
Greece to target more Polish tourists

During a meeting at the Tourism Ministry in Athens on Wednesday, Greek Tourism Minister Elena Kountoura and Polish Ambassador Anna Barbarzak discussed the expansion of tourism cooperation between Greece and Poland.... read more

 Ekathimerini41 days ago
Three-month T-bills sold at unchanged rate

Greece raised 812.5 million euros in a 13-week treasury bill auction on Wednesday, the Public Debt Management Agency (PDMA) announced.... read more

 Ekathimerini41 days ago
Athens Medical holds summer seminar for US students

Listed Athens Medical Group staged a three-week educational seminar for pre-med students from the US at the Athens Medical Center this summer.... read more

 Ekathimerini41 days ago
Greece's Mykonos Has The Most Expensive 5-Star Hotels, Data Reveal

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 Greek Reporter41 days ago
End of summer season to witness up to 100 hotels, resorts around the country landing on auction block

The end of the summer tourism season in increasingly tourism-dependent Greece will be marked by the commencement of property auctions ... read more

 Naftemporiki41 days ago
Sources: Former ND leader, minister Meimarakis to lead party's MEP ticket in next year's elex

Former main opposition New Democracy (ND) leader Vangelis Meimarakis will be lead the center-right party's election slate in next year's ... read more

 Naftemporiki41 days ago
Eurogroup to make pension cut decision after the 2019 budget

The Eurogroup intends to wait for the submission of the Greek state budget for 2019 before examining whether the pension cuts scheduled for January 2019 could be suspended, according to a senior eurozone official, who also explained the pattern of th... read more

 Ekathimerini41 days ago
Ind'p uthority announces recipients of five nationwide TV broadcast licenses

Greece's National Council for Radio and Television (ESR), the independent watchdog and licensing authority for broadcasters in the country, on ... read more

 Naftemporiki41 days ago
Pro fishermen in eastern Aegean cite 'undeclared war', systematic encroachment of Greek waters by Turkish rivals, coast guard

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 Naftemporiki42 days ago
Greece picked as top destination for 2018 at Condé Nast Traveller gala

Greek tourism got a major international boost this week as the east Mediterranean country was chosen as the top destination ... read more

 Naftemporiki42 days ago
Spreads continue to increase for 10-year Greek bond

Spreads for Greek 10-year bonds climbed higher this week into the "prohibitive range", influenced by investors' jitters over developing markets ... read more

 Naftemporiki42 days ago
Greek Fishermen Complain of 'Undeclared War' by Turkish Counterparts (Video)

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 Greek Reporter42 days ago
Greece World Champion in Tax Hikes in 2015-2016, OECD Report says

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 Greek Reporter42 days ago
OECD places Greece in unenviable first place among 34 members for tax increases between 2007-16

The latest report by the Organisation for Economic Co-operation and Development (OECD) more-or-less confirms what Greek taxpayers and business owners in the country continue to suffer in the second half of the year, namely, a "tax safari" unleashed i... read more

 Naftemporiki42 days ago
ECB's Coeure tells Kathimerini markets will be harsher than creditors

Relations with investors and the markets will be no easier for Athens than those with the country's creditors, European Central Bank Governing Council member Benoit Coeure warns in an interview with Kathimerini ahead of Greece's return to the markets... read more

 Ekathimerini42 days ago
BofA/Merrill Lynch details battle by Greek systemic banks to reduce NPEs

Reduced pressure on Greek lenders' H1 2018 results from lower non-performing exposures (NPEs) is the highlight of four separate reports ... read more

 Naftemporiki42 days ago
ATHEX: Bank stocks keep sliding

Greek bank stocks suffered increased pressure on Tuesday, which also had a knock-on effect on other major blue chips, resulting in significant losses for all indexes at Athinon Avenue.... read more

 Ekathimerini42 days ago
ADMIE data point to poor grid maintenance

The insufficient maintenance of the power transmission and distribution systems that has led to repeated power failures in the capital and on several islands this summer is illustrated by the data on spending by the authorities responsible for keepin... read more

 Ekathimerini42 days ago
Thessaloniki port customs improvement

The customs processing lines at Thessaloniki Port Authority (OLTH) are to be increased from three to five after a decision to this effect by the director of the Independent Authority for Public Revenue, Giorgos Pitsilis.... read more

 Ekathimerini42 days ago
State prepares to launch its asset register

Greece's asset register is expected to have launched operations by the end of the first quarter of next year, although not in all areas that it is finally expected to cover. It is destined to include all the properties that each taxpayer owns.... read more

 Ekathimerini42 days ago
Cash injection of 20 mln euros into J&P

Cypriot-owned construction group J&P Overseas is expected begin its new strategy of growth with Athens-listed J&P Avax, as is evident from the upcoming 20-million-euro share capital increase of the Greek subsidiary that its shareholders recently appr... read more

 Ekathimerini42 days ago
Stocks

Greek bank stocks suffered increased pressure on Tuesday, which also had a knock-on effect on other major blue chips, resulting in significant losses for all indexes at Athinon Avenue.... read more

 Ekathimerini42 days ago
Mitsotakis pledges to immediately cut social security contributions; allow private sector involvement in supplementary sector

Main opposition New Democracy (ND) leader Kyriakos Mitsotakis on Tuesday reiterated that, if elected as the next prime minister, his ... read more

 Naftemporiki42 days ago
PPC lignite plant bidders require more time for offers

Prospective bidders for the coal-fired electricity plants Public Power Corporation is selling at Meliti and Megalopoli are asking for more time before they submit their final offers.... read more

 Ekathimerini42 days ago
Excessive spending on pharmaceutical goods

Greek and foreign pharmaceutical companies have expressed concern over the extent of state spending on drugs this year, which means the sector's companies will have to return at least 200 million euros more to the state than last year.... read more

 Ekathimerini42 days ago
Greek economy growth slows instead of picking up

Instead of jumping at the prospect of emerging from the bailout program, Greece's annual growth rate slowed in the second quarter of the year, attaining just 1.8 percent against 2.5 percent in the January-March period, provisional Hellenic Statistica... read more

 Ekathimerini42 days ago
Privatizations

Prospective bidders for the coal-fired electricity plants Public Power Corporation is selling at Meliti and Megalopoli are asking for more time before they submit their final offers.... read more

 Ekathimerini42 days ago
Greek FM in Izmir deflects Turkish criticism in case of asylum-seeking Turk servicemen: We do not host terrorists

Greek Foreign Minister Nikos Kotzias was in the western Turkey port city of Izmir on Tuesday for the inauguration of ... read more

 Naftemporiki42 days ago
US ‘could have forced a haircut,’ says former IMF deputy director for Europe

"The fundamental reason why the Greek crisis lasted so long was the extreme level of austerity that was imposed.” That is the verdict of Ashoka Mody.... read more

 Ekathimerini42 days ago
Finance

Instead of jumping at the prospect of emerging from the bailout program, Greece's annual growth rate slowed in the second quarter of the year, attaining just 1.8 percent against 2.5 percent in the January-March period, provisional Hellenic Statistica... read more

 Ekathimerini42 days ago
Aegean announces temporary suspension of Athens-Tehran air link

Greece-based Aegean Airlines on Tuesday announced that it was temporarily suspending its Athens-Tehran route as of Oct. 11, 2018, citing ... read more

 Naftemporiki42 days ago
Greek Seamen End Strike

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 Greek Reporter43 days ago
Ferry boat strike in Greece ends; union accepts coastal shipping operators' 2% offer

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 Naftemporiki43 days ago
Chamber representing SMEs in Greece bemoans over-taxation on businesses, households

Greece's Hellenic Confederation of Commerce and Entrepreneurship (ESEE), which represents SMEs in the country and much of the retail sector, ... read more

 Naftemporiki43 days ago
Hellenic Sugar wins protection from creditors, as talks go on

Troubled Hellenic Sugar Industry (HSI) won temporary protection from its creditors in court on Monday while its bank accounts were unfrozen to allow for a shake-up of its operations.... read more

 Ekathimerini43 days ago
Economy

"The fundamental reason why the Greek crisis lasted so long was the extreme level of austerity that was imposed.” That is the verdict of Ashoka Mody.... read more

 Ekathimerini43 days ago
Strike keeps ferry boats out of service in Greece for second day on Tues.

Ferry boats around Greece remained in port on Tuesday due to another 24-hour strike by the biggest seamen's union in ... read more

 Naftemporiki43 days ago
Greek PM receives reps of residents from wildfire-devastated settlement

Greek Prime Minister Alexis Tsipras on Tuesday morning met with representatives of residents from the wildfire-devastated Mati settlement in coastal ... read more

 Naftemporiki43 days ago
Greek govt makes 4 sector-wide collective bargaining agreements mandatory for entire sector

Four sector-wide collective bargaining agreements, reportedly affecting roughly 75,000 wage-earners in the private sector, have now become law and must be implemented by relevant employers, after the signing on Monday of a decision by the labor and s... read more

 Naftemporiki43 days ago
Dijsselbloem: EZ states made excessively high demands to Greece in return for bailout loans

Former Eurogroup president Jeroen Dijsselbloem continued on a somewhat self-critical streak this week, days after his high-profile appearances in Greece, ... read more

 Naftemporiki43 days ago