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Category Archives: Greek economy
EC autumn forecasts on Greek economy
According to EC autumn forecasts released today, Greek GDP contraction is expected to extend into 2013 to 4.2% from 6.0% in 2012. EC latest estimates are worse than its previous (spring) projections for 2012, when GDP was expected to slip … Continue reading
Some thoughts on the upcoming votes in the Greek parliament
Over the past 3 years, there was an escalated uncertainty over Greece’s fiscal consolidation, then funding needs and ultimately debt sustainability. During last elections, the previously simmering disagreement and social anger over the imposed austerity measures was transformed into a … Continue reading
Slight improvement of Greece’s general government balance in September – Strong performance in 9M’12
Latest MoF data show that general government deficit, according to cash data, eased by 48.3% y-o-y to €9,689m in 9M’12 from €18,744m last year, with primary balance recording a surplus of €1,249m from deficit of €4,146m in 9M’11.
IMF spokesman statements on Greece
During the regular bi-weekly press briefing held in Washington yesterday, IMF spokesman Gerry Rice confirmed that discussions on financing gap and debt sustainability have not been concluded, while there is good progress on fiscal and structural reforms.
Key highlights of Greece’s 2013 budget and 2013-16 MTFS
MoF unveiled yesterday the 2013 budget and the 2013-16 Medium-Term Fiscal Strategy (MTFS). The key difference of MoF current forecasts compared to those included in the draft budget tabled to parliament on October 1 involves a deeper recession in 2013 … Continue reading
Posted in Greek economy
Tagged Greek budget, Greek economy, Macro data, Privatisations
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Draft plan on Greek bank recapitalisation terms
Local press unveiled today the (final) draft plan on Greek bank recapitalisation terms, which is due to be discussed and approved at a meeting with the Hellenic Bank Association scheduled today at 1pm. Same sources indicate that recap terms may … Continue reading
Posted in Greek banks, Greek economy
Tagged Bank recapitalisation, Greek banks, Greek economy
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Greek credit contraction slightly decelerated in September
Latest BoG data show that credit contraction in the Greek market slightly decelerated to 4.5% y-o-y in September from 4.8% y-o-y in August, with balances reaching €231.8bn corresponding to 114.3% of GDP.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek credit, Greek economy, Macro data
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Greek deposits rebounded in September with inflows of €1.2bn
According to latest BoG data, deposits [private sector] rebounded in September with inflows of €1.16bn from slight outflows of €0.24bn in August and inflows of €3.0bn in July.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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September revenues resumed a negative trend, yet budget balance outperformed targets
As he had previously noted, MoF had revised FY’12 – and accordingly monthly – budget targets in the September preliminary budget execution bulletin (released on October 11), incorporating its latest forecasts included in the 2013 draft budget tabled to parliament … Continue reading
Revision of historical general government deficit and debt data
Hellenic Statistical Authority (ELSTAT) and Eurostat announced today the revised general government (gg) deficit and gross debt figures for 2008-11. It is reminded that statistical services’ previous data (first estimates for 2011) were released last April.
Greek banks’ Eurosystem funding marginally eased in September
Latest BoG data depict that Greek banks’ ECB funding marginally eased by €0.6bn or 2.0% m-o-m to €30.3bn in September. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism remained almost flat (down €0.2bn or … Continue reading
Revenues resumed a negative trend in September; Budget balance still outperforms revised targets
In the September budget execution bulletin, MoF revised FY’12 – and accordingly monthly – budget targets incorporating its latest forecasts included in the 2013 draft budget tabled to parliament on October 1.
IMF latest forecasts and statement on Greek economy
In its latest edition of World Economic Outlook and Fiscal Monitor, IMF sees Greek GDP contracting 6.0% in 2012 and 4.0% in 2013, while unemployment rate is expected to substantially rise from 17.3% in 2011 to 23.8% in 2012 and … Continue reading
Upward revision of 2011 GDP contraction results in slightly lower fiscal adjustment
Hellenic Statistical Authority announced on October 5 it has revised upwards 2011 GDP contraction to 7.1% from 6.9% before. Following this revision, which is based on final or more updated data on certain accounts from 2006 onwards,
Further improvement of general government balance in August
Latest MoF data show that general government deficit, according to cash data, eased by 43.2% y-o-y to €9,889m in 8M’12 from €17,409m last year, with primary balance recording a surplus of €1,440m from deficit of €4,161m in 8M’11.
Fiscal consolidation envisaged in 2013 draft budget will primarily stem from further cost cutting
MoF unveiled the 2013 draft budget, which envisages a general government primary surplus of €2.2bn or 1.1% of GDP and deficit of €8.0bn or 4.2% of GDP, implying a 2.5pp improvement compared to 2012 latest estimates. Note that 2013 forecasts … Continue reading
Posted in Greek economy
Tagged Debt, Greek budget, Greek economy, Macro data, Politics
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Credit contraction remained stable in August
Latest BoG data show that credit contraction in the Greek market remained almost stable at 4.8% y-o-y in August, from 4.9% in July, with balances reaching €233.0bn corresponding to 111.7% of GDP. Loan balances eased 0.6% m-o-m with net flow … Continue reading
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek credit, Greek economy, Liquidity
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Deposit flow reversed in August with slight outflows of €0.24bn
According to latest BoG data, deposit [private sector] flow reversed again in August with slight outflows of €0.24bn following inflows of €3.0bn in July. It is reminded that outflows had peaked to €6.7bn in June and (a historic high) €9.2bn … Continue reading
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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IMF brief update on current Greek economic situation
Following a speech at the Peterson Institute for International Economics, IMF Managing Director Christine Lagarde was asked to comment on recent press reports indicating a collapse in the discussions between the troika mission and the Greek authorities as well as … Continue reading
Revenues rebounded in August; Budget balance continues to materially outperform targets
MoF final data on August budget execution depict a rebound of revenues (excl. tax refunds), which soared 24.7% in August, primarily due to the payment of (part of) the personal income tax, following the extension that had been given for … Continue reading
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