Latest News from Greece

OECD sees recession spilling into 2014

 Report states that fiscal stability will require a further lightening of the state debt and a return to growth

By Sotiris Nikas

Environmentalists issue Caretta caretta warning

A group of 11 environmental groups including WWF Greece have written a joint letter to the Environment Ministry warning that a key breeding ground of the loggerhead sea turtle (Caretta caretta) – the Gulf of Kyparissia in the western Peloponnese – is under threat.

Paulson hedge fund discloses Greek stakes

A fund run by billionaire investor John Paulson has acquired minority stakes in a bank and a water company in Greece, adding to evidence the country was attracting international investors back after a deep six-year slump.

Greece launches 'coalition' to boost ICT sector

The Greek government and members of the country’s ICT industry were due to sign a memorandum of understanding on Tuesday to help young people and potential entrepreneurs.

Greek Cross-Border Business Exodus into Bulgaria

From Euronews

More and more companies are fleeing Greece and setting up in Bulgaria because costs there are competitively lower. To survive the austerity-driven recession of the eurozone’s weakest member, entrepreneurs are seeking refuge in the EU’s poorest country.

Ukraine Link Suspected to Macedonia ‘Name’ Talks

The format of Tuesday's talks in New York on Macedonia's name, which Greece disputes, is the same as in late March.

UN mediator Nimetz will first meet Macedonia’s negotiator, Zoran Jolevski, and Greece’s Adamantios Vassilakis separately, and then at a joint discussion.

PPC to launch a subsidiary in Turkey

By Chryssa Liaggou

Public Power Corporation (PPC) has decided to launch a subsidiary in Turkey as it turns to cross-border energy trade in a bid to offset the loss of market share in Greece now that the local industry is entering the stage of full liberalization.

NBG book building starts for share capital increase

By Yiannis Papadoyiannis

The book for National Bank of Greece’s 2.5-billion-euro share capital increase opens on Tuesday and will close on Thursday, with the price for the sale of the new shares to be determined by investor offers.

On Saturday a general meeting of the bank will approve the share increase and the share price, completing the process.

Saudi interest in Astir Palace hotel

By Dimitra Manifava

Saudi Prince Al-Waleed bin Talal bin Abdulaziz al Saud, the owner and chief executive of Kingdom Holding Company (KHC), expressed the Four Seasons luxury hotel chain’s strong interest in the Astir Palace Resort in southern Athens during a meeting on Monday at Greek Prime Minister Antonis Samaras’s office.

UAE to invest in Greek construction

 Chinese premier will also arrive in the coming weeks and discuss further cooperation with local companies

By Dimitra Manifava

Officials from the United Arab Emirates are set to announce in Athens on Tuesday the UAE’s participation in the share capital of a major Greek construction company active in the sectors of energy and real estate.

Talks rage on regarding European transaction tax

A common European financial transaction tax could drive away companies and hurt the growth outlook, Maltese Finance Minister Edward Scicluna said as finance ministers from Greece, Germany, France, Italy and seven other countries met on Monday in Brussels to discuss how to design a tax for interested nations.

Major hotel companies to enter Greek market

The latest report by GBR Consulting on Greek tourism and hotels, which Kathimerini has seen, reveals that two major global players in the hotel industry, Banyan Tree and Fairmont, are getting ready to enter the Corfu market.

Banyan Tree will enter via the Angsana Hotel chain in 2017, with Fairmont to follow a year later.

Eurogroup sees debt relief talks in fall

Finance Minister Yannis Stournaras conveyed Greece’s request for a lightening of the country’s debt burden to his eurozone counterparts at a summit in Brussels on Monday but, as expected, foreign officials indicated that a decision on this issue would not be considered until the fall.