debt

The Minister of the Interior Yannis Michelakis was invited on Skai’s morning chat show and commented on the IMF’s less-than-optimistic report , claiming that there will be no new measures, as the Prime Minister has repeatedly stated. When asked to comment on the IMF report, Mr. Michelakis retorted that “I do not care what the […]

The IMF’s latest report which estimates that further measures to the tune of 6.6 billion euros (3.5% GDP) will be needed for the fiscal reform program over the 2014-2016 period have caused major concerns. Furthermore, the IMF report states that contrary to Greek claims, there will be a marginal primary deficit in 2013, rather than […]

American credit-rating agency Standard & Poor’s has confirmed the change of Greece’s rating to “B-/B”, which has come as a result of the financial stability documented in the Greek economy. According to Standard & Poor’s though and despite the considerable fiscal progress and increase of competitiveness in the Greek economy, the general government’s debt and […]

Even though the Minister of Finances Yannis Stournaras is meant to attest the IMF’s annual meeting with the rest of the EU and Eurozone Finance Ministers, a number of outstanding details in the Greek program in relation to the critical upcoming Eurogroup on the 14th of October have kept him Athens. Nevertheless, Prime Minister Antonis […]

The General Secretariat of Information Systems estimated that the State is owed about 56.8 billion euros. In August alone about 500 million euros of debt were generated. According to the data released, of the 56.8 billion euros the 52.3 billion had accumulated in previous years, while 4.5 billion euros worth of debt towards the State […]

The Ministry of Finances is considering implementing a controversial decision in order to curb the perpetual increase of outstanding debts towards the State. Debtors who do not settle their debts towards tax offices and insurance funds will not only be unable to get a tax clearance certificate, but they will also lose their Tax Identification […]

The Minister of Finances Yannis Stournaras spoke to Vima 99.5 FM on Monday morning to address the budget gap in the 2014-2015 period and the proposals from the opposition. According to the Minister of Finances there will be no new austerity measures, but there will be certain forms in order to decrease the cost of […]

The overall belief at SYRIZA is that a restructure of the Greek debt must be considered “a given”. The opposition leaders estimate that the renegotiation will occur when Greece is faced with the funding gap of the economy after 2014,regardless of which party is in power. SYRIZA appears to be this confident based on the […]

German Chancellor Angela Merkel blamed her predecessor Gerhard Schröder for the debt crisis plaguing Europe, by allowing Greece to enter the Eurozone. Mrs. Merkel, who was addressing about a thousand supporters at an election rally, explained that “Chancellor Schröder allowed Greece to enter [the Eurozone] and weakened the Stability Pact. Both decisions were fundamentally wrong […]

The Minister of Finances Yannis Stournaras gave an interview to German financial newspaper Handelsblatt, where he explained that Greece did not a need a new debt haircut, as it can be reduced by other means, such as relaxing the terms of the current bail out deals. Mr. Stournaras added that Greece could reenter the markets […]

The national debt of Greece increased to 321 billion euros during the first semester of 2013, which is greater than the Greek debt in 2009, before the crisis broke out. The debt increased by 16 billion in 2013 and 18 billion since June 2012, when debt was 303 billion euros. Despite achieving a primary surplus, […]

Even though there have been reports about how the Greek program is within targets, talks about a third aid package for Greece have reappeared in the mainstream media, in order to cover the financing gap of the next few years. While some might expect that a third aid package would entail loans from EU members […]

The German Minister of Finances Wolfgang Schäuble spoke to Reuters and stated that Greece will most likely require a third aid package. While attending an election campaign event in northern Germany, the Minister asserted that “there will have to be another program in Greece” . Despite the grim prediction of Greek finances, Mr. Schäuble ruled […]

The General Secretary of Public Revenue Haris Theoharis commented on SKAI 100.3 radio station that it is better if debt-ridden businesses shut down, rather than carry on creating further deficits for the State, insurance funds and employees. Mr. Theoharis was invited to comment on reports of overtaxation, with the General Secretary responding that compared to […]

Even though the German government vehemently denies the possibility of a further haircut of the Greek debt, an ever-increasing number of economists in Germany believe that discussions for a new cut will initiate after the German elections in September. According to Jorg Rocholl, associate professor at the European School of Management and Technology in Berlin […]

Despite the German government’s repeated denials of the possibility of a new Greek debt haircut, the head of the German Institute for Financial Research (DIW) Marcel Fratzscher considers a haircut inevitable. According to Deutsche Welle, Mr. Fratzscher considers the Greek government unable to implement many of the necessary reforms, such as privatizations and the collection […]

According to the set of data published by Eurostat on Monday, the Greek public debt was estimated to be 160.5% GDP in first trimester of 2013. The data also indicates that the Greek debt increased by 24.1% since the first trimester of 2012 and by 3.7% compared to the last trimester of 2012. At 160.5%, […]

The German chancellor Angella Merkel and her Minister of Finances Wolfgang Schäuble have rejected the possibility of a new haircut of the Greek debts after the upcoming September elections. Mrs. Merkle, who was interviewed by the Märkische Oderzeitung and Südwest Presse newspapers explained that there is no possibility of a further haircut of the Greek […]

According to an interview with French newspaper “Le Figaro” with Eurogroup president Jeroen Dijsselbloem, the Eurozone will decide on further assistance to Greece in spring 2014, before the recovery program technically ends. Mr. Dijsselbloem explained that the recovery program is starting to work and that the Eurogroup expects to approve the third loan installment. The […]

The Monday evening Eurogroup approved the 6.8 billion euro loan towards Greece, 1.3 billion euros less that what the Greek Minister of Finances expected. The 6.8 billion euros will be paid out in smaller installments over three months. The Minister of Finances was pleased with the outcome at the Eurogroup. Greece expects to collect 5.8 […]