Arab Today, arab today greece enters sixth year of recession
Last Updated : GMT 17:54:06
Arab Today, arab today
Arab Today, arab today

Greece enters sixth year of recession

Arab Today, arab today

Arab Today, arab today Greece enters sixth year of recession

Athens - AFP

Data released last week showed Greece entered its sixth straight year of recession, but there is now cautious optimism about the economy\'s prospects although unemployment is still hitting record highs and consumers are squeezed by pay cuts and tax hikes. On Tuesday, Greece\'s battered debt ratings received a rare upgrade from Fitch which noted \"clear progress\" on eliminating deficits. Relations with sceptical creditors have been repaired in recent months, permitting Greece to draw successive loan instalments from the eurozone in return for bringing reforms back on track. Foreign hedge funds are helping Greek banks to recapitalise after a damaging state debt write-down last year. And a long-delayed privatisation programme is finally getting off the ground, enabling Prime Minister Antonis Samaras to embark on a four-day journey to China this week in search of new investments. \"We are now more than half the way through to make a real comeback,\" Samaras said in a speech at the Chinese academy of social sciences in Beijing. \"I wouldn\'t be here if we hadn\'t turned in Greece our ship around,\" the PM said, noting that Greek bond spreads -- the gauge for country risk -- have receded by about two-thirds from record levels a year ago. In 2008, Greece signed with Chinese shipping giant Cosco a 35-year concession agreement to run two container terminals at Piraeus, the main Greek port. Now, Greece is hoping to entice Chinese interest in the privatisation of Athens International Airport and the sale of railways and real estate. \"Greek ports, Greek airports, and Greek railways can be a part of large commercial network extending way beyond Greece in the European hinterland,\" Samaras said. Athens also hopes to pitch the state\'s gas distributor to Russian investors and water companies to French firms. In return for two EU-IMF bailouts worth 240 billion euros ($309 billion), Greece has pledged to raise 9.5 billion euros in asset sales by 2016. But in addition to bringing money into state coffers, Greek officials say privatisation is needed to bring investment into companies to help spur growth and job creation. Unemployment in the country has climbed to 27 percent, a level unseen in Greece\'s modern history, with the rate at over 64 percent among the young. Samaras said the austerity \"is reaching a level of unbelievable social pain and dramatic problems in the area of social cohesion.\" Under the terms of its economic bailout, Athens must cut another 4,000 state-sector jobs this year and 11,000 in 2014. On three occasions this year, Samaras\' government has enacted emergency decree to thwart strikes from sailors, transport workers and teachers. \"Economic indicators should begin to slowly improve,\" Natixis analyst Jesus del Castillo said this week. \"But major risks remain in terms of political stability, reform application and external shocks,\" he added. The state statistics agency on Wednesday said Greece\'s economy had contracted by 5.3 percent in the first quarter of 2013 in an annual comparison. The equivalent contraction in the first quarter of 2012 had been 6.7 percent of output, the agency said. \"The first-quarter estimate of Greek GDP and the credit rating upgrade by Fitch suggests that the economy may finally be turning a corner,\" London-based analysts Capital Economics said in a note. \"But we still think that the economic forecasts underpinning the rescue package are too optimistic, implying that doubts about the Greek bail-out may return again in time,\" they added.

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 enters sixth year of recession Arab Today, arab today greece enters sixth year of recession

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 07:21 2017 Sunday ,19 February

Kenya, Egypt resolve to boost bilateral trade

GMT 05:42 2017 Sunday ,19 February

British consumers battered by Brexit inflation

GMT 05:19 2017 Sunday ,19 February

Russia is ready to act on strong ruble

GMT 05:13 2017 Sunday ,19 February

Iran discovers shale reserves

GMT 16:23 2017 Saturday ,18 February

Indonesia releases seized shipments of citrus
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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