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Athens Macedonian News Agency: News in English, 16-02-04Athens News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr/>CONTENTS
[01] Labour Minister to meet with heads of institutions on ThursdayLabour Minister George Katrougalos will meet again with the heads of the institutions at 14:00 to discuss the reforms in the pension system.The meeting, initially scheduled for Wednesday, was postponed. [02] Greek economy proved resilient, European Commission reportThe Greek economy proved "resilient" despite the introduction of capital controls, the European Commission said in its winter economic forecast report, released here on Thursday.The EU's executive said that in the first three quarters of 2015, Greece's economy proved resilient despite the introduction of the emergency bank holiday, capital controls, and heightened uncertainty related to prolonged programme negotiations. Private consumption was stronger-than-expected, with households preferring to spend their bank deposits to avoid potential haircuts. However, fiscal drag is expected to weigh on disposable income and private consumption up to the first half of 2016. The tourism sector continued to perform exceptionally well during the autumn. Imports are projected to continue declining faster than exports, resulting to net trade contributing positively to growth. Business confidence, reflected in the Economic Sentiment Indicator and the Purchasing Managers Index, has also recovered relatively quickly from the sharp falls in the summer. Economic sentiment stabilised in October and improved further in December. Overall, the Commission's estimate for economic growth in 2015 has been revised upwards to 0.0%. Real GDP is expected to contract by 0.7% in 2016, amid the negative carryover from 2015 and the faltering domestic demand in the first half of the year. In the second half of 2016, economic activity is set to strengthen supported by a rebound in confidence, the expected easing of capital controls, and compliance with the conditionality of the new ESM assistance programme. Investment should also benefit from the successful recapitalisation of the banks and the re-launch of privatisations. Steady implementation of structural reforms should gradually strengthen economic fundamentals, investment and other components of aggregate demand, leading to a projection of 2.7% for real GDP growth for 2017. The unemployment rate is expected to fall from 25.1 pct in 2015 to 24 pct in 2016 and to 22.8 pct in 2017. Greece's fiscal deficit is expected to rise to -7.6 pct of GDP in 2015 falling to -3.4 pct in 2016 and -2.1 pct in 2017. The country's public debt is expected to reach 179 pct of GDP in 2015, rising to 185 pct in 2016 and to begin falling from 2017 onwards (181.8 pct). The inflation rate is projected at -1.1 pct in 2015, rising to 0.5 pct in 2016 and 0.8 pct in 2017, while investments are expected to shrink further (-8.4 pct in 2015, -3.7 pct in 2016) to rise by 12.8 pct in 2017. [03] Russia the hounoured country at the 81st TIFRussia will be the honoured country at the 81st Thessaloniki International Fair (TIF) that will be held on 10-18 September 2016 within the framework of the "Greece-Russia Year."Serbia was the last hoounoured country in 2011 at the 76th TIF. Russia's Interest and Trade Minister is responsible for the Russian participation. The activities of Russian enterprises will be exhibited in a 3,000 square-meter pavillion as well as the open area in front of it. [04] Government's harsh negotiation with institutions only a fairy tale, ND spokesman Koumoutsakos saysNew Democracy (ND) spokesman Giorgos Koumoutsakos in his briefing to the press on Thursday referred to the government's deliberations with the lenders and accused the government that it attempts to cultivate the tale of the harsh negotiation. "It is a public relations tale, there is no negotiation," said Koumoutsakos.He reminded that the government's initial position was the social security and the taxation bills to be submitted to parliament in October and now the date is unspecified. "Which issue the negotiated and brought better results?" asked Koumoutsakos adding that the negotiation is judged from the result and not from how hard it is. He sternly attacked the government accusing it of speaking of conspiracy and destabilisation scenarios and that it attempts to create enemies, to polarise, to divide and to incite the people "because the impasses it created are growing". [05] ECB lowers borrowing ceiling for Greek banksEuropean Central Bank lowered the borrowing ceiling for Greek banks through the Emergency Lending Assistance mechanism (ELA) by 300 million euros to 71.5 billion.ECB accepted a request made by the Bank of Greece as Greek banks' liquidity improved and private sector deposits stabilized. Athens News Agency: News in English Directory - Previous Article - Next Article |
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