Economy of Greece
Prime Minister Kyriakos Mitsotakis will lay the foundation stone for the first major private investment in Greece after the country's economic crisis on October 2, as implementation of Mytilineos SA's 300-million-euro investment in a new electricity production unit that will be fueled by natural gas gets under way at the Agios Nikolaos Energy Center in Viotia, central Greece.
Greece's prime minister says financial reforms such as reducing taxes, fighting bureaucracy and attracting investment must be implemented before the country asks its creditors to agree to lower budget surpluses.
Prime Minister Kyriakos Mitsotakis laid out his economic program for the coming year during a speech at the Thessaloniki International Fair on Saturday.
Losses incurred by the state coffers due to tax evasion in 2014-17 were greater than the value-added tax revenue increase as a result of consecutive tax hikes, according to a European Commission report on the so-called VAT deficit (the difference between the expected VAT revenues and actual collections).
The benchmark of the Greek bourse jumped 20 points on Thursday after a sudden buying spree by traders that saw banks earn almost 4 percent. The favorable climate on foreign markets and the continuing decline of Greek bond yields appear to have convinced investors to buy back into local stocks again.
The rise recorded by Greek bank stocks on Wednesday was largely offset by the decline of most non-bank blue chips, leaving the benchmark of the Athens bourse virtually unchanged and the stock board split between winners and losers. However, market observers were quite encouraged by the improvement in trading volume.
Fresh pressure on bank stocks inflicted losses on the benchmark of the Greek stock market on Tuesday, while trading volume remained sluggish.
The Athens Exchange (ATHEX) general index closed at 853.89 points, shedding 0.77 percent from Monday's 860.51 points. The large-cap FTSE-25 index contracted 0.64 percent to end at 2,107.21 points.