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| Greeks must reap benefits after their sacrifices, says EU's Mosovici - as it happened | Greeks must reap benefits after their sacrifices, says EU's Mosovici - as it happened |
| (4 months later) | |
| Greece has turned the page to become “a normal” member of the single currency, European Union authorities in Brussels declared as the country finally exited its eight-year bailout programm, writes Jennifer Rankin. | Greece has turned the page to become “a normal” member of the single currency, European Union authorities in Brussels declared as the country finally exited its eight-year bailout programm, writes Jennifer Rankin. |
| Its three bailouts during the eurozone crisis totalled €288.7bn (£258bn) – the world’s biggest-ever financial rescue. During that time, as the crisis that threatened to lead to the nation’s ejection from the single currency – “Grexit” – Greece has had four governments and endured one of the worst recessions in economic history. | Its three bailouts during the eurozone crisis totalled €288.7bn (£258bn) – the world’s biggest-ever financial rescue. During that time, as the crisis that threatened to lead to the nation’s ejection from the single currency – “Grexit” – Greece has had four governments and endured one of the worst recessions in economic history. |
| Marking the official end of the third bailout programme on Monday, Pierre Moscovici, the European commissioner for economic and financial affairs, said Greece was beginning a new chapter after eight “very difficult” years. | Marking the official end of the third bailout programme on Monday, Pierre Moscovici, the European commissioner for economic and financial affairs, said Greece was beginning a new chapter after eight “very difficult” years. |
| “We have had eight very difficult years, often very painful years, where we have had three successive programmes. But now Greece can finally turn the page in a crisis that has lasted too long,” he told journalists. “The worst is over.” | “We have had eight very difficult years, often very painful years, where we have had three successive programmes. But now Greece can finally turn the page in a crisis that has lasted too long,” he told journalists. “The worst is over.” |
| Our full report is here: | Our full report is here: |
| EU says Greece can 'finally turn the page' as bailout ends | |
| On that note, it’s time to close for the day. Thanks for all your comments, and we’ll be back tomorrow. | On that note, it’s time to close for the day. Thanks for all your comments, and we’ll be back tomorrow. |
| The Turkish lira continues to come under pressure, now down 1.66%. Kathleen Brooks, research director at Capital Index, says: | The Turkish lira continues to come under pressure, now down 1.66%. Kathleen Brooks, research director at Capital Index, says: |
| Germany may say no now, but it is becoming increasingly likely that Turkey will need significant amounts of financial aid in the months to come. Qatar has come in with a credit line to backstop the economy, and has promised $15bn of investment in Turkey. However, this has not been able to stabilise the lira at the start of the week, which has suffered another rout today. | Germany may say no now, but it is becoming increasingly likely that Turkey will need significant amounts of financial aid in the months to come. Qatar has come in with a credit line to backstop the economy, and has promised $15bn of investment in Turkey. However, this has not been able to stabilise the lira at the start of the week, which has suffered another rout today. |
| The problem for investors is two-fold: firstly, Moody’s and S&P, the credit rating agencies, cut Turkey’s debt to junk status at the end of last week, which limits the amount of sovereign debt larger investors like pension funds can purchase, it could also make a bailout by the likes of Germany less likely. | The problem for investors is two-fold: firstly, Moody’s and S&P, the credit rating agencies, cut Turkey’s debt to junk status at the end of last week, which limits the amount of sovereign debt larger investors like pension funds can purchase, it could also make a bailout by the likes of Germany less likely. |
| Secondly, the spat between the US and Turkey continues to gain pace. As the US threatens more tariffs, shots were fired this morning at the US embassy in Ankora. Until Erdogan’s government frees pastor Andrew Bunson, it is hard to see the Trump administration cutting Turkey some slack. Regardless of your view on the rights or wrongs of what the US is doing to Turkey financially, with Trump as President, it certainly doesn’t pay to mess with the US, especially when you upset the evangelical wing of the US this close to the mid-terms. | Secondly, the spat between the US and Turkey continues to gain pace. As the US threatens more tariffs, shots were fired this morning at the US embassy in Ankora. Until Erdogan’s government frees pastor Andrew Bunson, it is hard to see the Trump administration cutting Turkey some slack. Regardless of your view on the rights or wrongs of what the US is doing to Turkey financially, with Trump as President, it certainly doesn’t pay to mess with the US, especially when you upset the evangelical wing of the US this close to the mid-terms. |
| Meanwhile in Athens it has not gone unnoticed that Prime Minister Alexis Tsipras has chosen to remain silent about Greece’s much-awaited bailout exit, writes Helena Smith from Athens. His only public utterance today has been to tweet his congratulations to the county’s youth water polo team on its world championship victory. | Meanwhile in Athens it has not gone unnoticed that Prime Minister Alexis Tsipras has chosen to remain silent about Greece’s much-awaited bailout exit, writes Helena Smith from Athens. His only public utterance today has been to tweet his congratulations to the county’s youth water polo team on its world championship victory. |
| Has this got something to do, perhaps, with the fact that his leftist-led government has signed up to a staggering array of ambitious targets? Post–bailout Greece has committed to produce primary surpluses of 3.5 % of GDP until 2022 – a feat achieved by only a handful of countries since the seventies - and 2.2 % until 2060. | Has this got something to do, perhaps, with the fact that his leftist-led government has signed up to a staggering array of ambitious targets? Post–bailout Greece has committed to produce primary surpluses of 3.5 % of GDP until 2022 – a feat achieved by only a handful of countries since the seventies - and 2.2 % until 2060. |
| For professor Kevin Featherstone who has followed the twists and turns of the crisis as head of the Hellenic Observatory at the London School of Economics, such obligations amount to perpetual purgatory. | For professor Kevin Featherstone who has followed the twists and turns of the crisis as head of the Hellenic Observatory at the London School of Economics, such obligations amount to perpetual purgatory. |
| “No other government in Europe would choose to follow this path. It is Ordoliberalism gone wild,” he told the Guardian. | “No other government in Europe would choose to follow this path. It is Ordoliberalism gone wild,” he told the Guardian. |
| With the fiscal straightjacket remaining so tight, there will be little scope for future administrations to improve economic competitiveness through investment, or accelerate social support for those pauperised by austerity. | With the fiscal straightjacket remaining so tight, there will be little scope for future administrations to improve economic competitiveness through investment, or accelerate social support for those pauperised by austerity. |
| “Rehabilitation falls well short,” Professor Featherstone said. “The prospect of a recurrence of the debt crisis has been eliminated but nothing has been done to help Greek society overcome the trauma of excessively high unemployment and bankruptcies.” | “Rehabilitation falls well short,” Professor Featherstone said. “The prospect of a recurrence of the debt crisis has been eliminated but nothing has been done to help Greek society overcome the trauma of excessively high unemployment and bankruptcies.” |
| Tsipras had hoped to mark the exit with a visit to Kastelorizo, the remote Aegean isle where the drama began. Celebrating Greece’s ‘liberation’ in the place where former Prime Minister George Papandreou had in April 2010 first announced that Athens would seek help from the EU and IMF – after surging Greek bond yields made borrowing on capital markets prohibitive - seemed appropriate to coming full-circle. | Tsipras had hoped to mark the exit with a visit to Kastelorizo, the remote Aegean isle where the drama began. Celebrating Greece’s ‘liberation’ in the place where former Prime Minister George Papandreou had in April 2010 first announced that Athens would seek help from the EU and IMF – after surging Greek bond yields made borrowing on capital markets prohibitive - seemed appropriate to coming full-circle. |
| But the outcry over his government’s handling of last month’s wildfires – a calamity that has left 94 dead and brought devastation and ruination to hundreds more – put paid to the idea. Fanfare, aides say, will be kept to a minimum. | But the outcry over his government’s handling of last month’s wildfires – a calamity that has left 94 dead and brought devastation and ruination to hundreds more – put paid to the idea. Fanfare, aides say, will be kept to a minimum. |
| The chief economist of the ESM rescue fund has admitted there were mistakes made with Greece. | The chief economist of the ESM rescue fund has admitted there were mistakes made with Greece. |
| In an interview with CNBC Rolf Strauch said: | In an interview with CNBC Rolf Strauch said: |
| This was a severe crisis situation and obviously it’s difficult to claim that everything went well in the sense that everything was completely right at the time. I think the overall direction of the programme was right and what we’re seeing now, are particularly the consequences of those many reforms that were taken, and it’s true that also the Greek people deserve a lot of respect for what they did over the years. Reforms have the feature that it takes a bit until you see the impact and so the benefits of the reforms weren’t occurring right at the start or right from the moment when they were taken, but they are coming in now and I think this process will continue. You should see the projected growth rates, they are about 2%. This is good news, the task is now to stay on course and reap the benefits of what was done in the past. | This was a severe crisis situation and obviously it’s difficult to claim that everything went well in the sense that everything was completely right at the time. I think the overall direction of the programme was right and what we’re seeing now, are particularly the consequences of those many reforms that were taken, and it’s true that also the Greek people deserve a lot of respect for what they did over the years. Reforms have the feature that it takes a bit until you see the impact and so the benefits of the reforms weren’t occurring right at the start or right from the moment when they were taken, but they are coming in now and I think this process will continue. You should see the projected growth rates, they are about 2%. This is good news, the task is now to stay on course and reap the benefits of what was done in the past. |
| He also says that the efforts Greece has to make are not yet over: | He also says that the efforts Greece has to make are not yet over: |
| Obviously, it takes a lot to restructure an economy, and therefore [Greece has agreed] the steps to be taken by the Greek authorities in the coming years and they have made some commitments on that. | Obviously, it takes a lot to restructure an economy, and therefore [Greece has agreed] the steps to be taken by the Greek authorities in the coming years and they have made some commitments on that. |
| #ESM Chief Economist Rolf #Strauch speaks to @SquawkCNBC about end of Greece's programme; read transcript of interview https://t.co/49lMaLuqh8 @GeoffCutmore @cnbcKaren pic.twitter.com/vzTDL2dRxv | #ESM Chief Economist Rolf #Strauch speaks to @SquawkCNBC about end of Greece's programme; read transcript of interview https://t.co/49lMaLuqh8 @GeoffCutmore @cnbcKaren pic.twitter.com/vzTDL2dRxv |
| The head of the European Stability Mechanism, the euro zone’s bailout fund, has wasted no time stressing the point that the debt-Stricken country will be subject to a strict regime of enhanced surveillance post-bailout, reports Helena Smith from Athens: | The head of the European Stability Mechanism, the euro zone’s bailout fund, has wasted no time stressing the point that the debt-Stricken country will be subject to a strict regime of enhanced surveillance post-bailout, reports Helena Smith from Athens: |
| Speaking to the Greek daily Ethnos this morning Klaus Regling, the rescue fund chief, emphasized that Athens will be strictly monitored in the coming years so there is no let up in reform implementation. | Speaking to the Greek daily Ethnos this morning Klaus Regling, the rescue fund chief, emphasized that Athens will be strictly monitored in the coming years so there is no let up in reform implementation. |
| “Greece is exceptional. It has received much more loans from us than any other country,” he told the paper, saying that Athens unlike any other member state had also benefited from “ huge amounts of debt relief.” | “Greece is exceptional. It has received much more loans from us than any other country,” he told the paper, saying that Athens unlike any other member state had also benefited from “ huge amounts of debt relief.” |
| “No other programme country has received anything comparable. Therefore, the monitoring will be tighter than in the other cases and this will take the form of the so-called enhanced surveillance.” | “No other programme country has received anything comparable. Therefore, the monitoring will be tighter than in the other cases and this will take the form of the so-called enhanced surveillance.” |
| Meanwhile the Greek government spokesman was hailing the “new phase” the country was about to enter. | Meanwhile the Greek government spokesman was hailing the “new phase” the country was about to enter. |
| “Citizens will soon feel the difference,” Dimitris TzAnnakopoulos told a radio station earlier today. He said prime minister Alexis Tsipras would soon be announcing handouts when he gave his annual economic address at the Thessaloniki trade fair next month and elaborated how the budget surplus would be handled. | “Citizens will soon feel the difference,” Dimitris TzAnnakopoulos told a radio station earlier today. He said prime minister Alexis Tsipras would soon be announcing handouts when he gave his annual economic address at the Thessaloniki trade fair next month and elaborated how the budget surplus would be handled. |
| Here’s an earlier piece looking at the country’s future following the bailout exit: | Here’s an earlier piece looking at the country’s future following the bailout exit: |
| Has Greece finally escaped the grip of catastrophe? | |
| And Greece will also continue to be monitored: | And Greece will also continue to be monitored: |
| European Commission, @ecb, @ESM_Press and @IMFNews will come back to #Greece on 10 September to monitor progress and discuss 2019 draft budget @EU_Commission @pierremoscovici | European Commission, @ecb, @ESM_Press and @IMFNews will come back to #Greece on 10 September to monitor progress and discuss 2019 draft budget @EU_Commission @pierremoscovici |
| In Greece conclusion of bailout doesn't imply end of policy conditionality - in September European Commission will visit country to go through 2019 budget - meanwhile ESM, ECB and IMF will conduct first post-programme assessment, which will condition future access to markets | In Greece conclusion of bailout doesn't imply end of policy conditionality - in September European Commission will visit country to go through 2019 budget - meanwhile ESM, ECB and IMF will conduct first post-programme assessment, which will condition future access to markets |
| On the other hand, Greece still faces serious challenges, according to Joan Hoey, director for Europe at The Economist Intelligence Unit: | On the other hand, Greece still faces serious challenges, according to Joan Hoey, director for Europe at The Economist Intelligence Unit: |
| There has been lots of pain, but to what gain, and to what purpose has the Greek government signed up to multi-decade, large primary budget surplus targets which are likely to hobble growth? | There has been lots of pain, but to what gain, and to what purpose has the Greek government signed up to multi-decade, large primary budget surplus targets which are likely to hobble growth? |
| The economy has been in almost permanent recession since 2010, and real GDP has shrunk by more than a quarter from its pre-crisis peak in 2007-08. Unemployment is still about 20%, and youth unemployment is more than double that. Despite undertaking the biggest post-crisis fiscal adjustment of any euro zone country, Greece’s public debt is equal to about 180% of GDP. ESM fiscal and structural reform policies, to which Greece will remain subject after the third economic adjustment programme expires, are unlikely to generate sufficient economic growth to mitigate the country’s debt burden or reduce popular disaffection. Grexit is not a short-term risk, but Greece will struggle to improve competitiveness inside the euro area or grow its way out of its huge debt burden (179.1% of GDP in 2017), so it will remain a significant risk over the medium and long term. | The economy has been in almost permanent recession since 2010, and real GDP has shrunk by more than a quarter from its pre-crisis peak in 2007-08. Unemployment is still about 20%, and youth unemployment is more than double that. Despite undertaking the biggest post-crisis fiscal adjustment of any euro zone country, Greece’s public debt is equal to about 180% of GDP. ESM fiscal and structural reform policies, to which Greece will remain subject after the third economic adjustment programme expires, are unlikely to generate sufficient economic growth to mitigate the country’s debt burden or reduce popular disaffection. Grexit is not a short-term risk, but Greece will struggle to improve competitiveness inside the euro area or grow its way out of its huge debt burden (179.1% of GDP in 2017), so it will remain a significant risk over the medium and long term. |
| The past eight years of bailouts have exacted a high cost in per capita GDP, employment, wages, pensions, living standards, life satisfaction and social and political cohesion. Greece has lowest life satisfaction rating of any OECD country. Divisions of income, equality, class and politics have sharpened. Greek sovereignty and democracy undermined as the country became subject to external tutelage. There is no popular enthusiasm for any party: popular cynicism and disaffection reign. | The past eight years of bailouts have exacted a high cost in per capita GDP, employment, wages, pensions, living standards, life satisfaction and social and political cohesion. Greece has lowest life satisfaction rating of any OECD country. Divisions of income, equality, class and politics have sharpened. Greek sovereignty and democracy undermined as the country became subject to external tutelage. There is no popular enthusiasm for any party: popular cynicism and disaffection reign. |
| Greece has been benefiting from cyclical upswing in the euro zone in 2017-18; and tourism and merchandise exports have also performing well. These factors will remain important, and point to stronger real GDP growth of around 2% this year, after 1.3% growth in 2017. However, Greece faces formidable medium- and long-term challenges, including a very poor demographic outlook; a dysfunctional labour market and a huge emigration of Greeks during the past decade; still weak public finances; poor banking asset quality; closed professions; bad regulation; and an unsustainable public debt load. These structural weakness, together with a commitment to deliver annual primary budget surplus targets of 3.5% of GDP in 2018-22 and of 2% of GDP in 2023- 2060 will shackle growth. | Greece has been benefiting from cyclical upswing in the euro zone in 2017-18; and tourism and merchandise exports have also performing well. These factors will remain important, and point to stronger real GDP growth of around 2% this year, after 1.3% growth in 2017. However, Greece faces formidable medium- and long-term challenges, including a very poor demographic outlook; a dysfunctional labour market and a huge emigration of Greeks during the past decade; still weak public finances; poor banking asset quality; closed professions; bad regulation; and an unsustainable public debt load. These structural weakness, together with a commitment to deliver annual primary budget surplus targets of 3.5% of GDP in 2018-22 and of 2% of GDP in 2023- 2060 will shackle growth. |
| The austerity measures undertaken by Greece will lead to a sustainable recovery, says European economics commissioner Pierre Moscovici. | The austerity measures undertaken by Greece will lead to a sustainable recovery, says European economics commissioner Pierre Moscovici. |
| Speaking as the country exits its bailout programme, he said: | Speaking as the country exits its bailout programme, he said: |
| The extensive reforms Greece has carried out have laid the ground for a sustainable recovery: this must be nurtured and maintained to enable the Greek people to reap the benefits of their efforts and sacrifices. | The extensive reforms Greece has carried out have laid the ground for a sustainable recovery: this must be nurtured and maintained to enable the Greek people to reap the benefits of their efforts and sacrifices. |
| He said the Greek economy is expected to grow by around 2% after 1.4% growth last year. | He said the Greek economy is expected to grow by around 2% after 1.4% growth last year. |
| EU's Moscovici Says Greece Must Ensure Continued Implementation Of ReformsEU's Moscovici Says Greek Economic Growth Expected To Remain Around 2Pct In 2018, 2019 | EU's Moscovici Says Greece Must Ensure Continued Implementation Of ReformsEU's Moscovici Says Greek Economic Growth Expected To Remain Around 2Pct In 2018, 2019 |
| Back with Greece, and here is a link to the European summary of the main statistics: | Back with Greece, and here is a link to the European summary of the main statistics: |
| The conclusion of Greece's stability support programme opens the door to a new chapter for Greece. See here for key facts and figures: https://t.co/0d2nhW2Sk8 | The conclusion of Greece's stability support programme opens the door to a new chapter for Greece. See here for key facts and figures: https://t.co/0d2nhW2Sk8 |
| Here’s our story on the tensions between Turkey and the US: | Here’s our story on the tensions between Turkey and the US: |
| Shots fired at US embassy in Turkey | |
| President Tayyip Erdogan has been speaking again about the crisis which has laid low Turkey’s currency and prompted a market sell-off. Reuters reports: | President Tayyip Erdogan has been speaking again about the crisis which has laid low Turkey’s currency and prompted a market sell-off. Reuters reports: |
| [Erdogan] said on Monday an attack on Turkey’s economy was no different from a strike against its flag or the Islamic call to prayer, responding to a recent currency sell-off in stark religious and nationalist terms ahead of a major Muslim holiday. | [Erdogan] said on Monday an attack on Turkey’s economy was no different from a strike against its flag or the Islamic call to prayer, responding to a recent currency sell-off in stark religious and nationalist terms ahead of a major Muslim holiday. |
| In a pre-recorded address to mark the four-day Eid al-Adha festival, which starts on Tuesday, a defiant Erdogan said the aim of the currency crisis was to bring “Turkey and its people to their knees”. | In a pre-recorded address to mark the four-day Eid al-Adha festival, which starts on Tuesday, a defiant Erdogan said the aim of the currency crisis was to bring “Turkey and its people to their knees”. |
| The lira has tumbled some 40 percent this year, hit by worries about Erdogan’s influence over monetary policy and a worsening diplomatic rift with the United States. The sell-off has spread to other emerging market currencies and global stocks in recent weeks. | The lira has tumbled some 40 percent this year, hit by worries about Erdogan’s influence over monetary policy and a worsening diplomatic rift with the United States. The sell-off has spread to other emerging market currencies and global stocks in recent weeks. |
| Amid the tension, several gunshots were fired on Monday from a vehicle at the U.S. Embassy in the Turkish capital. Nobody was hurt. | Amid the tension, several gunshots were fired on Monday from a vehicle at the U.S. Embassy in the Turkish capital. Nobody was hurt. |
| “The attack on our economy has absolutely no difference from attacks on our call to prayer and our flag. The goal is the same. The goal is to bring Turkey and the Turkish people to their knees - to take it prisoner,” Erdogan said in the televised address. | “The attack on our economy has absolutely no difference from attacks on our call to prayer and our flag. The goal is the same. The goal is to bring Turkey and the Turkish people to their knees - to take it prisoner,” Erdogan said in the televised address. |
| “Those who think they can make Turkey give in with the exchange rate will soon see that they are mistaken.” | “Those who think they can make Turkey give in with the exchange rate will soon see that they are mistaken.” |
| Erdogan stopped short of directly naming any countries or institutions, but he has, in the past, blamed a shadowy “interest rate lobby”, Western ratings agencies and financiers. | Erdogan stopped short of directly naming any countries or institutions, but he has, in the past, blamed a shadowy “interest rate lobby”, Western ratings agencies and financiers. |
| The lira is currently down around 1.5% against the dollar. | The lira is currently down around 1.5% against the dollar. |
| Meanwhile a German government spokesman has said that it is up to Turkey to decide whether it wants to ask the International Monetary Fund for help. | Meanwhile a German government spokesman has said that it is up to Turkey to decide whether it wants to ask the International Monetary Fund for help. |
| German Govt Spokesman Says It Is Up To Turkey To Decide Whether It Wants To Ask IMF For HelpGerman Gov't Spokesman Says Possible Financial Aid For Turkey Will Not Be At Centre Of Talks With Turkish Leaders | German Govt Spokesman Says It Is Up To Turkey To Decide Whether It Wants To Ask IMF For HelpGerman Gov't Spokesman Says Possible Financial Aid For Turkey Will Not Be At Centre Of Talks With Turkish Leaders |
| Markets are continuing to head higher, as investors shrug off the continuing concerns about Turkey and concentrate on the prospects for US-China trade talks. | Markets are continuing to head higher, as investors shrug off the continuing concerns about Turkey and concentrate on the prospects for US-China trade talks. |
| The FTSE 100 is up 0.55%, while Germany’s Dax has added 0.93% and France’s Cac has climbed 0.63%. Joshua Mahony, market analyst at IG, said: | The FTSE 100 is up 0.55%, while Germany’s Dax has added 0.93% and France’s Cac has climbed 0.63%. Joshua Mahony, market analyst at IG, said: |
| The fears of last week seem to have been washed away with a renewed optimism over the direction of US-China trade. Markets often find it difficult to focus on one topic, and thus with the focus now shifting away from Turkey and towards China, it comes as no surprise that the pessimism of last week is fading into obscurity. | The fears of last week seem to have been washed away with a renewed optimism over the direction of US-China trade. Markets often find it difficult to focus on one topic, and thus with the focus now shifting away from Turkey and towards China, it comes as no surprise that the pessimism of last week is fading into obscurity. |
| Wednesday will see a trade delegation from China kick off a two-day meeting with their US counterparts, and as long as there is hope for some form of breakthrough, markets are likely to be in a more optimistic mood. However, this optimism is likely to be ill-founded, for all the previous meetings have shown precious few signs of anything that looks like a breakthrough. | Wednesday will see a trade delegation from China kick off a two-day meeting with their US counterparts, and as long as there is hope for some form of breakthrough, markets are likely to be in a more optimistic mood. However, this optimism is likely to be ill-founded, for all the previous meetings have shown precious few signs of anything that looks like a breakthrough. |
| As Greece exits its bailout, new government figures show a drop in the country’s current account surplus compared to a year ago, but a rise in tourist revenues. Reuters reports: | As Greece exits its bailout, new government figures show a drop in the country’s current account surplus compared to a year ago, but a rise in tourist revenues. Reuters reports: |
| Greece’s current account balance showed a smaller surplus in June compared to the same month a year earlier on the back of a wider trade deficit, the Bank of Greece said on Monday. | Greece’s current account balance showed a smaller surplus in June compared to the same month a year earlier on the back of a wider trade deficit, the Bank of Greece said on Monday. |
| Central bank data showed the surplus fell to 210 million euros ($240.18 million) from a surplus of 737 million euros in June 2017. Tourism revenues increased to 2.33 billion euros from 2.007 billion in the same month a year earlier. | Central bank data showed the surplus fell to 210 million euros ($240.18 million) from a surplus of 737 million euros in June 2017. Tourism revenues increased to 2.33 billion euros from 2.007 billion in the same month a year earlier. |
| “In June the current account ... (was) down by 527 million euros year-on-year, as a result of a deterioration principally in the balance of goods and to a lesser extent in the primary income account,” the Bank of Greece said. | “In June the current account ... (was) down by 527 million euros year-on-year, as a result of a deterioration principally in the balance of goods and to a lesser extent in the primary income account,” the Bank of Greece said. |
| It said the trade gap rose by 535 million euros as imports outstripped exports, mainly the result of a worsening in the oil balance. | It said the trade gap rose by 535 million euros as imports outstripped exports, mainly the result of a worsening in the oil balance. |
| In January to June, Greece’s current account showed a deficit of 3.8 billion euros, up by 555 million euros year-on-year as the trade deficit widened and the primary income account surplus shrank. | In January to June, Greece’s current account showed a deficit of 3.8 billion euros, up by 555 million euros year-on-year as the trade deficit widened and the primary income account surplus shrank. |
| In 2017 as a whole, Greece’s current account deficit reached 1.5 billion euros, down by 418 million year-on-year. | In 2017 as a whole, Greece’s current account deficit reached 1.5 billion euros, down by 418 million year-on-year. |
| #Greece central government debt +€1.64 bln QoQ to €345.38 bln at end-June from €343.74 bln at end-March (MoF). #economy | #Greece central government debt +€1.64 bln QoQ to €345.38 bln at end-June from €343.74 bln at end-March (MoF). #economy |