Edition:
United States

George Georgiopoulos

Greek parliament calls on Germany to pay WW2 reparations

Apr 17 2019

ATHENS The Greek parliament voted on Wednesday to launch a diplomatic campaign to press Germany to cough up billions of euros in damages for the Nazi occupation of the country in World War Two, an issue Berlin says was settled long ago.

Greek banks repayment of emergency funding a credit positive - Moody's

Apr 04 2019

* Greek banks eliminate emergency borrowing from Bank of Greece

Vogue magazine makes comeback in Greece as debt crisis ebbs

Mar 31 2019

ATHENS Fashion magazine Vogue hit the newsstands in Greece on Sunday, relaunched after a seven-year absence as publishers bet that the country's economic recovery after a debt crisis will revive an appetite for glossy fashion and lifestyle prints.

UPDATE 1-Profits fall at Greek banks Alpha, NBG with focus on bad loan reduction

Mar 28 2019

* Alpha Bank swings to 0.4 mln euro loss in Q4 (Adds details, CEO comment)

UPDATE 1-Aegean Air sells bond, raises 200 mln euros for fleet renewal

Mar 08 2019

ATHENS, March 8 Greece's largest carrier Aegean Airlines has raised 200 million euros ($224.20 million) from an oversubscribed bond offering, the banks leading the deal said on Thursday.

Eurobank reports lower 2018 profit on weaker operating income

Mar 07 2019

ATHENS Greece's third-largest lender Eurobank on Thursday reported lower full-year 2018 net profit as operating income declined, but said it was on track to deliver on a plan to transform its business by year-end.

Greek economic expansion slows in fourth quarter, recovery on track

Mar 07 2019

ATHENS Greece's economy shrank in the last three months of 2018 after expanding for nine consecutive quarters, government data showed on Thursday, with the annual pace of growth also slowing.

Greek housing sector extends rebound amid economy's recovery

Mar 05 2019

ATHENS A recovery in Greece's housing market gained momentum in the last quarter of 2018, central bank data showed, suggesting that a recovering economy and growing foreign interest might lift property prices further.

Greek housing sector extends rebound amid economy's recovery

Mar 05 2019

* Residential property values rise 2.5 pct y/y in Q4 * Economic recovery, strong foreign interest reflected in prices * Prices had declined by 42 percent since 2008 peak By George Georgiopoulos ATHENS, March 5 A recovery in Greece's housing market gained momentum in the last quarter of 2018, central bank data showed, suggesting that a recovering economy and growing foreign interest might lift property prices further. Property accounts for a large chunk of household wealth in Greece, which has one of the highest home ownership rates in Europe at 80 percent, versus a European Union average of 70 percent, according to the European Mortgage Federation. Apartment prices rose 2.5 percent in the fourth quarter compared with the same period in 2017, Bank of Greece data showed, with the recovery accelerating from a downwardly revised 2.1 percent increase in the third quarter of last year. More specifically, prices rose by 4.2 percent year-on-year in Athens, where home-sharing platforms like Airbnb and a "golden visa" programme - a renewable five-year resident's permit in return for a 250,000-euro ($285,000) investment in real estate - have grown very popular. Prices had slid 1.0 percent in 2017 from a year earlier, taking the cumulative fall since 2008, when the country's protracted recession began, to 42 percent. "It (new data) is a further confirmation of the uptrend in market prices, with Athens starring after an increase of 4.2 percent," National Bank economist Nikos Magginas said Tuesday. "It's the result of rising demand and a shrinking stock of available-for-sale residential real estate." A projected rise in real disposable income of about 2 percent this year, coupled with improving economic sentiment and nascent signs of a pick-up in demand for mortgage credit, should further boost real estate prices in 2019, Magginas said. Greece's market has been dampeneed by property taxes imposed to plug budget deficits, tight bank lending and a jobless rate still around 18.5 percent, the highest in the 19-nation euro zone. But economic prospects have improved since 2015 when Greece signed up to a third bailout package worth up to 86 billion euros ($107 billion). The over-extended country emerged from its latest bailout in August last year and is now relying on markets to cover its financial needs. Greece's 180 billion euro ($203.99 billion) economy expanded for a ninth straight quarter in July to September last year, and at a faster pace than the quarter before, mainly driven by stronger consumer spending. Following is a table on Greek apartment prices from the Central Bank of Greece: **************************************************************** 2013 2014 2015 2016 2017 2018 Q4 Index 69.5 64.3 61.1 59.6 59.0 59.9 60.5 Change y/y % -10.9 -7.5 -5.1 -2.4 -1.0 1.5 2.5 New (up to 5 years) 71.4 66.8 63.0 61.2 60.7* 61.7 62.5 Change % -10.9 -6.5 -5.6 -3.0 -0.8* 1.7 2.7 Old (older than 5 years) 68.3 62.8 59.8 58.6 57.9 58.7 59.3 Change % -10.8 -8.1 -4.7 -2.0 -1.2 1.3 2.3 ---------------------------------------------------------------- * revised source: Bank of Greece ($1 = 0.8824 euros) (Reporting by George Georgiopoulos Editing by Mark Heinrich)

Aegean Airlines set for 7-year bond issue to fund fleet renewal

Mar 04 2019

ATHENS, March 4 Greece's largest carrier Aegean Airlines will proceed with a sale of bonds on March 5-7 to raise up to 200 million euros ($226.86 million) for down payments on new Airbus aircraft and the construction of a new pilot training centre.

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