Greece and the economic crisis 2017

NEWS ARCHIVE - Oct 9 - Oct 16

October 16, 2017

Investment Is the Missing Ingredient as Greece Rebuilds Economy - Bloomberg

"Prime Minister Alexis Tsipras has insisted that growing confidence in the country's stability will open the floodgates on investments, but the evidence of that happening is so far scant. Gross fixed capital formation was stagnant in 2016, and grew just 2.7 percent in the first half of this year."

“There’s no political appetite for another program, either in Athens or among creditors, but the Eurogroup will want to keep Greece on a leash to ensure its loans are repaid and that the government keeps reforming, so the question is what’s the best arrangement to achieve that,” said Mujtaba Rahman, managing director of Eurasia Group, a consulting firm in London.

"It is seeking to create 4 new, benchmark size bonds, replacing 20 separate issues with a face value of around 32 billion euros (28.54 billion pounds). The move would smooth out maturities and add depth to a currently shallow market."

"The Orthodox Church said in a statement that the change in law was "a satanic deed" and would lead to "the destruction of social cohesion and the spiritual necrosis of man".

Greeks over the age of 15 will now be able to change the gender listed on their identity cards and other official documents following a simplified procedure in court."

"Several other Greek lenders are expected to issue covered bonds in the next few weeks which should also be eligible for the euro zone central bank's bond-buying scheme. The ECB has so far refused to buy government debt issued by Greece which has been bailed-out three times by its euro zone peers.

The ECB is not believed to have bought any of the NBG bonds in the initial public sale, but banking sources close to the deal say it may do so after evaluating the credit."

October 14, 2017

"The island's Greek Cypriot President Nicos Anastasiades said there will be no let-up in efforts to reunify Cyprus, despite July's collapse of peace talks with breakaway Turkish Cypriots."

"Greece will successfully meet the primary surplus target of 2.2% of the GDP, which is the target the IMF had set for 2018, [IMF’s European Department Poul Thomsen] said."

"The wage difference between private and public sector workers is at 300 euros net salary per month.

According to SEV research, private sector employees receive an average monthly salary of 77o euros net, while public employees receive 1,075 euros."

"Germany extended temporary passport controls on its border with Austria and for flights departing from Greece."

"The two women were arrested in August 2012 after they were found to have demanded 2,500 euros from a businessman in Pieria... "

"It is clear that the US, given its interest in stability in the region, as well as our extremely important defense cooperation - including Souda - have a special interest in working in this direction. We are at a time when the foreign policy goals of Greece are in common with the US strategy in the region..."

Acropolis Dusk and Night

October 13, 2017

"...It is seeking to create 4 new, benchmark size bonds, replacing 20 separate issues with a face value of around 32 billion euros (28.54 billion pounds). The move would smooth out maturities and add depth to a currently shallow market."

"Officials directly involved in the country’s bailout say they don’t have the stomach for another strings-attached aid program when the current one expires in August 2018. Worn out after seven years of endless cliffhanger negotiations, both Athens and its European creditors are keen to turn the page. That said, Greece needs to show it can go it alone while Euro-area creditors have to be sure they can recover their money."

October 11, 2017

"...Judges ruled last week that he should be extradited to the United States, a decision Russia criticized as unjust and illegal and which Vinnik is challenging at Greece’s supreme court."

"Although the Single Social Security Fund (EFKA) issued a circular clearly stating that the deadline for last year’s contributions is November 30, Deputy Minister Tasos Petropoulos said it was possible an extension up to early 2018 would be granted."

''We have rebounded from a bad spell and we are back in form,'' said Greece captain Vassilis Torosidis, who opened the scoring in the 32nd minute, meeting a cross from Carlos Zeca with an athletic header.

"In total, 10 Turkish F-16 jets – four of them armed – and two CN-235 transport aircraft entered Greek national airspace 30 times."

"More than 13,000 migrants and refugees, mostly Syrians and Iraqis fleeing years of war, are living in five camps on Greek islands close to Turkey, government figures show.

Four of those camps are holding two to three times as many people as they were designed for."

"Citizens over the age of 15 will now be able to change their gender with a court ruling and without requiring a medical operation."

"Greece’s National Bank launched a bond Tuesday, the first time a Greek lender has tapped international credit markets in three years, when the country came close to exiting the eurozone."

October 10, 2017

"Greece's defense minister says plans are being drawn up for joint air force drills with Cyprus, Israel, Egypt and other European countries as part of efforts to bolster stability in the eastern Mediterranean."

"[TAP Country Manager Katerina Papalexandri] announced the project is well within schedule and on track in all three Northern Greek Prefectures..."

October 9, 2017

"Greece currently requires persons who wish to have their desired gender legally recognized to be diagnosed with “gender identity disorder” and have their reproductive organs removed. This practice has been widely condemned as a violation of human rights though is common in many European countries."

"Prime Minister Alexis Tsipras is preparing to address a host of crucial issues in his meeting with US President Donald Trump at the White House on October 17, Kathimerini understands, most pressing among which is the stance that the International Monetary Fund will assume on Greece’s third bailout as well as bilateral cooperation in the area of defense. "

"Greece supports regional integration schemes in the wider Eurasian region, which can contribute to the peace, growth and prosperity of the peoples," he stated, adding that "it encourages and strengthens all efforts that promote a strategic link between the countries of Europe and Asia in key areas for the economy, such as energy, trade, transport, digital online collaboration, new technologies and tourism."

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