Economy of Greece
The government is hoping to secure up to 1.2-1.3 billion euros, or 0.6-0.7 percent of gross domestic product, in additional fiscal space for 2020 that would allow it some leeway to enforce tax easing plans, despite promises last week by Prime Minister Kyriakos Mitsotakis to German Chancellor Angela Merkel that Greece will meet the target of 3.5 percent of GDP for the 2020 primary surplus.
New legislation to be tabled in October will free Greece's Public Power Corporation (PPC) from the obligations and restrictions that apply to state utilities so that the state-controlled electricity firm can operate as a listed company and expose itself to market competition, Energy Minister Kostis Hatzidakis told Kathimerini's Sunday edition.
Piraeus Bank grew second quarter net profit as provisions for impaired loans decreased, Greece's largest lender by assets said on Friday.
Piraeus Bank, which is 26.2 percent owned by the country's HFSF bank rescue fund, reported a net profit from continued operations of 20 million euros ($22.29 million) after net earnings of 14 million in the first quarter.
The third installment of the Thessaloniki Beer Festival kicks off at the Helexpo exhibition center in the northern port city, featuring 40 brewers and eight street food stalls, as well as live music. The concert program starts on Thursday with Pavlos Pavlidis and the B Movies band, followed on Friday by Max the Sax, on Saturday by Koza Mostra and on Sunday by Locomondo.
Financially troubled jewelry and fashion accessories firm Folli Follie has confirmed it is looking to sell jewelry subsidiary Links of London.
Links has filed for bankruptcy in the United States but continues to operate.
Folli Follie is seeking 60 million euros for all its stake in Links of London, but markert insiders believe the real value is between 10 and 20 million euros.