Παρασκευή 10 Ιουλίου 2020
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greek economy

Mitsotakis stirs hopes of economic growth, no space for tax cuts says FAZ
English edition

Mitsotakis stirs hopes of economic growth, no space for tax cuts says FAZ

'He is not among those in New Democracy who governed between 2004-2009 and who led the country with their irresponsible economic policy a step closer to catastrophe,' the Germany daily says of the ND leader.

Editorial Ta Nea: Opportunity
English edition

Editorial Ta Nea: Opportunity

There is an expectation that there will not be a repeat of phenomena of extreme populism that deeply wounded the country, most notably with the extension of the crisis for an extra four years.

Editorial To Vima: Mr. Tsipras’  ‘apologia’ and the bill
English edition

Editorial To Vima: Mr. Tsipras’ ‘apologia’ and the bill

From the PM's point of view, over-taxation, the suffocation of the middle class, and the dramatic plunge in public investment are not particularly problematical.

Mitsotakis pledges to ‘jolt the economy into a different growth trajectory’
English edition

Mitsotakis pledges to ‘jolt the economy into a different growth trajectory’

'He wants to unblock privatisations, reduce what he calls the state’s needlessly large footprint and make sure that Greece borrows at the same cost as other European countries,' Reuters reports.

Editorial Ta Nea: Enemies
English edition

Editorial Ta Nea: Enemies

A Hellenic Federation of Enterprises report says the middle class faced unprecedented over-taxation based on economic aims but political motives.

WSJ profile outlines challenges for Mitsotakis, notes EU reaction to tax cuts uncertain
English edition

WSJ profile outlines challenges for Mitsotakis, notes EU reaction to tax cuts uncertain

“The challenges for Mr. Mitsotakis, if elected, would include reforming a Greek state that has defied many attempted overhauls, convincing Germany and other lenders that his tax cuts will pay for themselves via better growth, and getting his own party to break with old habits of political patronage,” the report states.

Editorial Ta Nea: Danger
English edition

Editorial Ta Nea: Danger

The central banker’s assessment reminds one that the economy has not yet turned a page and that it has not been shielded from dangers.

Editorial: Benefits or investments and growth?
English edition

Editorial: Benefits or investments and growth?

It is irrational in the current conditions of stagnation and continuing crisis for public investment to be constantly dropping.

Over-taxation and the demise of the Greek middle class
English edition

Over-taxation and the demise of the Greek middle class

'The Greek middle class suffered over the last years from high contributions. Tax policy is one of the main reasons for the drop in the government’s polling numbers,' Handelsblatt reported.

A tale of two strategies: Mitsotakis runs of tax cuts, jobs, unity as Tsipras says ND spells austerity
English edition

A tale of two strategies: Mitsotakis runs of tax cuts, jobs, unity as Tsipras says ND spells austerity

Mitsotakis is running as the man who can re-unite a country deeply divided by the polarising strategy of a ruthless tactician.

Counter-austerity measures will all be implemented government says
English edition

Counter-austerity measures will all be implemented government says

The measures include the gradual reduction of business tax over four years from 29% to 25% (it fell to 28% this year), a reduction of the ENFIA real estate tax in certain lower income categories, and a rent subsidy,

EU conservatives, ND cooperate to block social relief measures PM says
English edition

EU conservatives, ND cooperate to block social relief measures PM says

'The result of the European election whetted the appetite of the political establishment in Greece and of extreme, conservative circles in Brussels which want to dispute our central political choices and hinder our plan,' the PM said.

Editorial Ta Nea: Comparisons
English edition

Editorial Ta Nea: Comparisons

It is no coincidence that Portugal borrows with much lower interest rates than Greece, as the yield on ten-year bonds demonstrates.

Editorial To Vima: Leaving office, undermining the future
English edition

Editorial To Vima: Leaving office, undermining the future

The cost of the package of measures announced by the PM is between 1.1 and 1.4 percent of GDP annually, which could exceed five billion euros over two years.

Bank of Greece Governor calls for bad bank for NPL’s, fiscal discipline
English edition

Bank of Greece Governor calls for bad bank for NPL’s, fiscal discipline

“Now that we have an improvement in the terms of borrowing for the Greek state, one should expect an improvement of the terms of borrowing for Greek banks.  We may now have fewer banks, but they are stronger and the future belongs to them,” Stournaras declared.

European Commission gives thumbs down on Tsipras’ fiscal package
English edition

European Commission gives thumbs down on Tsipras’ fiscal package

The report underlines that in general there has been an unwelcome fiscal loosening in implementing reforms agreed to with Greece’s creditors and European partners over the last several months

Editorial Ta Nea: Changes
English edition

Editorial Ta Nea: Changes

Citizens in the recent elections punished the government for its failure to deliver on the economy, and the reaction of markets is hardly encouraging.

Markets give Mitsotakis vote of confidence, according to Handelsblatt
English edition

Markets give Mitsotakis vote of confidence, according to Handelsblatt

The stock market party is a reaction to the result of the 26 May European Parliament election as New Democracy won the contest by an unexpectedly large margin, the financial daily opines.

Moody’s maintains positive outlook for Greek banking system
English edition

Moody’s maintains positive outlook for Greek banking system

The credit rating agency projected that the recent improved climate will lead to a hike in deposits, a gradual reduction of non-performing loans (NPLs), and improved prospects for profit.

Editorial Ta Nea: At the push of a button
English edition

Editorial Ta Nea: At the push of a button

Over-taxation was a conscious choice of the government, which aimed to collect funds for electoral handouts at the end of its term.

Editorial To Vima: The markets show the way
English edition

Editorial To Vima: The markets show the way

After four lost years it is time to set aside ideological fixations and the ills that entrapped us in underdevelopment.

Editorial Ta Nea: Bombshells
English edition

Editorial Ta Nea: Bombshells

Greece has enormous capabilities. Unfortunately they are not being exploited and the results are tragic, as evidenced in the brain drain and the shrinking of the population.

INSETE report: Direct contribution of tourism to economy rises by 13.3 percentage points in 2018
English edition

INSETE report: Direct contribution of tourism to economy rises by 13.3 percentage points in 2018

At the peak of the tourist season employees in the hotel and food industries numbered 411,000 and accounted for 16.7 percent of employment.

Editorial Ta Nea: Restraint
English edition

Editorial Ta Nea: Restraint

Prime Minister Alexis Tsipras has depicted himself as the protector of the poor and vulnerable and his opponent as a monster out of the Book of Revelation

Editorial To Vima: Ovidian Metamorphoses
English edition

Editorial To Vima: Ovidian Metamorphoses

The erstwhile enemy of the bailout memorandums ended up accepting the third and worst adjustment programme and said that he did so in the name remaining in the eurozone, which until then he had blamed for all of the country’s ills.

Tsakalotos: ‘We cut pensions, tried to make it less painful than right-wing would’
English edition

Tsakalotos: ‘We cut pensions, tried to make it less painful than right-wing would’

'Above all, our objective is to bolster the social economy – including agricultural cooperatives and energy communities,' the finance minister said.

Editorial To Vima: The dilemma of the elections
English edition

Editorial To Vima: The dilemma of the elections

The 26 May European Parliament and local elections are a dress rehearsal for the upcoming parliamentary election.

Scholz: Eurozone countries must identify issues affecting borrowing
English edition

Scholz: Eurozone countries must identify issues affecting borrowing

Asked about Tsipras’ package, Scholz said that Greece is part of the wider success story of the eurozone, as all countries which had funding problems have been able to return to regular borrowing

Editorial Ta Nea: Rough landing
English edition

Editorial Ta Nea: Rough landing

The reality is that all too many households in the country are still experiencing the harsh impact of the crisis.

Battle royal between Tsipras, Mitsotakis in confidence motion debate
English edition

Battle royal between Tsipras, Mitsotakis in confidence motion debate

Mitsotakis said Tsipras' economic stimulus programme, including tax cuts, is too little too late and is in no way a growth programme.

Editorial To Vima: Benefits with a view to elections
English edition

Editorial To Vima: Benefits with a view to elections

The cut in the VAT tax on food and restaurants and on electricity and gas bills as well as an annual bonus of half of a month’s pension annually for retirees is targeting a solid group of voters

Finance Minister says he is more worried about Europe than Greece
English edition

Finance Minister says he is more worried about Europe than Greece

Tsakalotos maintained that the government aims to tax the haves more than the have-nots who have borne the brunt of the crisis.

Editorial To Vima: The great mistake
English edition

Editorial To Vima: The great mistake

Finance Minister Euclid Tsakalotos and Alternate Finance Minister Yorgos Houliarakis have conceded that over-taxation of the middle class was carried out by design.

Editorial To Vima: Catastrophic policies
English edition

Editorial To Vima: Catastrophic policies

The government has shaped an artificial reality in order to boast of its achievement even as the economy totters.

Editorial Ta Nea: Paying the piper
English edition

Editorial Ta Nea: Paying the piper

Greece is perhaps the only European country where political life literally paralyses before an election. The state lacks continuity and is managed in piecemeal fashion. The state machine freezes with a view to the upcoming political transition.

Editorial To Vima: Mr. Tsipras’ twists and turns
English edition

Editorial To Vima: Mr. Tsipras’ twists and turns

In its early period SYRIZA’s cadres defended migrants’ rights and were battling the 1% of the world population that was exploiting the toil of the other 99%.

Editorial Ta Nea: Rain
English edition

Editorial Ta Nea: Rain

Instead of fixing the fiscal roof, the government is preoccupied with handing out benefits, providing arrangements for debt repayment, and offering a write-down on home loans

Editorial: The annihilation of the middle class
English edition

Editorial: The annihilation of the middle class

According to the OECD, Greece and Hungary are the two European countries in which 70 percent of middle class households cannot afford unexpected expenses.

Editorial To Vima: Trapped in polarisation and the mire
English edition

Editorial To Vima: Trapped in polarisation and the mire

We seek out or manufacture enemies instead of forging a fundamental consensus so as to escape the vicious circle into which the country has fallen.

Bank of Greece revises growth projection downward, stresses reforms
English edition

Bank of Greece revises growth projection downward, stresses reforms

The Bank of Greece rang the alarm bells over the danger of fiscal derailment due to Greece’s Council of State rulings which deemed unconstitutional earlier pension cuts and the abolition of holiday bonuses.

Editorial To Vima: Unpardonable and irresponsible lies
English edition

Editorial To Vima: Unpardonable and irresponsible lies

We make mistakes and sometimes unpardonable ones, Deputy PM Yannis Dragasakis told Parliament about arrangements on resolving non-performing loans.

Editorial Ta Nea: Spectators
English edition

Editorial Ta Nea: Spectators

Europe as a whole should be concerned, as should Greece in particular which is a country that brings in tourists and exports university students and young scientists

Editorial To Vima: Trapped in misery, underdevelopment
English edition

Editorial To Vima: Trapped in misery, underdevelopment

Despite the rosy image of the economic situation that the government is presenting, the fact is that the revenues of a segment of the population are shrinking.

Editorial Ta Nea: An issue of national import
English edition

Editorial Ta Nea: An issue of national import

This is an image of decline that is confirmed by the UN report on happiness. Our country is becoming ever more poor and unhappy.  Greece fell by three notches in one year, from 79th to 82nd.

European Commission’s Costello urges unswerving reform path
English edition

European Commission’s Costello urges unswerving reform path

'Reforms must accelerate in order for investments in the fields of agriculture to be supported, along with the recovery of the banking and real estate sector, but broadly speaking everything is being done as it should be done.'

Editorial To Vima: An outdated Prime Minister
English edition

Editorial To Vima: An outdated Prime Minister

Citizens, businessmen, and the work force are not offered solutions to their problems because the government adopts opportunistic policies.

Five pitfalls for Greek economy in IMF report
English edition

Five pitfalls for Greek economy in IMF report

The IMF report said that the government should bolster its legal arsenal to allow a reduction of NPLs on private sector terms

Editorial Ta Nea: Rock bottom
English edition

Editorial Ta Nea: Rock bottom

An economy does not build endurance with triumphant declarations and self-deceptions, of the kind one has tragically witnessed in the recent past.

Editorial Ta Nea: Games
English edition

Editorial Ta Nea: Games

Other countries, including Portugal, borrow at a rate of about one percent whereas Greece is obliged to pay off its 10-year bond with a payment of nearly 800mn euros.

Athens issues 10-year bond with 3.9 percent yield
English edition

Athens issues 10-year bond with 3.9 percent yield

Investors' bids on a new Greek 10-year bond issue exceeded 11.3 billion euros

Editorial: Worry
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Editorial: Worry

All opinion polls indicate that the basic worry of citizens is the economy and not which politicians will join SYRIZA in a political front after the PM’s invitation.

Editorial To Vima: Resounding warning signals
English edition

Editorial To Vima: Resounding warning signals

The government’s room for manoeuvre is limited if it wants to receive a tranche of about one billion euros from the profits of eurozone central banks on Greek bonds.

Editorial To Vima: Red alert for the economy
English edition

Editorial To Vima: Red alert for the economy

Mr. Tsipras must decide if he will become a European Social Democrat or whether he will again opt for opportunistic choices and easy, hollow pledges.

Rogoff: ‘Greece must restore growth to rebuild middle class’
English edition

Rogoff: ‘Greece must restore growth to rebuild middle class’

In an exclusive interview with To Vima, the Harvard economics professor and former IMF chief economist discusses Greece’s growth prospects.

Editorial To Vima: Overestimated  government
English edition

Editorial To Vima: Overestimated government

The PM has assured us that the new, progressive political tent with SYRIZA at its core will cover the entire political spectrum 'from Social Democracy to the popular right'.

Editorial Ta Nea: Crises
English edition

Editorial Ta Nea: Crises

The government has provoked an institutional crisis and is responsible for the perpetuation of the economic crisis.

Editorial To Vima: The dilemma of the election
English edition

Editorial To Vima: The dilemma of the election

The government's paramount consideration in all choices is political gains for the ruling party. Creating fissures in politics and society is a primary concern.

Editorial Ta Nea: Interests
English edition

Editorial Ta Nea: Interests

Eleftherios Venizelos, one of the greatest statesmen of the Modern Greek state, spoke more about interests than about just rights.

Mitsotakis pursues closer business ties with Germany
English edition

Mitsotakis pursues closer business ties with Germany

The leader of New Democracy called for a change in the agenda of Greece-Germany economic relations.

Weber in Athens says, Greece needs a new government
English edition

Weber in Athens says, Greece needs a new government

Weber lambasted Tsipras’ economic policy and the Greek PM’s refusal to sign on to EU initiatives regarding the removal of Venezuelan President Nicolas Maduro.

Editorial Ta Nea: Vicious circle
English edition

Editorial Ta Nea: Vicious circle

The finance ministry now fears that fiscal targets will not be met if employees’ holiday bonuses are restored in the public sector.

Editorial Ta Nea: Indicator
English edition

Editorial Ta Nea: Indicator

Greece is the only eurozone country that borrows with such high interest rates. The crisis is over for Portugal and Spain, but unfortunately not for Greece.

Editorial To Vima: Beyond Mr. Tsakalotos’ celebrations
English edition

Editorial To Vima: Beyond Mr. Tsakalotos’ celebrations

In order to achieve the desired autonomous return to the markets and render the country fundable there must be repeated Greek bond issues at regular intervals and across all terms of maturity.

Katainen: Over 22,000 small, medium-sized Greek businesses get EFSI funding
English edition

Katainen: Over 22,000 small, medium-sized Greek businesses get EFSI funding

Katainen expressed the Commission's satisfaction regarding Greek investments under the European Fund for Strategic Investments

Editorial To Vima: Elections now Mr. Tsipras!
English edition

Editorial To Vima: Elections now Mr. Tsipras!

Isolated from the Greek people, burdened with politico-ideological fixations, and with a limited understanding of the contemporary world, Mr. Tsipras cannot keep up with international trends.

Editorial To Vima: Hollow promises
English edition

Editorial To Vima: Hollow promises

The government is signaling that it is all right if creditors are dissatisfied with the fact that it will not be able to meet a series of existing commitments by a 15 February deadline.

Poll shows SYRIZA trails ND, quality of life top consideration
English edition

Poll shows SYRIZA trails ND, quality of life top consideration

Asked if New Democracy will govern better or worse than SYRIZA 30.6 percent said it would do worse or probably worse, but 47.4 percent ND would do better or probably better.

Editorial To Vima: From the Prespa Accord to the Troika
English edition

Editorial To Vima: From the Prespa Accord to the Troika

The report of creditors will determine the stance of the markets and the return of about 700mn euros in profits of eurozone central banks from Greek bonds.

Markets support early elections, see New Democracy as business-friendly
English edition

Markets support early elections, see New Democracy as business-friendly

Analysts now view PM Alexis Tsipras as the head of a minority government that cannot fully govern despite the recent confidence vote in which it received an absolute majority in parliament.

Editorial Ta Nea: Mistake
English edition

Editorial Ta Nea: Mistake

Within the next 30 days Greece’s creditors or “institutions”, which are currently in Athens to conduct an evaluation, expect the government to have met 16 prior commitments.

Editorial Ta Nea: The sole path is elections
English edition

Editorial Ta Nea: The sole path is elections

No normal economy has been saddled with the straight-jacket of huge primary surpluses. No regular economy is subjected to the enhanced surveillance of European institutions and of the IMF.

S&P: 2.4 percent growth rate next three years, positive outlook
English edition

S&P: 2.4 percent growth rate next three years, positive outlook

The report says that upcoming election will be critical in bolstering growth.

Editorial Ta Nea: Dispelling the fog
English edition

Editorial Ta Nea: Dispelling the fog

Economic analysts and major financial players are underlining that political uncertainty can have an exceptionally negative impact on the course of the economy.