Economy of Europe

Main opposition CHP says gov’t should print money only for pandemic

The government can print money, but it should be used only for the fight against the pandemic, Faik Öztrak, deputy chair and the spokesperson of the main opposition Republican People's Party (CHP), has said.

Öztrak also urged the government to prepare a new medium-term economic program to tackle the worsening economic conditions.

Piraeus Bank sees 2019 profits grow

Piraeus Bank grew full-year 2019 net profit, helped by lower operating costs and higher net interest income, Greece's largest lender by assets said on Monday.
Piraeus Bank, which is 26.2 percent owned by the country's HFSF bank rescue fund, reported a net profit of 270 million euros after net earnings of 185 million in 2018.

Internet use soars amid lockdown

Greece has seen an increase of at least 50 percent in internet use in recent days following the government's decision to restrict citizens' movements to slow the spread of the new coronavirus, according to officials at the Digital Governance Ministry who indicated however that telecommunications networks are handling the strain so far.

Greece's borrowing costs fall after inclusion in ECB's package

Greek borrowing costs fell sharply on Thursday following the European Central Bank's (ECB) decision to include Greek government bonds in an emergency assets purchases program.

The ECB triggered new bond purchases worth 750 billion euros ($816.90 billion) at an emergency meeting late on Wednesday to stop a pandemic-induced financial rout from shredding the euro zone's economy.

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