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Six years for Greek economy to return to pre-crisis levels – PM

Striking teachers protest against job cuts in central Athens on Monday, Sept. 16, 2013. AP

The Greek economy is “back on track” but is likely to need another six years to return to pre-crisis levels, Prime Minister Antonis Samaras said Monday.

Posted: September 17th, 2013 in Latest Business Stories | Read More »

Eurozone recession end is cold comfort for Greece

An elderly man carries shopping bags at Athens' central fruit and vegetable market, on Tuesday, Aug. 13, 2013. Greece is beating its budget targets by a wide margin so far this year, a sign the country's painful cost cuts and tax increases, combined with international bailout funds, are paying off. AP

Europe’s recession is over, thanks to second-quarter growth in big countries Germany and France and an improvement in some of the smaller ones that have been hit hard by the financial crisis. But the pain is not over as many still have mountains of public debt to pay off and record unemployment. It’s also uncertain how long a recovery can be sustained.

Posted: August 14th, 2013 in Latest Business Stories | Read More »

Greece offers residence to foreign investors

A woman walks down steps to go for a swim at the Faliron coastal zone near Athens on April 18, 2013. Greece will be offering residence to non-EU investors purchasing or renting property over 250,000 euros ($326,000), in a bid to revive its moribund real estate industry, officials said on Monday, April 22, 2013.
The tourism ministry also announced plans to increase the flow of so-called senior tourists, in response to an aging worldwide population.  AP PHOTO/PETROS GIANNAKOURIS

Greece will be offering residence to non-EU investors purchasing or renting property over 250,000 euros ($326,000), in a bid to revive its moribund real estate industry, officials said on Monday.

Posted: April 23rd, 2013 in Latest Business Stories | Read More »

Recession-hit Greece faces fertility crisis

Pedestrians walk by a homeless man in Thessaloniki, Greece, Sunday, April 21. 2013. Sunk in recession for the past six years and struggling to steer its economy through painful austerity cuts, Greece now faces a fertility crisis as well.  AP PHOTO/NIKOLAS GIAKOUMIDIS

In a nursery of a private maternity hospital in Athens, three mothers feed their newborns while another three babies nap nearby.

Posted: April 22nd, 2013 in Latest Business Stories | Read More »

Greek unemployment hits 26% in 4th quarter

A university student chants slogans as he holds a banner which read ''education must be state-run and free'' outside the Greek ministry of Education during a rally against a planned shakeup of Greece's university system, in Athens, Thursday, March 14, 2013. Greek unemployment climbed to 26 percent of the workforce in the fourth quarter of 2012 compared with 20.7 percent in the corresponding period a year earlier, the state statistics agency said on Thursday.  AP PHOTO/THANASSIS STAVRAKIS

Greek unemployment climbed to 26 percent of the workforce in the fourth quarter of 2012 compared with 20.7 percent in the corresponding period a year earlier, the state statistics agency said on Thursday.

Posted: March 15th, 2013 in Latest Business Stories | Read More »

Greek bank to split after failed sale

Pedestrians walk past a giant Postbank banner which reads in Greek "We never change some values'' outside the bank's headquarters in central Athens, on Friday, Jan. 11, 2013. AP Photo/Petros Giannakouris

Greece’s Finance Ministry says state-run lender Hellenic Postbank will be split up following a failed attempt to privatize it earlier this month.

Posted: January 19th, 2013 in Latest Business Stories | Read More »

Euro down in Asian trade ahead of Greece meeting

FILE PHOTO

The euro lost ground in Asian trade Monday after hitting a seven-month high on the yen as jittery markets look to a meeting later in the day aimed at finalising a bailout deal for debt-hit Greece.

Posted: November 26th, 2012 in Latest Business Stories | Read More »

World Bank in talks to help Greece, Portugal

AFP FILE PHOTO

The World Bank is discussing providing technical assistance to struggling Greece and Portugal in a rare deployment of its resources to developed economies, a bank official said Monday.

Posted: November 6th, 2012 in Latest Business Stories | Read More »

Greece considered more risky to invest than Syria

By
greece

The world’s markets may believe that the worst of the financial crisis in Europe is over after three turbulent years, but those people who control the purse strings of the world’s businesses are not breathing any easier.

Posted: October 29th, 2012 in Latest Business Stories | Read More »

Business defections hit Greece amid recovery effort

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University students march during a rally against austerity measures affecting education budget outside the Greek parliament in central Athens on Friday, Oct. 12, 2012. Efforts to restore investor confidence in Greece's struggling economy took a double blow this week when a major European bottler and a prominent dairy company announced relocation plans.  AP/PETROS GIANNAKOURIS

Efforts to restore investor confidence in Greece’s struggling economy took a double blow this week when a major European bottler and a prominent dairy company announced relocation plans.

Posted: October 14th, 2012 in Latest Business Stories | Read More »

Greece in final stretch on austerity cuts

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Finance Ministry, tax office and customs employees march in central Athens to protest new austerity measures on September 27, 2012. Greece's three-party coalition government agreed on the "main points" of 13.5-billion-euro ($17.4 billion) austerity package, tied to the release of vital EU-IMF rescue loans. AFP  / LOUISA GOULIAMAKI

Greece enters the final stretch on a tough new round of austerity cuts with the return of creditor auditors this week after a breakthrough in arduous talks between its political leaders.

Posted: September 30th, 2012 in Latest Business Stories | Read More »

France says Greece must show credibility for eurozone

By
Metalworking craftsman Apostolos Liamiras, 26, poses in his traditional coppersmith’s shop in the Psyrri district of central Athens, on Thursday, Aug. 23, 2012. As Greek Prime Minister Antonis Samaras sets off around Europe to plead for more time to achieve the country’s tough reform targets, austerity-weary Greeks are bracing for new pain but mostly expect to stay in the 17-nation eurozone, come what may. Liamiras said it would have been better if Greece had never joined the currency union. “Leaving it wouldn’t do any good, it would make things worse and create bigger problems,” he said. AP

French President Francois Hollande said Saturday after talks with the Greek prime minister that crisis-wracked Greece must stay in the eurozone but first needed to prove it is determined to slash its budget deficit.

Posted: August 25th, 2012 in Latest Business Stories | Read More »

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