News archive of June 2018

Turkey's ruling AKP to hold regular congress in August

Fresh from its June 24 election victory, Turkey's ruling Justice and Development Party (AKP) will hold its sixth regular grand congress on August 18, a party spokesperson said on June 29.

End of the bailouts and onto a path to a new bankruptcy

Last week's Eurogroup set up the final conditions for the end of the third Greek bailout program in August. Since 2010, Greece has borrowed 275 billion euros from European Union countries and the International Monetary Fund. Greece also shed 100 billion euros of private debt in an agreement with the borrowers in 2012.

DBRS upgrades Greece's credit rating one notch

Canada-based DBRS Ratings upgraded Greece's main ratings one notch, from B to B (high), on Friday and maintained the positive trend, in an extraordinary review in the aftermath of last week's Eurogroup decision to ease the country's debt.

Elliniko plot's casino tender by end-August

The tender for the casino permit at Elliniko - Attica's biggest development project - will have to be announced by August 31. Only that way can the preferred bidder be declared in time for the closure of this privatization by the end of the year, according to the list of governmental pending actions (GPAs) in the area of privatizations.

Piraeus Bank CEO: NPL rate must fall to single digits

The local banking system will have to bring the ratio of nonperforming loans to total loans down to single digits through extending its endeavors beyond 2019 with the submission of new plans up to 2022, Piraeus Bank chief executive Christos Megalou told the lender's general shareholders meeting on Friday.

SEV warns against mistakes of past

Following the Eurogroup's debt relief decision, priority must now be given to growth, along with sticking to reform implementation and responsible fiscal management, according to the head of Greece's industrialists, Theodoros Fessas, who also warns against a return to the bad habits of the past.

Eastern Aegean islands get last-minute VAT reprieve

Prime Minister Alexis Tsipras announced on Friday in Brussels that the value-added tax rates on the eastern Aegean islands of Chios (pictured), Kos, Leros, Lesvos and Samos would not be raised to those that apply in the rest of the country.

IMF fears reversal of reforms

The International Monetary Fund on Friday expressed uncertainty over the long-term prospects of Greece's debt, along with concern that some of the reforms might be reversed or not implemented, including the reduction of pensions in 2019 and the tax discount in 2020.