Great Recession in Europe

Romania and the Czech Republic recorded the highest economic growth in the European Union in Q1 2015 compared to the similar period of the previous year, with an advance of 4.2 percent each, the Statistical Office of the European Union (Eurostat) informs, cited by AFP.

By Yiannis Papadoyiannis

Greek banks currently find themselves at the worst point since the start of the crisis, as credit sector officials say that deposits have now dropped below 130 billion euros, which means the savings of the last 11 years have now evaporated.

By Roula Salourou

The Hellenic Statistical Authority (ELSTAT) announced on Thursday that the country?s unemployment rate in March was marginally lower than a year earlier, but also at the same level as in February 2015, according to the seasonally adjusted figures.

A series of proposals by the Greek government to the country's creditors include a primary surplus target of 0.6 percent of GDP this year, 1.5 percent of GDP in 2016, 2.5 percent of GDP in 2017 and 3.5 percent of GDP in 2018, according to a document seen by Kathimerini.

The Organisation for Economic Co-operation and Development (OECD) cut Turkey?s growth forecast for 2015 to 3.1 percent from 3.2 percent, the organization said in a report released on June 3.

Greek retail sales by volume rose 1.2 percent in March compared to the same month a year earlier, despite the uncertainty over a reforms deal with the country?s EU/IMF lenders, statistics service ELSTAT said on Friday.

Recurring earnings before taxes of 266 million were seen by Piraeus Bank in the first quarter of 2015, rising by 6% compared to the same period last year, and up by 7% compared to the last quarter.

Piraeus Bank, Greece?s second-largest lender by assets, on Wednesday reported a loss of 69 million euros in the first quarter as provisions for bad loans continued to weigh on results.

The bank took credit-loss provisions of 278 million euros in the January-to-March period, down from 519 million euros in the last quarter of 2014 when it reported a 332 million euro loss.

Greece will not make a payment to the International Monetary Fund that falls due on June 5 if there is no deal with its creditors by then, the government's parliamentary speaker said on Wednesday.

Greece is due to finish sending on Saturday its latest proposals to the country?s lenders in the hope that it will have a response by the beginning of next week and that talks in Brussels can resume with the aim of concluding a deal that would unlock another 7.2 billion euros in bailout funding.