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  • Greece tops EU tables for lawyers but also pending administrative court cases | MacroPolis
    subscribe in order to view the article Subscribe Free Mobile Apps Subscribers can receive our weekly newsletter and flash analysis on mobile phones and tablets Just click to download Apple Store Google Play Store Tweets by MacroPolis gr Most Popular Week Month Year Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Bailout talks inch forward as Juncker comments complicate matters 20 04 2016 Pension and income tax reform bill sets out 4 4 bln in new measures 25 04 2016 Greek 2015 primary surplus at 0 7 of GDP under programme method as Athens looks for boost 21 04 2016 Demand for hospitals reserves raises concerns about govt s liquidity position 25 04 2016 Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Greece seeks to finalise 1 pct of GDP in new tax measures to close review 06 04 2016 Leaked IMF exchange sours mood before bailout review resumes 04 04 2016 Range of issues unresolved as programme talks resume in Athens 04 04 2016 Four in 10 Greek firms thinking about moving abroad survey shows 06 04 2016 Tsipras raises debt relief at

    Original URL path: http://www.macropolis.gr/?i=portal.en.society.3903 (2016-04-27)
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  • Poor conditions in Greece fail to deter refugees from wanting to continue journey | MacroPolis
    over 600 refugees in four camps has found You have to subscribe in order to view the article Subscribe Free Mobile Apps Subscribers can receive our weekly newsletter and flash analysis on mobile phones and tablets Just click to download Apple Store Google Play Store Tweets by MacroPolis gr Most Popular Week Month Year Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Bailout talks inch forward as Juncker comments complicate matters 20 04 2016 Pension and income tax reform bill sets out 4 4 bln in new measures 25 04 2016 Greek 2015 primary surplus at 0 7 of GDP under programme method as Athens looks for boost 21 04 2016 Demand for hospitals reserves raises concerns about govt s liquidity position 25 04 2016 Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Greece seeks to finalise 1 pct of GDP in new tax measures to close review 06 04 2016 Leaked IMF exchange sours mood before bailout review resumes 04 04 2016 Range of issues unresolved as programme talks resume in Athens 04 04 2016 Four in 10 Greek firms thinking about moving

    Original URL path: http://www.macropolis.gr/?i=portal.en.society.3870 (2016-04-27)
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  • Club Med in Washington | MacroPolis
    from the international creditor community only two years after exiting its rescue programme Such a prospect speculative as it may appear at present does not make for smooth what if consultations behind closed doors in Washington during the spring meetings The case concerning Spain is primarily political and electoral After the inconclusive outcome of elections in December 2015 the different parties represented in the Cortes have not been able to form a new governing coalition The acting prime minister Mariano Rajoy declined the king s mandate to form a new government Meanwhile the high stakes negotiations of various opposition parties have come to naught during the past five months Time is now running out in Spain If the Cortes fails to elect a new prime minister by May 2 then the king will have to use his constitutional prerogatives to dissolve parliament and call fresh elections A return to the polls in Spain means protracted political uncertainty in the eurozone s fourth largest economy which will be reflected primarily in rising yields for Spanish bond issuance Last but not least Italy is among the Club Med delegation to the spring meetings In many respects it is the eurozone s elephant in the room in Washington For years Italy s largest banks UniCredit Banca Monte dei Paschi di Siena and Intesa Sanpaolo have been confronted with contingency risks in the sector On numerous occasions they have had to contribute to government led interventions in order to rescue smaller financial institutions The latest case concerns a combination of private lenders charitable trusts so called Fondazioni and the state owned bank Cassa Depositi e Prestiti sharing the burden of a capital increase in order to finance the bailout of the regional Banca Populare di Vicenza BPV The European Commission is monitoring if the public private bailout pact complies with state aid regulations At the same time the ECB as the single supervisory authority is observing the capital requirements of all participating banks The Achilles heel of Italian banks are their rising NPLs Exposure to NPLs on lenders balance sheets amounts over a fifth of the total loan portfolio Because the ownership structure of many Italian banks is based on foundations that control the parent company once a lender runs into major balance sheet problems the Fondazioni are not in a position to contribute on their own to the necessary rescue operation Third party intervention as illustrated by the recent BPV case is increasingly becoming the default option short of closing the institution As the climate for regional Italian banks worsens the government of Prime Minister Matteo Renzi has had to register a growing list of institutions in need of wholesale restructuring The authorities in Rome are imposing losses on bond investors and shareholders while simultaneously calling on larger lenders to contribute to individual rescue operations But this modus operandi only reinforces domestic market volatility as illustrated by the dramatic decline of share prices of UniCredit Intesa Sanpaolo and others which are called upon

    Original URL path: http://www.macropolis.gr/?i=portal.en.the-agora.3910 (2016-04-27)
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  • What next for Tsipras the shapeshifter? | MacroPolis
    was part of a long term or even medium term strategy regarding Greece s relationship with the IMF There are legitimate reasons for Athens to be sceptical of the IMF s involvement in the programme For one it is less inclined to trust Greek forecasts or even preliminary fiscal results than the European lenders This means that the fund for instance is reluctant to adjust its projection for a primary deficit of 0 6 percent of GDP in 2015 even though the Finance Ministry insists that the final figures show a 0 2 percent of GDP surplus This makes a significant difference to the amount of fiscal measures the government would have to take to meet the magic figure of 3 5 percent of GDP primary surplus in 2018 which was set as the target in the third bailout Also the IMF is more inclined than the European lenders to question the quality of some of the measures put forward by the Greek government For example it is against a heavy reliance on increases in social security contributions to meet pension targets preferring cuts to retirement pay and does not trust the projected fiscal results of a series of supplementary tax measures which aim to raise one percent of GDP including taxes on gambling and internet connections The IMF believes that the targets set by Athens are questionable because the introduction of all these new or higher taxes will stifle economic activity and bring in less revenue Thinking in purely political terms Tsipras seems to believe that the IMF s presence is detrimental to his prospects in the short term By pushing for more concrete measures now it will make it more difficult for him to get the fiscal adjustment package through Parliament and keep his coalition intact By trying to sideline the IMF he risks losing the strongest international advocate he has for debt relief but there is an argument to be made that the debt issue does not have to be settled now and that easing up the fiscal pressure now would benefit the Greek economy not just SYRIZA s prospects However a key element to the WikiLeaks transcript is the director of the IMF s European department Poul Thomsen describing the fund s readiness to accept a lower fiscal target 1 5 percent of GDP vs 3 5 if the Europeans provide debt relief It is true that the IMF would still demand credible and politically uncomfortable measures to reach this target but the adjustment needed would be smaller than the one that has been discussed until now There is also another important aspect to the complex equation for some of the eurozone member states Germany in particular the prospect of a Greek programme without the IMF is a non starter Merkel made this much clear following her meeting with Lagarde last Monday and Finance Minister Wolfgang Schaeuble gave his personal pledge to German MPs that the fund would be on board last summer when some in

    Original URL path: http://www.macropolis.gr/?i=portal.en.the-agora.3881 (2016-04-27)
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  • The men who would be prime ministers | MacroPolis
    This happened just a few months after the interim government led by ex central banker Lucas Papademos signed Greece s second bailout Samaras won the May and June elections in 2012 on the promise of renegotiating the deal that Papademos had accepted His resistance lasted only a matter of days and soon he too was implementing an agreement similar to the one he had chased Papandreou out of town for Within two years Samaras had lost one of his coalition partners suffered a defeat in the European Parliament elections and seen his relationship with Greece s creditors deteriorate to the point that he could not clinch an agreement to conclude the bailout review at the end of 2014 that would have seen him stumble over the line and take Greece out of the adjustment programme Despite seeing Papandreou and Samaras fall flat on their faces SYRIZA leader Alexis Tsipras somehow thought it would be a good idea to press for snap elections in the same way they had His chance eventually came in December 2014 when he triggered a national ballot after refusing to support Samaras s candidate for Greek president In just the matter of a few months Tsipras also had to eat his words Vows to tear up the existing bailout agreement and never sign a new one soon dissolved to dust and the leftist politician found himself in the same embarrassing position as his predecessors signing Greece s third rescue package and adopting the very measures that he had campaigned against So it was astonishing last week that New Democracy leader Kyriakos Mitsotakis a politician who presents himself as being more thoughtful and urbane than his colleagues should call for Tsipras to resign and snap elections to be held It came as a surprise primarily because of what has gone before when cocky opposition leaders accused the government of making a mess of things only to find that they could not do much better when they took over Why would Mitsotakis even want to flirt with the idea of snap polls when the bailout review has not been completed and the refugee crisis is in full flow Being put in charge of these twin crises would snuff out even the ablest politician s career It is also not clear exactly what alternative Mitsotakis would be offering at this stage He would still have to close the review maybe by changing some of the measures and implement the EU Turkey agreement with regards to the refugee crisis During his admittedly brief leadership of the party Mitsotakis has not yet given any indication of having a substantial alternative to offer His pledge for instance of a comprehensive and costed pension reform plan was reduced to a few bullet points Urging for snap polls just six months after the last ones were held also raises questions about his credibility Apart from the fact that it seems unbelievably early to be calling for yet another round of voting at the beginning

    Original URL path: http://www.macropolis.gr/?i=portal.en.the-agora.3864 (2016-04-27)
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  • Bailout talks inch forward as Juncker comments complicate matters | MacroPolis
    You have to subscribe in order to view the article Subscribe Free Mobile Apps Subscribers can receive our weekly newsletter and flash analysis on mobile phones and tablets Just click to download Apple Store Google Play Store Tweets by MacroPolis gr Most Popular Week Month Year Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Bailout talks inch forward as Juncker comments complicate matters 20 04 2016 Pension and income tax reform bill sets out 4 4 bln in new measures 25 04 2016 Greek 2015 primary surplus at 0 7 of GDP under programme method as Athens looks for boost 21 04 2016 Demand for hospitals reserves raises concerns about govt s liquidity position 25 04 2016 Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Greece seeks to finalise 1 pct of GDP in new tax measures to close review 06 04 2016 Leaked IMF exchange sours mood before bailout review resumes 04 04 2016 Range of issues unresolved as programme talks resume in Athens 04 04 2016 Four in 10 Greek firms thinking about moving abroad survey shows 06 04 2016 Tsipras raises

    Original URL path: http://www.macropolis.gr/?i=portal.en.politics.3916 (2016-04-27)
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  • Greek 2015 primary surplus at 0.7 of GDP under programme method as Athens looks for boost | MacroPolis
    order to view the article Subscribe Free Mobile Apps Subscribers can receive our weekly newsletter and flash analysis on mobile phones and tablets Just click to download Apple Store Google Play Store Tweets by MacroPolis gr Most Popular Week Month Year Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Bailout talks inch forward as Juncker comments complicate matters 20 04 2016 Pension and income tax reform bill sets out 4 4 bln in new measures 25 04 2016 Greek 2015 primary surplus at 0 7 of GDP under programme method as Athens looks for boost 21 04 2016 Demand for hospitals reserves raises concerns about govt s liquidity position 25 04 2016 Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Greece seeks to finalise 1 pct of GDP in new tax measures to close review 06 04 2016 Leaked IMF exchange sours mood before bailout review resumes 04 04 2016 Range of issues unresolved as programme talks resume in Athens 04 04 2016 Four in 10 Greek firms thinking about moving abroad survey shows 06 04 2016 Tsipras raises debt relief at UN but

    Original URL path: http://www.macropolis.gr/?i=portal.en.economy.3918 (2016-04-27)
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  • Greece seeks to finalise 1 pct of GDP in new tax measures to close review | MacroPolis
    in order to view the article Subscribe Free Mobile Apps Subscribers can receive our weekly newsletter and flash analysis on mobile phones and tablets Just click to download Apple Store Google Play Store Tweets by MacroPolis gr Most Popular Week Month Year Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Bailout talks inch forward as Juncker comments complicate matters 20 04 2016 Pension and income tax reform bill sets out 4 4 bln in new measures 25 04 2016 Greek 2015 primary surplus at 0 7 of GDP under programme method as Athens looks for boost 21 04 2016 Demand for hospitals reserves raises concerns about govt s liquidity position 25 04 2016 Eurogroup decision on contingent measures debt leave Tsipras with tough task at home 22 04 2016 Greece seeks to finalise 1 pct of GDP in new tax measures to close review 06 04 2016 Leaked IMF exchange sours mood before bailout review resumes 04 04 2016 Range of issues unresolved as programme talks resume in Athens 04 04 2016 Four in 10 Greek firms thinking about moving abroad survey shows 06 04 2016 Tsipras raises debt relief at UN

    Original URL path: http://www.macropolis.gr/?i=portal.en.economy.3852 (2016-04-27)
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