Economy of Greece

Current account deficit shrinks in April, tourism revenues up

Greece's current account balance showed a slightly smaller deficit in April compared to the same month last year, on lower payments for fuel imports and higher receipts from transport services, the Bank of Greece said on Thursday.

Central bank data showed the deficit at 1.4 billion euros ($1.58 billion) from a deficit of 1.486 billion euros in April 2018.

Eurobank finishes buyout of Piraeus’ Bulgarian unit

Greece's third-largest lender, Eurobank, said on Friday that its Bulgarian subsidiary Postbank had concluded the acquisition of Piraeus Bank's Bulgarian unit after obtaining regulatory approvals.
The acquisition boosts Postbank's share in Bulgaria's banking market to more than 10 percent, ranking it third in terms of total loans, Eurobank said.

ESM issues stern warning to Greek government

The European Stability Mechanism (ESM), Greece's chief creditor, in a regular report on the Greek economy has warned Athens to fully implement all reforms agreed to in the bailout memorandums, including a 3.5 percent of GDP primary surplus until 2022.

The report coincides with the Bank of Greece's announcement that it projects a 2.9 percent primary surplus for 2019.

SYRIZA’s 17 taxes that broke the back of the middle class

An avalalanche of over a dozen new taxes and tax hikes imposed during SYRIZA's four-and-a-half years in power is widely considered the main reason for the disastrous result of the 26 May European Parliament election.

The government's long string of tax hikes was in large measure due to its inability to meet fiscal targets agreed to with creditors.

Piraeus Bank offloads 507 mln euros of impaired corporate loans

Piraeus Bank has agreed to sell half a billion euros of non-performing corporate loans to an entity affiliated with Davidson Kempner Capital Management as part of efforts to clean up its balance sheet.
Greece's largest lender by assets on Monday said it is selling loans with a gross book value of 507 million euros ($573 million) and has agreed a price of 240 million euros.

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