Financial services

The new social draft law presented by Labour Minister Giorgos Katrougalos provides a 15% reduction in pensions over 750 euros for new pensioners

According to estimates, for about 40 years fully insured, the replacement rate is set at 60% of pensionable salary, while the new draft law abolishes the previous gross pension calculation.

Well may there be slashes to thousands of ordinary Greek workers’ pensions, the Ministry of Finance is not willing to budge in the remuniration of public sector deputies following the decision of the Court of Auditors that offers as much as 100,000 euros in retroactive payments in some cases.

Robbers have stolen an ATM in the town of Dupnitsa on Christmas Eve, Nova TV reported on Friday.

The ATM was loaded with some BGN 200,000 (EUR 100,000) before Christmas, Nova TV said. However, it was not immediately clear how much money there was in the ATM at the time of the robbery.

Several Turkish banks experienced sporadic disruption to credit card transactions on Friday in the latest wave of a two-week long cyber assault on public and financial websites, Reuters reported.

Two new circulars of the Ministry of Labour and Social Security include clarifications on the new levels of retirement age of pensioners in the special Public Utilities and bank funds as well as for those ensured by the mass media employees fund (ETAP-MME).

Qatar National Bank (SAQ) agreed to buy National Bank of Greece SA’s (NBG) stake in its Turkish subsidiary, Finansbank AS, for 2.7 billion euros ($2.95 billion). The deal to buy NBG’s 99.8% holding needs to be approved before it can close in the first half of 2016.

Qatar National Bank (QNB), the Gulf Arab region's largest bank, has agreed to buy Turkey's Finansbank from the National Bank of Greece (NBG) for 2.7 billion euros ($2.95 billion), as it steps up its search for larger markets overseas. With the latest acquisition, Qatari companies have strengthened their hands in the Turkish market. 

Qatar National Bank SAQ , the Gulf Arab region's largest bank, reached an agreement with National Bank of Greece to acquire the latter's entire 99.81 percent stake in Turkey's Finansbank for 2.7 billion euros ($2.95 billion), the two banks said on Dec. 22.

The government’s next steps were discussed during a meeting between ministers and associates, chaired by Prime Minister Alexis Tsipras. Sources state that Tsipras may call a meeting on Wednesday to discuss government planning. Issues focused upon during Tuesday’s meeting included the following:

Four Turkish banks in Russia were raided by agents from Russia's Federal Security Forces (FSB) to investigate "suspicions of money laundering" on Dec. 17, according to sources.