New EU fiscal rules are set to bring about greater relief for Greece but will also demand increased efforts, according to Hungarian economist Zsolt Darvas.
New EU fiscal rules are set to bring about greater relief for Greece but will also demand increased efforts, according to Hungarian economist Zsolt Darvas.
On the question of whether Greece is a country that can change, my answer is affirmative. Yes, Greece is a country where reforms can be made that improve the quality of democracy, strengthen the economy and change the lives of Greeks for the better.
Police say they have arrested a 47-year-old man who issued false documents in order to strike individuals off a bad debtors’ database.
Italian debt recovery company doValue, which is also active in Greece, plans to diversify its sources of revenue beyond non-performing loans, its CEO said on Friday, after it reported a €19 million net loss for 2023.
Greece plans to raise up to €10 billion euros from debt markets via short- and long-term bond issues next year, its debt agency PDMA said on Friday. Outlining its 2024 strategy, PDMA said Greece plans to repay ahead of schedule more bailout loans and reduce the amount of T-bills in circulation.
European Union finance ministers agreed on Wednesday on changes to the EU’s fiscal rules updating them to the post-pandemic realities of high public debt and the need for massive public investment to fight climate change.
A new draft law by the Ministry of National Economy and Finance includes eight measures to protect vulnerable borrowers, increase transparency in how borrowers are informed by servicers, and enhance competition within the banking system.
With the July 31 deadline to agree on a repayment schedule for their debts to the state having come and gone, and with very few takers, authorities are taking the next steps: shaming and, hopefully, collecting, although the latter part will be far from easy, officials admit.
The European Commission proposed on Wednesday that, under a reform of the EU’s fiscal rules, governments should ensure public debt falls over four years and stays on a downward path for a decade afterwards.
The Finance Ministry anticipates fresh debt settlements from banks and management organizations over the next five months, ranging from 1.5 to 1.8 billion euros through the out-of-court settlement mechanism.
Greece is contemplating issuing its first green sovereign bond in 2023 to support the implementation of its sustainability agenda and enhance its funding strategy, the country’s debt agency PDMA said in its report for its Funding Strategy for 2023 on Thursday.
Greece has repaid ahead of schedule 2.7 billion euros of loans owed to eurozone countries under the first bailout it received during its decade-long debt crisis, a finance ministry official told Reuters on Thursday.
The European Commission will on Wednesday propose changes to the EU’s debt rules that would allow each of the bloc’s 27 countries to negotiate its own debt reduction path, the length of which would depend on reforms and investments, officials said.
Household debt in Cyprus stood at 20.1 billion euros at the end of June 2022, with the relevant debt ratio standing at 81% of gross domestic product, a slight decrease compared to the previous quarter due to GDP growth.
Greece could face a very challenging year in 2023 but is prepared and the country’s national debt poses no “real fear”, the minister of development and investments Adonis Georgiadis said on Tuesday.
The European Commission will present in the second half of October proposed changes to European Union fiscal rules that are likely to offer countries individual debt reduction paths, Commission Vice President Valdis Dombrovskis said on Saturday.