The political polarization and uncertainty regarding Greece’s position in the eurozone generated a fresh spike in bank withdrawals last week.
In the last few days, withdrawals have increased again as bank clients convert their money into foreign bonds (mostly German) or opt for various alternative investments based on the US dollar in mutual funds.
In May, deposit withdrawals were estimated to have amounted to 5 or 6 billion euros. Bank officials say the situation remains under control, pointing at the completion of the first phase of the recapitalization plan with the disbursement of 18 billion euros to the country’s four main commercial banks that has strengthened them considerably.
However, bad loans are piling on the pressure as the number of loans whose repayment is delayed by more than 90 days is continuing to rise after amounting to 18 percent of all loans at the end of March.
Government officials have reportedly presented troika inspectors with a plan detailing a radical overhaul of the civil service which foresees the evaluation of 450,000 public servants and th...
The City of Athens is due on Wednesday to inaugurate seven centers created to provide assistance and services to residents of the municipality.
Modeled along the lines of Citizens Advice Bur...
New PAOK coach Huub Stevens has called for unity among fans after taking charge of the Greek club whose players said they feared for their lives last season because of regular protests.
Gree...
Greek canoeing champion Andreas Kiligkardis died on Wednesday after losing his battle against leukemia.
The 37-year-old had been in a coma since last Tuesday at a hospital in Poland - where ...
For the past three-and-a-half years, the Greek political system has been dragging its feet and hemming and hawing over a relatively simple decision: which state organizations are needed, how...
Greece’s power-sharing government must find a way to stay on track.
A snap election, as suggested by some out there, would not solve the country’s problems but rather strengthen existing pol...
