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Athens News Agency: News in English, 10-11-16

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Development Minister briefs 'troika'
  • [02] The spectacular twin waterfalls of Tzoumerka
  • [03] T-bill auction successful
  • [04] SEB: Revision of memorandum

  • [01] Development Minister briefs 'troika'

    ANA-MPA/Regional Development and Competitiveness minister Michalis Chryssohoidis on Tuesday predicted a de-escalation of inflation in Greece to 2-3 percent from the current 5.4 percent, speaking after a meeting with a team of European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) 'troika' experts who arrived in Athens on Monday for a scheduled review and progress report of the Greek economy ahead of the disbursement of a 9 billion euros third tranche of the 110 billion euros EU-IMF support loan to Greece.

    The absorption rate of the National Strategic Reference Framework (ESPA) has already neared 15 percent and will close at 17-18 percent at the end of the year, contributing to a rekindling and restart of the Greek economy, he added.

    Chryssohoidis also forecast that inflation will cease to be a major topic of discussion in the coming period, given that the rise in the rate last year had resulted from an increase in taxes which, he added, will not continue.ANA-MPa

    He further said that prices would fall in both products and services, adding that the process has already begun and in the previous month net inflation had increased by just 0.03 percent.

    The minister said his ministry aims to move the focus from the fiscal problem to growth, the creation of new enterprises and new jobs, and announced that a bill on the establishment of a Greek Entrepreneurship and Development Fund -- the 'evolution' of the current Guarantee Fund for Small and Micro Businesses (TEMPME) -- and its funding with 460 million euros from the ESPA, will be submitted to the Cabinet at its meeting on Thursday.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [02] The spectacular twin waterfalls of Tzoumerka

    The twin waterfalls on Mt. Tzoumerka in the southern Pindos mountain range in Epirus region are a breathtaking sight all year round.

    The two spectacular waterfalls stand side-by-side, near the village of Katarraktis, which in Greek an altitude of 1,200 meters, created by the water from the melting snow on the mountain's high peaks.

    The waterfalls have a 100 meter fall, while the maximum water flow is usually in May.

    Tzoumerka is abundant with springs, smaller waterfalls, traditional villages and its famed bridges.

    There is also a trekking path between the cliff-side villages of Kalarites and Syrrako, with their traditional architecture.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [03] T-bill auction successful

    ANA-MPA/Greece on Tuesday successfully auctioned a three-month Treasury bills issue raising 390 million euros from the market. The Public Debt Management Organisation accepted bids totaling 300 million euros and non-competitive bids totaling 90 million euros, although at a higher cost. The interest of the Treasury bills rose to 4.10 pct, up from 3.75 pct in the previous auction of same securities in October. The issue was 4.98 times oversubscribed. Settlement date was set Friday 19, November.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [04] SEB: Revision of memorandum

    ANA-MPa/"We are looking bankruptcy in the eye. We are at a crucial turning point of an effort to save the country and a revision of the Memorandum is necessary", Dimitris Daskalopoulos, president of the Federation of Hellenic Enterprises (SEB) said on Tuesday.

    Speaking at a press conference, the head of Greece's largest employers' union said the Federation will present detailed proposals on the revision of the memorandum to EU Economic Affairs Commissioner Olli Rehn on Wednesday, and to the Greek government and troika officials on Thursday.ANA-MPA

    The basic points of these proposals are: First, achieving fiscal targets for 2010 and 2011 is doubtful or impossible while taking additional tax measures will not have any results and will put the country's social stability at risk. Second, acceleration of all the structural reforms is necessary, combined with urgent measures to boost export activity and support business activity. Third, reducing the state must be the hard core of reforms along with the opening up of domestic markets.

    More details on the subscriber's page of APE-MPE | Subscription request form

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