Economic policy

When it comes to economic competitiveness, Greece's continuous financial strife has sent it even further down world rankings.

According to this year's World Competitiveness Yearbook (WCY), which ranks and assesses the competitiveness of 63 countries, Greece only managed to reach 57th place on the chart.

Cyprus had to sign up for a bailout deal and adopt strict reforms and measures a little over two years after Greece did, but it still managed to come out from under foreign supervision first.

In that time and since its program ended, Cyprus has made significant strides and is now a major destination for Greek businesses thanks to its tax system and other important factors.

Big money managers have started buying cheap Greek stocks from banks to lotteries as clouds over talks between Athens and its international creditors gradually clear, anticipating big returns.

Greece is nowhere near a swift inclusion in the European Central Bank's quantitative easing (QE) program, according to senior officials at domestic banks.

In the recommendations, which are very similar to those issued last year, Slovenia is called to pursue its fiscal policy in line with the requirements of the preventive arm of the Stability and Growth Pact, "which translates into a substantial fiscal effort for 2018".

The Greek parliament late Thursday adopted a new round of austerity cuts which the government hopes will secure a pledge of debt relief and loan disbursements by EU-IMF creditors this month, reported AFP.

Greek lawmakers approved an omnibus bill late on Thursday, required by the country's official lenders to conclude a crucial bailout review and release more aid to the debt-ridden country.

Members of the union representing local authority workers (POE-OTA) tried to storm the Administrative Reform Ministry near the Parliament building in Athens Thursday morning, protesting the government's austerity policies and demanding permanent status for civil servants on short-term contracts.

Thousands of elderly Greeks were protesting on Thursday against more pension cuts, as lawmakers were set to approve another batch of austerity measures.

The protesters gathered at Kotzia Square in central Athens before marching to Parliament. Stadiou Street was closed off to traffic.

The incorporation of a set of measures by the Greek government in the 4th harsh memorandum in an effort to counterbalance the tough austerity provisions in the omnibus bill is a dead letter, as a parliamentary report reveals.