Microeconomics

Ermou Street regains its spot on big international retailers' radars

Retail spaces on Ermou, Athens's main shopping street, are being purchased at prices unseen since the outbreak of the financial crisis, as the rebound of property prices in the area (which started in 2016) and the increasing tourism flow to the capital stir memories of better times.

Social security changes to affect Greek migrants

The planned amendment to the European Union directive on the coordination of member-states' social security systems is likely to result in reduced access to social handouts such as unemployment and housing benefits for hundreds of thousands of Greeks as well as millions of EU citizens who seek employment opportunities in another member-state.

Protesters enter Bank of Greece, protesting foreclosures

A group of people protesting property foreclosures stormed the premises of the Bank of Greece in central Athens on Wednesday.

The protesters - about 25 individuals believed to be members of the "I Won't Pay" movement - were carrying banners with slogans opposing the auction of properties belonging to debt-racked Greeks and handed out fliers with similar messages to passers-by.

Tempers fray over auctions

Scuffles break out outside a notary office in central Athens on Wednesday. Police said that eight members of the "Won't Pay" movement were detained as they attempted to disrupt electronic auctions of foreclosed properties at a notary office on Kapodistriou Street in the city center. All property auctions are gradually being transferred to the online platform.

All auctions to be online by April

All property auctions are gradually being transferred to the online platform. Already 1,341 auctions - mainly by banks, and a few by individuals - have been transferred to the electronic system.

The curtain on physical auctions at courts will officially fall on February 28, after which all foreclosed assets will have to be auctioned online.

State foreclosures to start on May 1

The Independent Authority for Public Revenue confirmed on Friday in a circular that property auctions for debts to the state will officially start on May 1.

The authority has decided that starting prices will be based on the commercial value of the asset to be auctioned, and that they will be determined by independent surveyors.

Pages