Auction theory

A long-lost painting by a 13th century Italian master discovered in the kitchen of an elderly French woman has been valued at up to six million euros and will be sold at auction next month.

Now that it appears the power auctions (NOME) will be abolished, private electricity providers are waiting to hear what the government plans to introduce instead, amid uncertainty in the market.

Bidding for the sale of two property portfolios owned by Eurobank is expected to be completed early next week, at the latest. 

The Metropolitan Municipality has announced an order for the supply and installation of household chimney filters that use wood and coal for heating. The estimated budget is BGN 7.92 million with VAT. The plan is to initially buy up to 1000 pieces, and subsequently, possibly more.

Greece sold 813 million euros ($906.17 million) of six-month treasury bills to refinance a maturing issue, the country's debt agency PDMA said on Wednesday.

The debt agency sold the new paper at a yield of 0.15 percent, down 8 basis point from 0.23 percent in a previous sale in July. The amount raised included 187.5 million euros in non-competitive bids.

A mystery foreign buyer has snapped up a painting by Italian master Caravaggio that was discovered five years ago in a French attic before it could be sold at auction, the auction house said on June 25.

Property auctions by banks slowed down considerably in March, amid the government's negotiations with the country's creditors over the protection of borrowers' primary residences, while the same trend appears to have continued into April, ahead of the activation of the new platform for that purpose.

The upcoming local, regional, European and national parliamentary elections, all in the next few months, are set to put the brakes on online auctions and efforts to identify strategic defaulters, raising concerns among bank officials.

The Public Debt Management Agency (PDMA) announced on Friday that it will auction 13-week treasury bills in book entry form on Wednesday, April 10, with maturity on July 12.
The amount to be auctioned is 625 million euros and the settlement date will be next Friday.
Only primary dealers are allowed to participate, according to their operation regulations.

The Independent Authority for Public Revenue on Tuesday announced plans to conduct more than 200,000 inspections this year across the entire spectrum of financial activity in Greece.
Its objective is the collection of 7 billion euros in 2019 from confiscations, auctions and overdue arrears settlements, up from 6 billion euros collected last year.