Arab Today, arab today greece close to emerging from recession
Last Updated : GMT 05:42:12
Arab Today, arab today
Arab Today, arab today

Greece close to emerging from recession

Arab Today, arab today

Arab Today, arab today Greece close to emerging from recession

People walk by the Bank of Greece headquarters
Athens - AFP

The Greek economy, in recession for six years, shrank again in the second quarter of this year, but by only 0.3 percent, revised data showed on Monday.
The revised outcome from the statistics office Elstat was slightly worse than an initial estimate of minus 0.2 percent, but shows that the downturn is running out of steam, notably since the third quarter of last year.
The government forecasts that from now on the economy will show slight quarterly growth, and that the outcome for the whole of 2014 will be growth of 0.6 percent.
That would mark a a big step away from the national disaster of deep bankruptcy and rescue by the International Monetary Fund and European Union which came close to triggering a break-up of the eurozone.
In exchange for loans totalling more than 240 billion euros ($315 billion), the country has applied deep, and highly unpopular, reforms and cuts to pay and pensions to correct its public finances.
Reforms continue in order to improve tax collection and make the economy more efficient and exports more competitive.
The underlying state of the economy is slowly recovering as the second bailout programme approaches the end of its term in December when the country will be expected to have regained sufficient confidence on financial markets to be able to borrow normally.
Borrowing rates for eurozone countries, and notably those in deep difficulties, have fallen sharply in the last year and particularly in the last few weeks.
This is first because the ECB said it would help countries by buying their debt bonds, on tough terms, and more recently because the bank has signalled it may inject huge amounts of cash into the economy to ward off deflation.
The state of national finances and progress of reforms are stull under close supervision by the IMF, EU and European Central Bank.
- New audit in sight -
On Tuesday Finance Minister Guikas Hardouvelis and about 10 other ministers and senior officials are to begin three days of talks in Paris with these three creditor bodies, known as the Troika
The Greek government hopes that this auditing working session will be an opportunity for it to begin talks on reducing the debt burden by means of a debt restructuring, meaning reduction of the interest rate payable and of the length of the loans.
After a first such restructuring in 2012, the debt amounted to 318 billion euros or 175.1 percent of gross domestic product. Most of this is held by the IMF, the EU and ECB.
But the European Commission holds that the talks in Paris are intended merely to prepare for the full routine audit in Athens in September.
If it finds that finances and reforms are in line with targets, it would release the last instalment of EU loans of about 2.0 billion euros.
The last such audit at the end of June led the EU to release about 1.0 billion euros, although this followed several months of difficult negotiations.
Greece is committed to axing the jobs of 6,500 civil servants by the end of the year having already put about 20,000 public service workers on short-time working by either merging or abolishing public bodies.
The European Central Bank ia also concerned about a shortage of funding available to businesses, and also to banks which are weighed down by bad loans.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece close to emerging from recession Arab Today, arab today greece close to emerging from recession

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece close to emerging from recession Arab Today, arab today greece close to emerging from recession

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday