Financial crises

Bank of Greece governor Yiannis Stournaras reassured that deposits in Greek banks are fully secured since after the recapitalization of banks the danger of a haircut has been eliminated.

Russia's economy shrank 4.1 percent in the third quarter this year, official statistics showed on Nov. 12, as a recession caused by low oil prices and Western sanctions over Ukraine continued to take its toll.

The Greek government is racing to draft measures intended to achieve a compromise with the country's European creditors, so that much-needed bailout funds may be released.

But the government has to work fast, as the Eurogroup has set a deadline of Nov. 16 for an agreement that would provide the next 2 billion euros ($2.17 billion) in bailout funds. 

Greece will remain in recession for another two years, as European Commission says in its report for the Greek economy.

Greece’s economy is projected to slip back into recession in 2015” due to ‘heightened uncertainty and the introduction of capital controls”, says the report, while Greek economy is expected to return to positive growth rates (2.7%) in 2017.

European Commission Vice President Valdis Dombrovskis left Greece with an ultimatum during his two-day visit to Greece on Thursday and Friday. He made it clear that prior actions need to be completed before the recapitalisation of banks can take place.

Property sales decreased by 20.1 percent to 92,483 units in September from the same month in 2014, marking the steepest decline since July 2014, according to data from the Turkish Statistics Agency (TÜ?K). 

Housing sales thus decreased for the first time over this year. 

Economy Minister Giorgos Stathakis will discuss the issue of “red loans”, the non-performing loans and indebted households, in a meeting with the representatives of the three institutions on Thursday.

The heads of institutions are currently in Athens to discuss the progress of the implementation of the Greek program.

The omnibus bill of austerity measures was voted by 154 MPs at dawn on Saturday following a week of debates, but the hard part begins this week as harsh laws aimed at slashing the funds of Greek households so as to line state coffers are put in place. Here are some of the changes that have been voted on and need to be implemented immediately:

The omnibus bill which includes the austerity measures agreed with Greece’s creditors was voted during yesterday’s plenary session.

The Greek government is due to vote on the omnibus draft bill on prior actions that the country is obliged to implement as part of the bailout deal. Greek lawmakers are set to vote on the bill on Friday after heated debate. The implementation of the reforms will release about 2 billion euros worth of bailout money benchmarked for Greece.