Personal finance

ATHEX blue chip company Grivalia Properties on Tuesday announced the issue of two common bond loans of 50 million euros and 10 million euros.

It said the 50-million-euro loan will be used for the refinancing of past and future investments, while the 10-million-euro loan will partially refinance the acquisition cost of the Arcania Business Center in Maroussi, northern Athens.

Freelance workers who get paid by one or two employers through invoice books for services rendered (known as "blokakia") will now pay the same amount in social security contributions as salary workers, according to a circular released on Tuesday by the Labor Ministry in an effort to tackle the major practical problems generated by (as well as the huge reaction to) recent legislation.

Grivalia Properties' Luxembourg-based subsidiary Grivalia Hospitality SA on Tuesday announced its first investment, which concerns the acquisition of a 60 percent stake in the Pearl Island project in Panama from Dolphin Capital Investors.

The pensions of some 70,000 Greeks who can retire within 2017 will be reduced by up to 20 percent.

A Bank of Greece interim monetary policy report for 2016 estimates that the number of non performing loans to be settled by Greek banks in 2016 will exceed 200,000. The report states that banks will opt to take this route, along with loan write offs, instead of liquidations and transfers. The report shows that long term loan settlements were up by 11%, amounting to 44% in the 9 months of 2016.

Over 70,000 Greek pensioners will suffer significant cuts to their pensions - retroactively too - in the coming days owing to the imposition of a ceiling on their monthly handouts.

Effective as of June 1, 2016, the new maximum level is set at 2,000 euros gross (or 1,767 euros net) for each individual pension and 3,000 euros gross for each retiree's total income from pensions.

Approximately 650,000 farmers are expected to receive notices for their new hiked contributions covering the first half of 2016. Following a series of changes and tweaks, the new system for calculating contributions for professionals, farmers and scientists will take effect as of January 1, 2017.

The budget commission has rejected the proposal of the deputies of the Patriotic Front for a minimum pension of BGN 300.

The Patriotic Front had offered two options for an increase of pensions next year. The first option was for a minimum pension of BGN 200 and recalculation of the rest of the pensions as of April 1. The other option was for a minimum pension of BGN 300 as of July 1.

Ferries are expected to stay docked in ports across Greece on Thursday as seamen stage a 24-hour strike in protest at the latest round of cuts to pensions and job insecurity.

The budget of the National Social Security Institute (NSSI) was adopted at first reading by Parliament.

77 of the 133 MPs present voted "for". 19 of BSP deputies and 10 of DPS deputies were "against". The Patriotic Front, who were "against" the draft budget during the debates, finally abstained excluding one.