Bailout

Greece's four systemic lenders are contending with increased spending and reduced revenues, as net profits from interest - that usually contribute 75 percent of revenues - shrank in the first nine months of the year to just 14 percent, while operating costs rose 3.5 percent.

Greece is finally recovering from a fiscal crisis that stretched on for years. But for many taxpayers, the anguish is far from over.

The cost of implementing court rulings which overturn measures adopted during the eight-year bailout period - such as a recent decision by the Council of State that ruled against the scrapping of the Christmas, Easter and summer bonuses previously paid out to civil servants - must be calculated with precision, so that everyone is aware of it.

Greek authorities on Wednesday sold 812.5 million euros of one-year treasury bills, the Public Debt Management Agency (PDMA) said in an announcement.

The interest rate was set at 1.09 percent, unchanged from a previous similar sale in September.

Emergency central bank funding to Greek banks dropped in November compared to the previous month, Bank of Greece data showed on Wednesday.

Emergency funding, which is more costly than borrowing from the European Central Bank, dropped to 2.7 billion euros ($3.06 billion) from 3.58 billion euros at the end of October, the data showed.

The state has ceased paying off its debts to its suppliers after the country exited the bailout program in the summer. Instead of diminishing, the state's dues increased slightly in October, as the government's is obviously prioritizing the payment of social dividends and covering the ruling party's promises.

The Greek economy has yet to stage a full recovery from its recent crisis, Bank of Greece Governor Yannis Stournaras told a conference organized in Berlin by The Economist and the German-Greek Chamber of Industry and Commerce on Monday.

Greek private sector bank deposits dropped slightly in October, pausing an eight-month rise as they decreased by 230 million euros ($259.53 million) central bank data showed on Wednesday.

Businesses and household deposits declined to 131.48 billion euros from 131.71 billion in September, Bank of Greece data showed.

The eurozone's bailout fund has approved the implementation of a major debt relief plan for Greece that it says would provide the crisis-scarred country significant savings over several decades.

The measures include a complex mix of interest rate improvements and repayment deferrals that were initially agreed upon in June.

Greece is at risk of missing a first tranche of ECB profit returns on Greek bond holdings due to delays in the pace of privatisations despite over-performance on its fiscal targets, sources told Reuters on Tuesday.