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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Monday, May 25, 2015

The wild ones

"WOULD [a Greek exit from the euro] be such a catastrophe?" asked Panagiotis Lafazanis, Greece's industry, energy and environment minister, at a ...


READ THE ORIGINAL POST AT www.economist.com

Chinese construction giant in talks for Balkan expansion

China Pacific Construction Group (CPCG), China’s largest private builder by revenue, is in talks for contracts in European countries such as Greece, Bulgaria and Albania, company founder Yan Jiehe said on Monday.


READ THE ORIGINAL POST AT www.ekathimerini.com

Michelis appointed as bank bailout fund chair

The Greek government named former banker Giorgos Michelis as chairman of the country’s bank rescue fund on Monday, which has been without a head since the resignation of both its chairman and chief executive earlier this year.


READ THE ORIGINAL POST AT www.ekathimerini.com

Greece's Jumbo reports 7 pct increase in profits

Greece’s biggest toy retailer Jumbo on Monday posted a 7 percent rise in profit for the nine-month period ending in March and reaffirmed its forecast for a 4-6 percent rise in full-year sales despite tough conditions in Greece.


READ THE ORIGINAL POST AT www.ekathimerini.com

Dog attacks 7-year-old girl

A 7-year-old girl from Katerini, northern Greece, was being treated at a Thessaloniki hospital on Monday after being attacked by a dog on the weekend.


READ THE ORIGINAL POST AT www.ekathimerini.com

Debt talks resume amid concerns over differences, looming repayment, political upheaval

Government officials on Monday expressed confidence that Greece was close to a deal with creditors that would allow loans to be unlocked but pressure is growing on Prime Minister Alexis Tsipras from abroad and on the domestic front.


READ THE ORIGINAL POST AT www.ekathimerini.com

Missing minors located through Cyber Alert unit

Two minors, aged 15 and 17, who had been reported missing in two separate instances in Attica earlier this month, were located through Greek police’s online Cyber Alert unit, authorities announced on Monday.


READ THE ORIGINAL POST AT www.ekathimerini.com

Ranks of civil service shrink, but not for long

The size of the Greek civil service dipped in the first quarter of the year, continuing the downward trend that started in 2009, but it is expected to grow again, as the government has pledged to rehire thousands of staff.


READ THE ORIGINAL POST AT www.ekathimerini.com

ATHEX: Trading hits record-low as index dips 3 pct

The handful of traders who took an interest in the Athens stock market on Monday only did so to ease out of the bourse amid growing concerns that capital controls may be imposed as a deal between Greece and its creditors remains elusive.


READ THE ORIGINAL POST AT www.ekathimerini.com

Halt in payments stifles market

Collapsing tax revenues combined with another reduction in the Public Investments Program and 2 billion euros of state spending that was never made, have created market-suffocating conditions that are leading the Greek economy back into recession, budget data for the first four months of the year showed on Monday.


READ THE ORIGINAL POST AT www.ekathimerini.com

Firms write off a tenth of turnover in bad debts

Greek businesses will have to write off non-performing debts adding up to 10.4 percent of their annual turnover as they can no longer expect to collect them. This is the highest rate in the European Union, according to the “European Payment Report 2015” drafted by Swedish collection firm Intrum Justitia.


READ THE ORIGINAL POST AT www.ekathimerini.com

Counter-incentives against early retirement

In a bid to reach a compromise with Greece’s creditors over controversial labor reforms, the government is said to be ready to propose measures for curbing early retirements by introducing financial counter-incentives as of 2016 for those who choose to leave work early. The key measure would be an increase up to 30 percent on the penalty that leads to reduced pensions.


READ THE ORIGINAL POST AT www.ekathimerini.com

SYRIZA's Left Platform makes gains but proposal voted down

Dissent within SYRIZA over the prospect of a compromise with creditors bringing more austerity measures surfaced over the weekend with the party’s radical Left Platform proposing that Greece stop paying its creditors if they continue with “blackmailing tactics,” and seek an “alternative plan.”


READ THE ORIGINAL POST AT www.ekathimerini.com

Greece Returns to Talks With Varoufakis Blaming Creditors

The standoff with lenders has seen liquidity evaporate in Greece, pushing the economy back into recession. Record deposit withdrawals and the ...


READ THE ORIGINAL POST AT www.bloomberg.com

Greek reform proposals 'not enough'

The budget reforms that Greece has proposed are not enough to ensure a surplus this year, the IMF's chief economist Olivier Blanchard has told a French financial newspaper Les Echos. Greece's radical-left government has been locked in tortuous negotiations ...


READ THE ORIGINAL POST AT www.rte.ie

June 5 is the next crunch point in the Greek debt negotiations

Greek government spokesman Gabriel Sakellaridis confirmed the government will pay salaries and pensions, however he said it would try its best to ...


READ THE ORIGINAL POST AT www.cityam.com

Greek debt markets offer little insight

But ignore Monday's tumbling Greek equities and look at bonds issued by Europe's most indebted nation. The yield on Greece's 10 year bond ...


READ THE ORIGINAL POST AT www.ft.com

The Fight For $15: Be Careful What You Ask For Because You Might Get It

It's a traditional component of many a folk and fairy tale around the world: that you need to be careful of what you ask for because you may well actually get it. There was, for example, the Greek goddess who fell in love with a mortal and begged that he [...]


READ THE ORIGINAL POST AT www.forbes.com

Bulgaria, Greece, Turkey Move to Jointly Tackle Migration

Bulgaria, Greece and Turkey, facing a surge in illegal migration, have signed an agreement to set up a joint contact centre for border and customs control, the Interior Ministry in Sofia announced on Monday. The joint contact center will start functioning on Bulgarian territory at Kapitan Andreevo crossing at the border with Turkey. The agreement needs parliamentary approval in Greece and Turkey to take effect , while in Bulgaria it only has to be endorsed by the government.   The centre is expected to improve the coordination of the efforts of the three southeast European neighbours to tackle migration, organised crime and terrorism. “We can’t address those challenges without cooperating with each other and exchanging information,” Bulgaria’s Interior Minister Rumyana Bachvarova said at the signing ceremony in Sofia. This section of Europe’s external border is extremely sensitive to potential migratory pressure, Bachvarova said, adding that such a three-way agreement is signed for the first time by Bulgaria, Greece and Turkey. The document demonstrates that the three countries are determined to deal with crime and illegal migration through joint efforts, Greece’s Alternate Minister of Interior Ioannis Panousis commented Turkey’s Interior Minister Sebahattin Ozturk said: "The joint contact centre will facilitate our cooperation. Through it police and customs authorities will exchange information in real time and will be able to react adequately to illegal immigration and smuggling.”     


READ THE ORIGINAL POST AT www.novinite.com

Aviation Employees Announce 48-Hour Strike in Greece

The Hellenic Civic Aviation Authority Employees announced a 48-hour strike set to take place on Sunday, May 31st and Monday, June 1st. The authority employees stated that no Greek government has shown the required respect to HCAA employees whether their work in navigation or in airports around the country. HCAA airport employees are demanding direct financing for airport infrastructure projects and maintenance across the country, as well as a feasible plan for the implementation of these projects. They are also demanding the immediate staffing of HCAA, which has been operating with less than the minimum required staff and the employee’s direct payment in regards to accrued fees, some of which are due since the spring of 2014. The 48-hour strike is expected to affect plans of vacation-goers, as it coincides with a long weekend in Greece due to the Holy Spirit Holiday.


READ THE ORIGINAL POST AT greece.greekreporter.com

Ever wondered what would be the narrative about Greek crisis without the internet?

Have you ever wondered what would have been the narrative on Greece had the economic crisis occurred in Before Internet time? The world would have been much quieter even thought one cannot literally claim that the Internet is loud – though it certainly is metaphorically speaking. Greek crisis the without […]


READ THE ORIGINAL POST AT www.keeptalkinggreece.com

Grexit and the Morning After

The essence of the Greek situation is that the actual parameters of a short-run deal are clear and unavoidable: Greece can't run a primary budget ...


READ THE ORIGINAL POST AT krugman.blogs.nytimes.com

Greece’s Governing Left Divided Over Debt Terms

ATHENS—As financial pressure mounts on Greece to sign a deal with its foreign lenders, Prime Minister Alexis Tsipras is facing what may be his biggest problem yet: the struggle within the ruling Syriza party over whether to swallow creditors’ tough ...


READ THE ORIGINAL POST AT www.wsj.com

Bulgaria, Greece, Turkey join hands to fight migration

Bulgaria, Greece and Turkey agreed on Monday to set up a common border police and customs centre to exchange information to combat a surge in illegal migration.


READ THE ORIGINAL POST AT uk.news.yahoo.com

UPDATE 1-IMF's Blanchard says Greek budget proposals will not provide

(Adds detail on Greek budget, Blanchard comment on pensions) ... Three weeks ago, the European Commission slashed Greek growth and surplus ...


READ THE ORIGINAL POST AT www.reuters.com

Greek PM convenes emergency meeting of his bailout negotiation team

Tsipras says technical talks with Greece’s creditors would resume amid fears Athens is close to running out of money as €1.6bn IMF debt repayment loomsThe high-stakes game of brinkmanship between Greece and its creditors intensified on Monday after the Greek prime minister convened an emergency meeting of his political negotiation team to avert a looming financial crisis.Amid mounting fears that Athens is close to running out of money, Alexis Tsipras said technical talks would resume to find a mutually agreed deal. Related: Greece warns it is set to default on debt repayment loans Continue reading...


READ THE ORIGINAL POST AT www.theguardian.com

Greece pledges to keep repaying creditors

Struggling Greece will keep repaying its EU-IMF creditors for as long as it can, with some 300 million euros ($A421.88 million) due next week and no ...


READ THE ORIGINAL POST AT www.9news.com.au

Greece's latest crisis cliffhanger: Will government find the money for June IMF payment?

Louisa Gouliamaki/AFP/Getty ImagesIt's not clear whether Greece will be able to make a June 5 payment to the International Monetary Fund.


READ THE ORIGINAL POST AT business.financialpost.com

Tsipras wins party backing over Greek bailout talks

PM still faces opposition from hardline faction in coalition


READ THE ORIGINAL POST AT www.ft.com

Rob Ryan shows off dance moves at Greek Festival

Rob Ryan can let his hair down — wait, it's always down, but you get the idea — at the New Orleans Greek Festival. The Saints defensive coordinator ...


READ THE ORIGINAL POST AT www.sportingnews.com

Greece: Sorry IMF, we can't repay your loan

Source: www.wnd.com - Monday, May 25, 2015 (FINANCIAL TIMES) — Greece has again threatened to default on loan repayments due to the International Monetary Fund, saying it will be unable to meet pension and wage bills in June and also reimburse €1.6bn owed to the Fund without a bailout deal with creditors. “The money won’t be given . . . It isn’t there to be given,” Nikos Voutsis, the interior minister, told the Greek television station Mega. He claimed the EU and IMF were pressuring Greece to make unacceptable concessions in the current bailout talks in return for unlocking €7.2bn of aid frozen since last year.All Related | More on Greece


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Greece Warns of Possible Default on IMF Debt Repayment in June

Greece will honour its debt repayment obligations to international lenders “to the extent” that it is able to pay, a government official said on Monday. "It is the government's responsibility to be able to repay all these obligations ... it is also the responsibility of the creditors to be faithful to (their) loan obligations," government spokesman Gabriel Sakellaridis told journalsts in Athens. Sakelaridis spoke a day after Greece’s Interior Minister Nikos Voutsis warned that the country has no money to repay EUR 1.6 B to the International Monetary Fund (IMF) on time next month unless it reaches a bailout extension deal with its creditors. The payment must be made in four separate instalments between June 5-19 as part of Greece’s settlement for the bailout received in 2011. “This money will not be given. There isn't any to be given,” Voutsis told Greek TV station Mega. Greece’s left-wing government of Prime Minister Alexis Tsipras has ruled out a default on payment obligations to public sector workers and pensioners, saying they have first claim on the shrinking resources in state coffers. Greece has been holding tough talks with the its eurozone partners and the IMF over the past four months, trying  to unlock some EUR 7.2 B in bailout aid to avert default. The lenders are increasing pressure on Tsipras' government to agree to more spending cuts and economic reforms in order to secure the rescue funding but Athens claims that further austerity measures will strangle the Greek economy which is trying to emerge from one of the deepest recessions in modern times. “There is a compelling need" for Greece and its creditors to reach a deal, Sakellaridis said. A Greek delegation is expected to resume negotiations in Brussels on Tuesday with the heads of the institutions overseeing the aid programme of the cash-strapped country.


READ THE ORIGINAL POST AT www.novinite.com

‘To Potami’ Will Vote for an Agreement with Greece’s Creditors

Greek opposition “To Potami” leader Stavros Theodorakis made it clear on Sunday that his party is prepared to vote in favor of an agreement with Greece’s creditors when the government brings it to Parliament. “We are absolute. The other parties and some politicians might bargain and discuss but we said from the beginning that we will vote for this agreement. If Tsipras and our partners agree on a text, ‘To Potami’ will vote for this agreement without provisos,” he said. At the same time, he stressed the Prime Minister’s obligation is to now get the various groups and wings within his party under control, and behind the changes and reforms that must be made. Speaking in Kissamos, Crete, Theodorakis also denied press reports claiming that ‘To Potami’ was planning to cooperate with other parties in case of snap elections. Among others, he pointed out that the parties that had governed Greece until now bear grave responsibilities for the country’s current state. “I understand SYRIZA’s concern to put ‘To Potami’ in the same category as the other parties and consider that its opponent is one. But things are not like that. ‘To Potami’ was created to clash with the old. Every form of the old,” Theodorakis said. He underlined that his party is opposed to partisanship, cronyism, lack of meritocracy and all those things that are still continuing today under SYRIZA. Among others, Theodorakis expressed doubts about whether SYRIZA is in a position to carry out the major changes that the country needs, even if an agreement with creditors is struck. “Therefore, there is a major responsibility for the SYRIZA europhiles to clash with populists and ideologists and help the country in a broader front for a European reorganization and growth,” he added. (source: ana-mpa)


READ THE ORIGINAL POST AT greece.greekreporter.com

Greek PM Tsipras to Continue Negotiations, SYRIZA Extremists Insist on Rift

While time and money is running out for Greece, Prime Minister Alexis Tsipras pushes for a deal with creditors having to deal with SYRIZA extreme leftists insisting on a rift with creditors and Europe. During the Sunday meeting of SYRIZA’s Central Committee and Parliamentary Group, the so-called Left Platform, led by Minister of Productive Reconstruction, Environment and Energy Panagiotis Lafazanis, voted for a rift with creditors. The Tsipras side won by 95 votes while 75% voted in favor of a default. However, the Greek PM stated that he will not sign a deal that will contain austerity measures or cross the red lines set by the Greek government. Overall, the agreement to be signed will not be a “humiliating compromise,” Tsipras said. He also criticized Europe’s “austerity fanatics” who continue the failed economic policies. The decision taken after the two-day meeting was that Athens will sign an agreement with creditors under the conditions that there will not be any cuts in pensions and salaries, primary surplus targets should be low, there should be debt reconstruction and measures for economic growth. Furthermore, the official announcement said that if international creditors continue the tactics of financial asphyxiation, the government will put the payment of public sector salaries and pensions as a priority and not the repayment of loan installments. Therefore, creditors must also seek a mutually beneficial agreement. Overall, the SYRIZA announcement said that the government will stay true to its pre-election campaign pledges and continue to govern following the people’s mandate they received on the January 25 elections.


READ THE ORIGINAL POST AT greece.greekreporter.com

Historical Athens Hotel Shuts Down Due to Debt

  Penteli╬║on, the historical hotel in Kifisia, the upscale, northern Athens suburb, is shutting down due to debt after 88 years of operation. On Monday, the hotel management informed all guests to find accommodations elsewhere, while staff were advised to seek employment elsewhere. Pentelikon, one of the emblematic hotels in Greece, was built in 1927 at Kefalari Square and for the past 88 years has served the rich and famous, including several Greek politicians. Financial problems started a few years ago when the economic crisis hit the country, culminating on February 2012 when 80 employees started work retention procedures. Since 1984, the hotel belongs to the Haris Vardis family, a Greek-Australian family that also owns a restaurant chain. A few years ago, the company started having financial troubles. In 2013, Vardis was arrested for substantial debts to the Greek Social Security Fund (IKA). According to President of Hospitality Workers Union Nikos Papageorgiou, Vardis owed a lot of money to many people, including hotel employees. He had fired employees who were forced to resort to work retention, while the new staff he had hired were never paid their wages. In recent years, a Greek entrepreneur who was conducting businesses in Africa had offered Vardis to become partners in Pentelikon but the deal never materialized.


READ THE ORIGINAL POST AT greece.greekreporter.com

Greek Negotiations Resume Tuesday to Discuss VAT and Pensions

Negotiations between Greece and the Brussels Group will resume on Tuesday with value added tax and pension reforms as the main topics. The Greek team will propose three VAT rates of 23%, 14% and 7%. Creditors, on the other hand, suggest two rates at 10% and 23%. Athens proposes 7% VAT on food staples, medicine and books, 14% on food, utility bills and clothing, and 23% on cars, alcohol, tobacco and electronics. It is estimated that the changes would increase tax revenues between 500 million euros to one billion, thereby closing a big part of the 2015 fiscal gap. Regarding pension reforms, the Greek team will propose the abolition of early retirement but will refuse any cuts in supplementary pensions that pertain to about 200,000 pensioners.


READ THE ORIGINAL POST AT greece.greekreporter.com

Greece can't accept a cure that's worse than the disease

The problem is simple: Greece's creditors insist on even greater austerity for this year and beyond – an approach that would impede recovery, obstruct ...


READ THE ORIGINAL POST AT www.theglobeandmail.com

20% of Greek employees await for their salaries 3-12 months

Here we are: competitive and eager to work for investors bringing development and growth. Here we are: Greeks eager to work for no money or for the prospect of being paid some time in the future – near or far, it doesn’t matter. Main thing we have an occupation to […]


READ THE ORIGINAL POST AT www.keeptalkinggreece.com

Greece pledges to 'meet June debt repayments'

Greece intends to keep repaying its debt, a government spokesman said, days after Interior Minister Nikos Voutsis warned it had run out of funds.


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Euro Madness: Greece Is the Word For Impending Financial Doom

Greece is facing a June 'cash crunch' in the latest development in its ongoing fiscal crisis. The country will be unable to find the €1.6bn (£1.1bn) sum it ...


READ THE ORIGINAL POST AT www.breitbart.com

Greece: We really mean it this time

As Greece nears another payment deadline, its leaders are issuing increasingly dire warnings about their inability to make good on their debts.


READ THE ORIGINAL POST AT www.politico.eu

Australia makes its mark on global coffee culture

Canberra (AFP) - Australia is world-renowned for its love of beer. But its passion for a different type of brew -- coffee -- is what has been making global headlines recently.Sasa Sestic, from the capital Canberra, is the second coffee maker from Down Under to win the World Barista Championship in the competition's 15th year which drew national champions from some 50 countries.Young, driven and keen to shake up the coffee scene, Sestic, like many of his Australian peers, is helping to shape global tastes in the brown beverage.He wowed international judges at the annual competition in the United States in April, using winemaking techniques and a special ingredient -- shiraz viognier grape juice sourced from a Canberra vineyard -- to become the surprise champion."I started competing initially to learn and the major reason I have been competing for the last two years is to bring a message to the coffee industry -- that I can potentially improve our industry and make it better," Sestic told AFP about his desire to encourage innovative approaches to coffee-making."Those 15 minutes in Seattle in the finals were my biggest moment, the best in my coffee career. Even if I finished at number two, three or four, I could not have done things any better."A wave of post-war immigrants from Turkey, Greece and particularly Italy has long seen Australia embrace the bean culture.But more recently, its citizens have been driving innovation in the sector through more sophisticated espresso-based brews and vibrant cafe experiences, said Australian Speciality Coffee Association's Brent Williams, who has served as a judge at the barista championships."A lot of the younger generation that have come through have moved away from the beer-style culture, especially the urban dwellers," Williams told AFP, adding that there was a growing thirst for new coffee experiences."Italians have their particular way of doing coffee and they are very rigid in making sure that it stays to the Italian tradition, whereas Australia and New Zealand are quite international countries."So they are making coffee and developing it so that it suits international requirements."- Australian tastes go global  -Sestic, a former Australian Olympian in handball, was born in Bosnia and lived in Serbia before moving Down Under at 18 with his family. He has been unable to step away from coffee machines since he began working with one in 2001.Now 37, he runs a Aus$10 million (US$8 million) business that includes three Canberra cafes and a wholesale green-bean company connecting coffee farmers in developing countries with international clients in countries such as China, Hong Kong and Malaysia.Entrepreneurs like him have thrived as Australia's robust coffee market goes from strength to strength, even during slower economic periods, expanding at an annualised 3.2 percent over the past five years, market researcher IBISWorld said in an April report.More of a brewers than growers market, the domestic industry was estimated to have generated Aus$4.3 billion in revenue over the 2014-15 financial year, IBISWorld added. The report noted the Australian market was "highly fragmented and traditionally encompasses a larger number of single-establishment owner-operated cafes". As a result, prominent chains have struggled to find favour with the country's sophisticated coffee clientele.Starbucks, which dominates some international markets, saw its Australian operations lose money in the years after its first store opened in Sydney in 2000. The chain was taken over locally by Australia's 7-Eleven owners, the Withers Group, in 2014.Regular "Flat White" drinker, Ben Neville, 36, said he enjoyed building rapport with local cafe owners -- something that is lacking in big chains. "It's more standardised in Starbucks," Neville said of the way the coffees are made. "I also think that as a perception, you get a more genuine product from a local cafe, whereas from a major chain, you get something that's more artificial or prefabricated."Australian tastes have instead invaded Starbucks, with the company introducing the "Flat White" -- steamed milk poured over one or two shots of espresso, believed to be an Antipodean invention -- to its American menu in January.- 'Rich, intense, very Australian' -Meanwhile, Australian entrepreneurs are finding friendly tastebuds in New York, opening a string of cafes there named after streets in the southern city of Melbourne.They followed in the footsteps of coffee roasters Toby's Estate. New Yorkers were quick to embrace its Australian-style brews, and just several months after opening a cafe in trendy Williamsburg in 2012, Toby's Estate was nominated as a top pick in a local coffee guide book."The coffee is rich and intense, and so very Australian," was another nod, from the New York Times.Toby's Estate has also expanded to Singapore, with Asia seen as a promising market where middle-class consumers are seeking out Western-style coffees.Sestic, who sources beans from 10 countries and 50 farmers, is hopeful he can bring his Australian cafe experience to Asia."We are so far away from coffee farms -- from Brazil, Central America, Africa -- but yet we are one of the leaders in the world in speciality coffee," he said."I believe what we have in Australia is very special, very diverse and pretty amazing."Join the conversation about this story »


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Greek Cyprus, Egypt conduct joint drill in Mediterranean

Greek Cyprus and Egypt conducted a joint search-and-rescue operation exercise in the eastern Mediterranean in the latest sign of deepening ...


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IMF's Blanchard says Greek budget proposals will not provide surplus: Les Echos

Three weeks ago, the European Commission slashed Greek growth and surplus projections and said it expected Greece's primary surplus - the ...


READ THE ORIGINAL POST AT news.yahoo.com

Greek Crisis: Finance minister warns euro could unravel if Athens leaves single currency

Meanwhile, Greek Interior Minister Nikos Voutsis warned on Greek TV yesterday that a compromise has to be reached over the IMF bill. Voutsis said ...


READ THE ORIGINAL POST AT www.ibtimes.co.uk

EUR/USD vulnerable to Greek rhetoric – MP

“Greece remains steadfast with PM Tsipras reiterating that there is a limit to what the Greek government is prepared to accept from the creditors.


READ THE ORIGINAL POST AT www.fxstreet.com

Former banker to head Greece's bank bailout fund

The Greek government named former banker George Michelis as chairman of the country's bank rescue fund on Monday, which has been without a head since the resignation of both its chairman and chief executive earlier this year. The Hellenic Financial Stability Fund (HFSF), financed by the country's bailout package, is the rescue vehicle that recapitalised Greece's big banks and covered the costs of winding down others deemed non-viable. Michelis has held a series of posts in the banking industry, including CEO at Bancpost, a Romanian subsidiary of Eurobank , and chief operating officer at Egnatia Bank, where he was a founding member.


READ THE ORIGINAL POST AT uk.news.yahoo.com

Greece to make debt payments 'for as long as possible'

Greece will continue paying its debts as long as it is able to, the government said Monday, a day after its ruling leftist coalition narrowly rejected a call ...


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Greece says it has no plans for capital controls as debt crisis deepens

If Greece fails to make its payment and pulls out of the euro, it will lead ... Greece was close to a bailout deal and had no need for capital controls.


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IMF's Blanchard says Greek budget proposals insufficient to ensure a surplus

Greece's budget proposals are insufficient to ensure a surplus this year, International Monetary Fund chief economist Olivier Blanchard was quoted as saying on Monday. Blanchard told French financial daily Les Echos in an interview that Greece was supposed to have a 3 percent 2015 budget surplus, but that this goal was probably not realistic at the moment. "Considering that the most recent estimates mention a substantial budget deficit, we need credible measures to transform this into a surplus and maintain this surplus in the future," Blanchard was quoted as saying.


READ THE ORIGINAL POST AT uk.news.yahoo.com