Financial crises

Expired debts to determine economy

The most turbulent year of the past few decades has ended for Greece with overdue private arrears of above 240 billion euros (not including unknown debts between individuals) and state debt exceeding the limit of 200% of gross domestic product for the first time ever, to reach €338 billion.

Privatisation agency chief to step down

The chairman of Greece's privatisation agency will step down later this week after his three-year term came to an end last month, the agency said on Monday.

Aris Xenofos, who took on the job in 2017, has overseen a number of major privatisations, including extending a concession for the operation of Greece's largest airport, Athens International Airport.

Unpaid dues soar in October

The suspension of tax obligations will not suffice to reverse the negative sentiment in the economy, recorded also in the tax authorities' statistics: Within just one month, expired debts to the state grew 1 billion euros, which calls to mind the decade of the bailout program, when every year saw the creation of €12-13 billion in new debts.

House price rise slowed in Q3

Residential property prices continued to edge higher over the third quarter of the year, as according to figures released by the Bank of Greece on Monday there was a 3.2% annual increase. However, the growth rate slowed for a third consecutive quarter.

Current account registers $2.9 bln gap in June

Turkey's current account balance posted a deficit of $2.93 billion in June, slightly down from the market expectation, according to the Turkish Central Bank data on Aug. 14.

The June figure widened by $2.8 billion from the same month last year, data showed.

The country's 12-month rolling deficit totaled at $11.1 billion, the bank said.

Turkey's current account posts $5.06 bln gap in April

Turkey's current account balance posted a $5.06 billion gap in April, widening from a $469 million deficit in the same month last year, the Turkish Central Bank announced on June 12.

According to the balance of payments figures released by the bank, the country's 12-month rolling deficit totaled $3.3 billion.