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ECONOMY

Draghi rings the alarm for youth unemployment and social cohesion

Governor of the European Central Bank (ECB), Mario Draghi, warned for the impact of high rates of youth unemployment (in Greece it amounts to about 60%) on social cohesion. Exerting strong criticism towards the European mainstream, Draghi pointed out that national economies are “constructed” to secure older workers. In fact, he estimated that inflation, as structured in the Eurozone, redistributes ...

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Tsipras asked for financial assistance- The EU will give money only to NGOs

The extra financial assistance for the refugee crisis that has been suggested by the European Commission was the focus of the meeting between Alexis Tsipras and Commissioner Christos Stylianidis. The Greek Prime Minister stressed the need for the European Commission to support (directly) the Greek state, which is building “10,000 care places per week, something that cannot be accomplished by ...

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“Reduction of tax exemption and national pension of 180 euros!”

A proposal for reducing the tax-free threshold up to 50%, applicable to all taxpayers, was put on the table of negotiations by the quartet. According to this proposal, tax credit of up to 2,100 euros offered today to employees and pensioners should be repealed, as it rises the indirect tax-free threshold to 9,500 euros, and instead be replaced by a ...

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Capital controls to be relaxed soon

Greek government is expected to proceed to new relaxation of capital controls. The decision of the Finance Minister, Euclid Tsakalotos, is due to be made public in the following days after the green light has been lit by the European Central Bank to relax capital restrictions on specific transactions, but not on withdrawals. The recent relaxation of capital controls took place ...

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OECD sees Greek economic recovery strengthening in 2017

Boosting economic growth and investment to create jobs, improving the stability of public finances and providing an effective social safety net are crucial to help Greece recover from the profound social costs of the economic crisis. This is the “verdict” of the Organization for Economic Cooperation and Development (OECD), as expressed in its latest report. The survey sees the recovery ...

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Schauble: Grexit not on the table

Grexit is no longer on the table, but Greece must stick to its commitments, German Finance Minister Wolfgang Schauble said at an event organised by the European Institute of the LSE in London. “After a series of tough negotiations, we managed to make a deal for Greece – and we stick to it. Consequently, Grexit is not on the table, but ...

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A new year set to begin for Greece with more taxes

Greece’s creditors from the European Commission, European Central Bank, International Monetary Fund and European Stability Mechanism are hardening their stand on Athens in the new year following the Radical Left Coalition (SYRIZA) government’s presentation of a ‘parallel program’. As a result, the bailout loan worth 1 billion euros is being passed through the sieve despite lawmakers having voted of 13 prior ...

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Chinese investors pay $400 million for Manchester City stake

By Keith Weir A consortium of Chinese investors is spending $400 million to take a stake of more than 13 per cent in the group that owns football clubs including Manchester City and New York City FC, expanding the country’s financial involvement in the game. The consortium includes China Media Capital (CMC) Holdings and CITIC Capital and the deal values ...

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Facebook’s Zuckerberg to give 99 pct of shares to charity

Facebook Inc Chief Executive Mark Zuckerberg and his wife said they plan to give away 99 per cent of their fortune in Facebook stock to a new charity the couple were creating, while announcing the birth of their first child on Tuesday. In making the announcement, Zuckerberg said he had told the company that he would be selling or gifting ...

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Mexico’s peso hits record low on Greece volatility

Mexico’s peso hit a record low on Monday, tracking global markets that have been pressured by fears of a Greek exit from the euro zone after voters in the Mediterranean nation voted against new measures proposed by its creditors. In early morning trading, the peso hit 15.8625 pesos per dollar, down 0.71 percent from Friday’s close.

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