Europe is altering the deal, and Greece better pray it doesn't alter it any further. That, at least, was the message Europe sent with it latest bailout ...
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How the world sees Greece
Thursday, June 25, 2015
Europe strikes back: It seems to be trying to push Greece out of the euro
European Union Comes Up With a Plan to Ease Migrant Crisis
Member states will take in 40,000 migrants currently in Italy and Greece
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As Common Ground Nears, Greece Not Flying Into The Arms Of Russia
This weekend will be the highlight of the Greece crisis to date, and likely show that creditors and the Greek government have moved closer to agreement. That will keep Greece in the eurozone and out of Russia's waiting sphere of influence.
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Greece adopts law granting nationality to immigrants' children, conditional on schooling
Greece has adopted legislation granting nationality to the children of foreign nationals living in the country, provided they attend or have attended school in the country.
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Greek deal Q&A: What's holding things up?
For the last five months, global markets, economists and politicians have had to watch the slow car crash that is the reforms-for-rescue talks between ...
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No deal on Greek crisis as finance ministers meet
Greece has failed to agree to the latest creditors' proposal aimed at ending the Greek impasse, the head of the eurogroup has confirmed. The finance ...
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Angela Merkel – is the Greek crisis too big for Europe's most powerful woman?
Angela Merkel with Alexis Tsipras, the Greek prime minister, in Berlin in March. 'She did not embark on her political career with much instinctive ...
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Hollande Says Greek Deal Possible as Merkel Sees No Progress
French President Francois Hollande held out the prospect of a deal for Greece even as German Chancellor Angela Merkel said negotiations looked to ...
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Weekend deadline for Greece after negotiations draw blank
Finance ministers will meet on Saturday to attempt to thrash out a deal before Monday’s markets openGreece’s creditors have set the country a weekend deadline to avoid default and stay in the eurozone, after more than 24 hours of non-stop Brussels negotiations at the highest level resulted in stalemate.After talks between Athens and its creditors failed to reach an agreement on Thursday, a further meeting of eurozone finance ministers will be held on Saturday in a bid to achieve a breakthrough. With the German chancellor Angela Merkel insisting that a deal must be reached before markets open on Monday morning, Greece is now running out of time to secure an accord and make a €1.6bn payment to the International Monetary Fund (IMF) on Tuesday. Continue reading...
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Moody: Grexit puts Cypriot banks in risk
Nicosia, June 25, 2015/ Independent Balkan News Agency By Kyriacos Kyriacou A Greek exit from the euro area could have negative consequences on Cypriot banks ratings agency Moody`s said on Thursday. “Although Cypriot banks hold insignificant direct exposures to Greece following the sale of their Greek operations in March 2013, a worsening of the situation […]
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With no Greek deal yet, European shares end mixed
… closed lower on Thursday as Greece failed again to clinch a … whether the markets expect a Greek default. Peregrine & Black senior … of the back-and-forth surrounding Greece. "Forget Greece, buy Europe," BCS …
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Greece crisis deepens as another talk ends without deal
Meeting of eurozone finance ministers breaks up, extending standoff between Greece and its creditors into weekend.
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Hellenic Petroleum to Submit Offer for Exploration Rights in Ionian Sea
Hellenic Petroleum will submit an offer in a tender for hydrocarbon exploration rights in field 1 of northwestern Ionian Sea, which has raised doubts from Albanian authorities. Addressing a general shareholders’ meeting, Hellenic Petroleum CEO Grigoris Stergioulis said the company has discussed the issue of field 1 with the Greek Foreign Ministry and decided to submit an offer -although it is not the most interesting project- to avoid any questioning of the country’s territorial rights. Chairman Efstathios Tsotsoros expressed the Group’s full support to the families of the four workers who lost their lives during a fire accident, “the worst accident in the company’s history” as he noted. Referring to current developments, Tsotsoros said that completion of the negotiations will limit uncertainty, although the measures currently discussed will possible affect economic growth. Stergioulis added that with a euro-bond issue in 2014, Hellenic Petroleum is prepared to face any difficult situations and underlined the challenge of operating in international markets while the domestic banking system is facing liquidity problems. Tsotsoros said the Group’s strategy envisages a further strengthening of export activities (Hellenic Petroleum already exports 50% of production), evolving into a significant energy group in Eastern Mediterranean, strengthening safety, raising retail market shares from 30% to 40% over the next five years. Domestic market losses total 42% since 2009. Hellenic Petroleum plans to lower its debt by selling non-strategic participations by 2017. (Source: ANA-MPA)
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New Democracy Criticizes Parliament President for Summoning Greek Central Banker
Greek main opposition New Democracy accused Parliament President Zoe Konstantopoulou of pursuing “personal objectives” after a parliamentary panel decided to summon Greece’s central banker Yiannis Stournaras on Friday. “New Democracy will not contribute to the tension pursued by the Parliament President,” the party’s parliamentary group secretary Giannis Plakiotakis said, while he accused Konstantopoulou of pursuing “personal objectives.” Plakiotakis questioned the timing of her decision to summon the Bank of Greece (BoG) Governor, saying she is “fanning the flames” at a critical phase of the negotiations and showing “resentment” for the independence of institutions. (source: ana-mpa)
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Varoufakis: Some Finance Ministers Criticized the Institutions’ Proposal, Greek Talks to Continue
Greek Finance Minister Yanis Varoufakis said on Thursday that two documents have been submitted to the Eurogroup, one by Greece and another by creditors, adding that talks will continue until there is a solution. “Two documents at the Eurogroup. Interestingly, several colleagues disagreed and criticized not only our text but also the text of the institutions,” Varoufakis told journalists after the meeting of Eurozone Finance Ministers in Brussels ended without any conclusion. “We shall continue our deliberations, the institutions are going to look again at the two documents – our document and their own, there will be discussions with the Greek government, and we will continue until we find a solution,” he added. In the meantime, well-informed sources said Eurozone member-states are gravitating toward convening a new Eurogroup meeting on Greece this Saturday, while negotiations will continue on Thursday and Friday to achieve an agreement on a technical level. European sources noted that it would be desirable if this agreement was ratified by the Greek Parliament as soon as possible, within the next few days. (source: ana-mpa)
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If Greece Defaults, Imagine Argentina, but Much Worse
Greece is hardly the first nation to face the prospect of defaulting on its sovereign debt obligations. Argentina has defaulted on its external debt no ...
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Stocks slip as investors balance Greece, consumer spending
NEW YORK (AP) — U.S. stocks were lower in afternoon trading Thursday as it appeared Greece's debt talks will have to be extended until the weekend. Health care stocks rose sharply after the Supreme Court upheld the Affordable Care Act's insurance subsidies.
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Spending on the Spree
Come shop with us GERMANY’S neighbours in the European Union have long wished that its parsimonious citizens would save less and spend more, to boost the economy of the whole region. Might this now be happening, as Germany enjoys growth in both jobs and wages? Unemployment, down to 6.4%, has continued to fall despite the introduction of a national minimum wage in January. Last year nominal pay rose by 2.9%, and with inflation negligible it was the best year for real wage growth since 1999, notes Heiko Peters, an economist at Deutsche Bank. Despite worries about the knock-on effects of a possible Greek exit from the euro, the German public’s confidence has climbed steadily, according to a survey by GfK, a market-research outfit (see chart). As a result, spending is beginning to tick upwards. And outsiders are noticing: earlier this month Hudson’s Bay Company, a Canadian retailer, outbid an Austrian firm, Signa, to buy Kaufhof, Germany’s biggest department-store chain. ...
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No deal for Greece and creditors
Without a deal by the weekend to unlock frozen aid, Greece, which has received two bailouts worth 240 billion euros since 2010
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Wall St. little changed; health stocks rally
(Reuters) - Healthcare stocks surged after the U.S. Supreme Court upheld tax subsidies key to Obamacare but the broader market was little changed in afternoon trading as concerns over the Greece debt crisis weighed.
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From menu of crises, Greece risks eating Europe's dinner
BRUSSELS (Reuters) - European Union leaders faced a daunting list of crises as they began their summit on Thursday, notably migrants crowding in at their southern borders, Russia growling in the east, Britain's threat to quit and a desperate need to create jobs.
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Greek government divided over migrant law but measure passes
ATHENS (Reuters) - Greek lawmakers passed a bitterly-contested law on citizenship for the children of migrants on Thursday, in a vote that split the ruling coalition but pointed toward possible alternative alliances for the ruling Syriza party.
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Erdogan's Fall From Grace
Turkish President Erdogan's May 2013 plan to raze Gezi Park in Central Istanbul and replace it with a replica 19th century Ottoman barrack prompted anti-government protests in Istanbul and other cities across Turkey, which led to violent confrontations where the police used disproportionate force. Thousands of demonstrators were injured, and thousands more faced legal proceedings and lost their jobs. Some defendants were charged with terrorism offenses (many are still on trial) and many others spent up to 10 months in detention before being bailed out. I believe that the Gezi Park incident was a historic turning point marking the beginning of the end for Erdogan's political fortunes. What appeared to be a reaction to Erdogan's plan was in fact triggered by a much deeper and long-simmering public resentment toward the Erdogan government. The steady erosion of sociopolitical conditions, the growing restrictions on free speech, and the pervasiveness of the governing Justice and Development (AK) Party created deep anxiety and fear among the general public as they witnessed the gradual transformation of their country from a democracy to a police state. There are five dimensions that demonstrate how Erdogan has badly regressed from what would have otherwise been his great legacy. The first is the social dimension in which, undoubtedly, Turkey made noteworthy progress between 2002 and 2010. In 2001, Turkey adopted the Accession Partnership that provided Ankara with a roadmap to bring about "democracy and the rule of law..., human rights and protection of minorities" as a prerequisite for EU membership negotiations to begin. The parliament passed several laws to protect the rights of defendants and detainees, transfer supervision of civil society organizations from the police to civil authorities, institute judicial reforms, and guarantee freedom of speech. In addition, Turkey passed laws allowing Kurdish radio broadcasts as well as providing the option for private Kurdish-language education. However, these reforms begun to erode as Erdogan started to compromise on the progress that sustained his power base, all for the sake of amassing more power, while pushing ever more the Islamization of the country. According to Human Rights Watch's 2015 World Report, the government increasingly betrayed its principles and committed violations, including unjustified prosecutions for alleged speech crimes, the "abusive" use of terrorism charges such as "membership of an armed organization," prolonged pretrial detention (especially of journalists, student and lawyers), and the systematic intimidation of any individual or party that objects to, or opposes, government policy, not to speak of the rampant corruption at the top. The second dimension is the political reforms that Erdogan has embraced, including changes in Turkey's National Security Council (NSC) regulations to reduce the military's omnipotent power over it by increasing its number of civilian members and appointing a civilian as Secretary General, increased governmental transparency, and the abolishment of the State Security Courts. In recent years, however, Erdogan started to freeze these political reforms and rob them of their essential purpose of developing a progressive form of democratic governance. He used a democratic façade to direct electoral authoritarianism, where politically-motivated indictments detained nearly one-third of the high military brass, and government opponents were put under house arrest on trumped-up charges of conspiring to topple the government. The third dimension is economic development, where the government aggressively embraced capitalism and, due to diplomatic openings in the global market (especially in the Middle East), managed to open several new markets for Turkish exports. These efforts have accelerated economic growth to unprecedented levels in Turkey's modern history. From the time the AK Party took power in 2002, Turkey's per capita income almost tripled by 2011, with the GDP exceeding $774 billion that year, making it the eighteenth largest economy in the world. That said, Turkey's economic growth has not benefited the Turkish population equitably. Tens of millions of people still suffer from economic disparity. In 2012, the Turkish economy's growth slowed to 2.2 percent, far behind the 9 percent growth of 2010 and 2011, a downturn that has seriously eroded Erdogan's political base. The fourth dimension is foreign policy, which was centered on the principle doctrine of ensuring "zero problems with neighbors" that Prime Minister Davutoğlu (the then-foreign minister) espoused and worked diligently to implement. Yet presently, the picture looks drastically different. There is hardly any neighboring country (and many others in the region) that Turkey does not have a problem with, including Armenia, Greece (over Cyprus), Iran, Iraq, Syria, Saudi Arabia, Israel, Egypt, etc. Turkey has also strained its relations with the US and the EU over their differing policy toward Syria and the campaign against ISIS. The irony is that while "zero problems with neighbors" requires political and diplomatic savviness to resolve problems, Erdogan largely opted for a confrontational approach. The fifth dimension is the growing imbalance between Islam and democracy. By all accounts, the government has gone far beyond a healthy mix of religion and democracy. Erdogan has systematically embraced religiously-oriented policies both domestically and within Turkey's foreign relations. He favors any organization or country with strong Islamic credentials (such as Qatar and Hamas) over others, regardless of the conflicting issues involved. Instead of striking a balance between a democratic form of government and Islam as the religion of the state, Erdogan's deliberate abandonment of political and social reforms in favor of growing Islamic indoctrination (in contradiction to the republic's founding principle) began to backfire. Erdogan badly underestimated the strength and popularity of Turkish secularism. To be sure, Erdogan's backsliding on all fronts has finally caught up with him. His successes during his first two terms seem to have blinded him. As a result, his ambition to change the constitution to grant him near-absolute power as president was overwhelmingly rejected by the electorate. The Turkish public will do well to remember that only through the power of the ballot were they able to stifle Erdogan's blind ambition, and by the wise use of the ballot in the future they can restore Turkey's potential as a great democratic power and a significant player on the global stage. Erdogan's dream to preside as President during Turkey's one hundredth anniversary in 2023 with near-absolute power and become the Atatürk of modern Turkey has now evaporated. His insatiable lust for power, arrogance, and the dictatorial manner by which he wielded his authority have finally done him in. As Shakespeare once observed, "it is excellent to have a giant's strength; but it is tyrannous to use it like a giant." -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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Greece edges closer to debt default
BRUSSELS - Greece is one day closer to a potential government debt default after talks with the cash-strapped country's creditors ended without a ...
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Greece and creditors at loggerheads
Greece and its international creditors remain at loggerheads over reform measures that Athens must introduce to unlock billions of euros in loans and prevent a likely bankruptcy of the country. At talks in Brussels, leaders from the International Monetary ...
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A Greece default would probably have a miniscule impact on the US economy (GREK)
Negotiations between Greece and its creditors are coming down to the wire. European stocks markets have reacted uneasily at best to this news. Those in the US, however, probably shouldn't worry. "The direct effects on the US are minimal," said Paul Mortimer-Lee, chief economist at BNP Paribas, in a meeting attended by Business Insider on Thursday. Mortimer-Lee noted that exports from the US to Greece were less than a billion dollars of the total $2.25 trillion outflow, a miniscule amount. Additionally, exports only make up one-seventh of US GDP. So in GDP terms, Greek exports are only .006% of the total US economy. In an accompanying note, Mortimer-Lee also pointed out that a Greek default wouldn't really shake up US banks either. "Bank for International Settlements Figures show that the exposures of US banks to Greece amounts to $12.7 billion, or just 0.04% of total cross border claims," the note said. The biggest impacts Mortimer-Lee said would be indirectly through a shaky European market. So far, it hasn't made much of a stir in US stocks. "On June 22, news that Greece had made new proposals to its creditors prompted the Euro Stoxx to rally 4% on the day. The spill-over effect on the S&P was only 0.6%," said the report. A Greek default, however, could end up influencing the Fed. "The Federal Reserve would probably wait and see with the Greek issue before raising rates," said Mortimer-Lee, as this scenario could create an uncertain outlook for markets, adding, "In that case then, central bankers, when they're uncertain, tend to do nothing."SEE ALSO: Bill Gross thinks there's a less than 50% chance we get a deal in Greece Join the conversation about this story » NOW WATCH: The coolest 100 people in Silicon Valley in 100 seconds
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Bill Gross thinks there is less than a 50% chance we get a deal in Greece (JNS, GREK)
Bill Gross thinks the chances there is a deal in Greece are less than 50/50. Gross sent a tweet on Thursday from the Janus Capital account — where he manages the Unconstrained Bond Fund — that said he saw the chances at 40% for and 60% against Greece reaching a deal with its creditors. Gross: Reparations or Austerity for Greece? Both sides have a different point of view. 40/60 odds of a deal now. — Janus Capital (@JanusCapital) June 25, 2015 The Greece news flow over the past few days has been fast and furious, but the short of it is that right now, there is no deal in place for Greece to repay its creditors next Tuesday. This could lead Greece to default on its payment due to the International Monetary Fund, but because Greece owes money to the IMF — which is not quite the same as a company owing money to a bank — it would at least initially be considered in arrears rather than in default.SEE ALSO: The poster child for what was once a 'can't miss' investment is filing for bankruptcy Join the conversation about this story » NOW WATCH: 12 awesome facts about WWE superstar Brock Lesnar
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Greek Debt Talks Go Into Weekend as Default Deadline Looms
An agreement on a drastic Greek tax and austerity reform package is necessary for creditors to unfreeze 7.2 billion euros (8.1 billion dollars) in bailout ...
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Eurogroup chairman states persisting deep differences between Greece and creditors
At the session of the Eurogrpoup, European and international instituted offered information on Greece's latest proposals but contradictions between the sides remained unabated and quite serious
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EU to take in 40,000 migrants from Italy, Greece
By Robin Emmott and Francesco Guarascio BRUSSELS (Reuters) - EU leaders will agree on Thursday to take in 40,000 asylum-seekers from Italy and Greece to confront a growing migrant crisis in the Mediterranean but delay a decision on how to share them out, according to a draft final summit statement. Stung by the deaths this year of almost 2,000 migrants trying to reach Europe by boat, the European Union has promised an emergency response but not national quotas for housing people fleeing war and poverty in Africa and the Middle East. Governments will agree to "...the relocation over two years from Italy and Greece to other member states of 40,000 persons in clear need of international protection, in which all member states will participate," according to a draft seen by Reuters.
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Lost weekend: Greek debt talks could resume Saturday
Greece and creditors have failed to break their deadlock. The impasse raises fresh fears of a default that could see the country lose the euro.
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EUphoria: Greece …
Greece’s financial bailout was at the centre of discussion this week, but with the many informal talks, summits and one-on-one meetings, it was difficult to get the full story. As the Eurogroup met to sort out Greece, EU leaders got together next door. Of course, there were other items on the agenda, including the migrant […]
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Eurozone Greek debt talks suspended till weekend
Earlier talks between Greek Prime Minister Alexis Tsipras and the country's international lenders ended with sources saying that still no agreement ...
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Greece in overtime
The search for a compromise on Greece continues: Yet another key meeting of finance ministers has ended without an agreement. European leaders want a solution from the Eurogroup.
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Father of 'Grexit': Disaster if Greece leaves
The economist credited with coining the term "Grexit" said Thursday it would be a disaster if Greece leaves the euro zone. The real risk is not the ...
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‘…and then I said “Of course we’ll pay you back”!’: Greek PM Tsipras laughs with Italy and Germany’s leaders shortly after Merkel admits negotiations are ‘going backwards’
Without a deal by the weekend to unlock frozen aid, Greece will default on a repayment to the International Monetary Fund next Tuesday.
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ECB does not expand lifeline to Greek banking sytem in wake of German criticism
The European Central Bank held a crucial cash lifeline for Greece unchanged on Thursday, a person familiar with the discussion said, as the head of the Bundesbank objected to the way Greek banks are being funded. ECB policy-setters held the limit ...
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Greece debt talks fail to reach deal as deadline looms
Greece failed again to clinch a deal with its international creditors Thursday, setting up a last-ditch effort on Saturday to avert a default next week amid fears of financial market turmoil.
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EU leaders debate Greece but insist ministers negotiate
EU leaders discussed Greece's debt crisis with Prime Minister Alexis Tsipras for some two hours on Thursday in an unscheduled addition to their regular summit but insisted that negotiations be run by finance ministers, an EU official said. "There was an exchange of views on the way forward, not a negotiation," the official said, adding that leaders voiced hope that a planned meeting of finance ministers on Saturday could reach a deal to avert a Greek default next week. There was no plan for leaders of the 19 states that share the currency to meet separately on the sidelines of the EU summit on Thursday or Friday, the official said.
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Greece grants nationality to 2nd generation immigrants
ATHENS, Greece (AP) — Greece has adopted legislation granting nationality to the children of foreign nationals living in the country, provided they attend or have attended school in the country.
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Greek crisis casts pall over EU summit
An already complicated meeting now must take place against the backdrop of 11th-hour, stop-start negotiations on Greece.
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Greece's rich: insulated against an EU exit
Greek CEOs joined the ranks of demonstrators fearful of departing the eurozone, but many of the country’s most wealthy have already moved to cut their lossesThe security guard wrinkled his brow at the sight of an unfamiliar face. But when he found the name of the Guardian’s correspondent, left at the gate by a member, his demeanour changed. “Parakalo,” he said with a warm smile, handing over a card to open the turnstile. Either side, the walls were thick and high.This is the first time that Greeks of all classes are really worried that it could end badly Related: Greece bailout talks break down again Membership Event: Guardian Newsroom: Can Greece be saved? Continue reading...
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Model at Rick Owens show reveals banner reading ‘Kill Angela Merkel – not’
Famously controversial designer distances himself from stunt in which model seems to mount personal protest over Greek debt crisis Those at the Rick Owens show at Paris fashion week waited with bated breath. At the designer’s show in January, some models had walked down the catwalk in pieces that revealed their penises, with much debate following. Related: Why the penis is having a moment in men's fashion Continue reading...
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Eurogroup ends without deal, Merkel threatens “deal vs markets” & the IMF says “no default if payment missed 30.6″
After lots of anger and disagreement the Eurogroup ended on Thursday afternoon without a deal. Exiting the meeting, Greek Finance Mnister Yanis Varoufakis said that the Eurogroup decided to continue talks today and tomorrow and thus on the two documents submitted both by the creditors and Greece. “Discussion will continue […]
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Brilliant Eurogroup statement: “Ministers invited Greek authorities to accept Institutions’ proposal”
Brilliant. No more comment can be added. Below the Eurogroup statement issued after the EG finance Minister ended without agreement. “The Eurogroup was updated on the state of play of the intensive negotiations between the institutions (the European Commission, the European Central Bank and the International Monetary Fund) and the […]
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EU-IMF and Tsipras fail to reach deal as deadline looms
Greek Prime Minister Alexis Tsipras and his country's creditors failed to reach a bailout deal at emergency talks on Thursday, raising fresh fears that Athens will default on an International Monetary Fund (IMF) loan next week.
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40,000 Underage Girls Get Abortions Each Year in Greece
Despite the fact that the financial crisis has led to a significant reduction in abortions within the country’s borders, Greece still remains in the first ranks among European countries, with 80,000 abortions per year (the same amount as births). However, the fact that 50% of abortions in Greece are performed on underage girls, is worrying. The statistic data, released after a British study conducted by the Obstetric-Gynecological Clinics of University of London, reflect Greece’s tragic situation in regards to young girls’ education on contraception. Only 3% of Greek women prefer to go on the pill, while in Turkey 9% and in Europe one in two women choose the same method. In an interview with the Greek newspaper Eleftheros Typos, obstetrician-gynecologist Stefanos Chandakas University of Athens PhD and Curator of Obstetrics and Gynecology at the Princess Royal University Hospital in London, noted that abortions are painful on a physical and psychological level, especially in teenage girls. “The girls are stigmatized (physically and mentally), since many of the consequences follow them for the rest of their lives. The physical effects of abortion may be temporary such as contamination, thromboembolism, bleeding, perforation of the uterus, bowel injury, cervix the rupture and ureter injuries, while 5% of women who get abortions, are permanently infertile. Furthermore, American studies suggest that abortion increases the risk of breast cancer,” he said. Another factor that indicates the lack of young women’s education is that 27% of young women in Greece resort to the morning after pill (emergency contraception) to avoid an unwanted pregnancy. Last year, pharmacies sold around two million morning after pills. The study also showed an increase in the use of condoms (75% of Greek couples, compared to 30% in the past).
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Greek Budget Primary Surplus Up in January-May
The Greek budget showed a primary surplus of 1.506 billion euros in the January-May period this year, from a surplus of 707 million euros in the corresponding period in 2014 and a budget target for a primary surplus of 556 million euros. State budget figures, on an amended cash basis, showed a deficit of 1.399 billion euros in the five-month period, from a deficit of 1.990 billion last year and a budget target for a shortfall of 3.481 billion euros. Net budget revenue totaled 18.626 billion euros in the first five months of 2015, down 2.8 pct from targets, while regular budget net revenue totaled 17.048 billion euros, down 5.4 pct from targets. This development was attributed to a 94.5 pct fall in corporate income tax revenue and a 6.4 pct decline in VAT revenue. On the other hand, property taxes surpassed targets by 18.4 pct and other non-tax revenue were up 22.3 pct in the January-May period. Public Investment Program revenue reached 1.577 billion euros, up 417 million from targets. In May, state budget net revenue fell short of targets by 24.6 pct, while regular budget net revenue were down 24 pct from monthly targets. This development was attributed partly to the non collection of the first installment of corporate taxes (555 million euros) and the non collection of ANFAs (132 million euros). State budget spending totaled 20.025 billion euros in the five-month period, down 2.628 billion euros from targets, while regular budget spending totaled 19.053 billion euros, down 1.939 billion from targets. Regular budget spending was down 3.8 pct from the same period last year. Public Investment Program spending reached 971 million euros, down 689 million from targets and down 809 million euros from the same period last year. In May, state budget spending reached 3.7 billion euros, down 591 million from targets, while regular budget spending totaled 3.55 billion euros, down 311 million from targets. (Source: ANA-MPA)
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Greek PM’s statements before the European Council Summit
He is hopeful for a mutually-beneficial compromise
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Greece crisis: Talks break down in Brussels as Athens told to come back with better plans, while Cameron pushes renegotiation
… . Chinese whispers? #Greece https://t.co/z4dMizEPYD— The Greek Analyst (@GreekAnalyst) June 25 … the day on Greek debt talk angst. #Grexit #Greece pic.twitter.com … ". A Greek government official said last night that Greece was “remaining …
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