Tag Archives: Politics

EC spring forecasts on Greek economy

European Commission (EC) released on May 3 (Holy Friday for Greek Orthodox) its spring economic forecasts on Greek economy under the title “Contraction combined with a rebound of confidence” noting that a recovery in the Greek economy is expected to … Continue reading

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Key highlights of latest IMF report on Greece

The Executive Board of the IMF completed on January 16 the first and second review of Greece’s economic performance enabling the disbursement of the €3.24 tranche. Following Executive Board’s discussion, IMF Managing Director Christine Lagarde issued a brief statement with … Continue reading

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Highlights of Eurogroup decisions on Greece

Following a 12-hour Eurogroup meeting in Brussels on November 26/27, eurozone FinMins and the IMF reached the long-awaited agreement on Greece including debt buyback, significant extension of maturities, reduction of interest rates, deferral of interest payments and return of SMP … Continue reading

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EU Commissioner Olli Rehn delivers a very positive statement on Greece

Speaking at the European Parliament on November 22, EU Economic and Monetary Affairs Commissioner Olli Rehn delivered a very positive statement on Greece, ahead of the upcoming Eurogroup due on November 26:

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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

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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

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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

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Will current breeze turn to a wind of change?

ECB decision on unlimited bond purchases of euro area countries in trouble, even under strong conditionality, along with its acceptance of the ‘pari passu’ treatment of its sovereign bond holdings certainly improved market’s sentiment on the eurozone prospects and was … Continue reading

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Important macro and banking developments in an unusually interesting summer season

Unlike previous years’ summer season, a lot of important macro, political and banking developments are taking place in Greece this year. The government has to identify cost cutting measures of €11.5bn for 2013-14 in an effort to convince international partners … Continue reading

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Political leaders’ agreement and IMF MD statements provide support to Greece’s efforts

During a roundtable interview held at IMF headquarters in Washington, IMF Managing Director Christine Lagarde noted on Greece that

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A proposal for improving Greece’s international perception

There is a motto saying that “Caesar’s wife is not enough to be honest, she must also show it”. Perception nowadays is even equally important to actions, meaning that a negative perception for a positive action is almost equivalent to … Continue reading

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Resignation of HRADF CEO

Hellenic Republic Asset Development Fund (HRADF) CEO Costas Mitropoulos submitted his resignation to FinMin on July 19. In his resignation letter he stressed that “the newly elected government has not given the support needed. Instead, they have indirectly yet systematically … Continue reading

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Greek political leaders agree on basic directions of cost cutting measures and policy actions

As expected, the leaders of the three coalition parties and FinMin did not provide much detail on cost cutting measures, following a 3-hour meeting held yesterday. FinMin Yannis Stournaras stated that “we had a very good discussion and agreed on … Continue reading

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