The euro crisis started in Greece, and it won’t be over until doubts over Greece’s prospects are erased. That this is still some way off was clear from Greece’s latest bailout review, the longest and most attritional yet. After seven months of haggling, the troika of official lenders—the European Commission, the European Central Bank and the International…
A senior Greek official told Reuters that 2013 primary surplus may exceed previous forecasts and top €1bn. Same source noted that “data from the general government, social security organisations and hospitals are good and this is why the surplus may exceed €1bn”. It is reminded that the latest official forecast (incl. in 2014 budget) calls…
Greek FinMin, Yiannis Stornaras admitted in a television interview (www.skai.gr) that sealing an agreement with the troika by the end of January is rather challenging but suggested that Greece considers the delay favourable since it will be able to incorporate the positive December data. According to Kathimerini, the negotiations are likely to conclude in February…
Greek Ministry of Finance announced that general government deficit, according to cash data, stood at €982m in 3M ’13 from €4,662m in 3M ‘12, down 78.9% y-o-y, with primary surplus at €967m down 59.4% y-o-y, incorporating: · state budget (i.e. central government) deficit of €2,638m (3M ’12: €6,197m) and primary deficit of €764m (3M’12: surplus…
According to Hellenic Statistical Authority (ELSTAT), turnover index in retail trade eased 9,2% y-o-y in May (Apr: -11,6%, Mar: -15,1%) and 8,3% m-o-m. The most notable y-o-y movements were in: retail sale not in stores turnover (down 22,3%), clothing & footwear turnover (down 19,3%), furniture, electrical equipment & household equipment turnover (down 16,9%), and pharmaceutical…
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