Greece Analysis Greek Economy

[Cabatli_TR]

Greek Defence Minister Denies Arms Spending Will Cost 10 Billion Euros16 September, 2020
Greece's defence minister on Wednesday dismissed reports that his country would spend 10 billion euros on an arms overhaul announced at the weekend.

"It's not a 10-billion-euro spending spree, let me make that very clear," Yunanistan savunma bakanı ülkesinin hafta sonu açıklanan bir silah revizyonuna 10 milyar avro harcayacağı yönündeki haberleri yalanladı. told an Economist conference in Athens, responding to press reports about the cost of purchases. "It's a series of very calculated, prioritised, smart moves addressing our needs to the maximum. "We have to be very selective... we will not do it without limits... it will take place over time," he said.
Prime Minister Kyriakos Mitsotakis on Saturday announced a major arms programme involving warplanes, frigates, helicopters and 15,000 full-time soldiers to be hired over the next five years.
Mitsotakis said Greece would acquire 18 French-made Rafale warplanes, four multi-purpose frigates and four navy helicopters. New anti-tank weapons, navy torpedoes and air force missiles will be secured, Mitsotakis said. The initiative, which includes upgrades of another existing four frigates, is also designed to create thousands of jobs by pouring resources into the national arms industry, he said.
The prime minister later clarified that 12 of the Rafales would be pre-used, and did not put a price tag on the overall programme. The first Rafales will likely be delivered in 2021, while offers will be invited for the frigates which have a 10-year delivery horizon, he said.
Mitsotakis is believed to have hammered out the programme announced on Saturday after talks with French President Emmanuel Macron during a summit of southern European leaders in Corsica last week. In contrast to other EU and NATO allies, France has strongly backed Greece in its burgeoning showdown with Turkey, as well as Greek Cyprus.

Greek Defence Minister Denies Arms Spending Will Cost 10 Billion Euros

Greece's defence minister on Wednesday dismissed reports that his country would spend 10 billion euros on an arms overhaul announced at the weekend.

en.c4defence.com

 

[Cabatli_TR]

“The economy will decline by around 10% this year,” Theodore Skylakakis told Proto Thema radio. He said public debt was likely to rise to around 204%-206% of gross domestic product as a result.


For details !

Greek economy to shrink 10% this year because of second lockdown - finmin

Greece's economy is expected to contract by around 10% this year as a result of a second lockdown to contain a resurgence of coronavirus infections, the country's deputy finance minister said on Wednesday.

www.reuters.com

 

[Cabatli_TR]

The economy of this country is collapsing again. EU should do something to rescue Greeks.

 

[Indos]

“The economy will decline by around 10% this year,” Theodore Skylakakis told Proto Thema radio. He said public debt was likely to rise to around 204%-206% of gross domestic product as a result.


For details !

Greek economy to shrink 10% this year because of second lockdown - finmin

Greece's economy is expected to contract by around 10% this year as a result of a second lockdown to contain a resurgence of coronavirus infections, the country's deputy finance minister said on Wednesday.

www.reuters.com

Public debt means Government debt only, not a total external debt. I wonder what is the figure of total external debt........

 

[Reviewbrah]

The economy of this country is collapsing again. EU should do something to rescue Greeks.

Greek banks and media is owned by Germans lol

 

[Snake]

Maybe france can help again with new planes and some frigates

 

[Yasar_TR]

How are the going to pay for the newly purchased Rafales and frigates? Especially if the money is coming from German coffers.
Not taking in to account the f16 modernisation and program of f35 purchase.

 

[Costin84]

The economy of this country is collapsing again. EU should do something to rescue Greeks.

Turkey s economy is in the dustbin to,and the EU will help Greece as it will help all EU countries with the EU economic recovery plan.

 

[Agha Sher]

Better we cut these lazy southern EU countries out. For how long are we going to finance their lives?

 

[Cabatli_TR]

Turkey s economy is in the dustbin to,and the EU will help Greece as it will help all EU countries with the EU economic recovery plan.

Greece has its own league and I don’t suppose you can find many countries who is in same league with Greeks in terms of their poor financial figures. Think a country that is producing almost nothing has a dept to GDP around %210 and they will shrink %10 in this year. God help European tax payers.

 

[Test7]

Greek lawmakers on Tuesday approved a 2021 budget built around weaker forecasts for a rebound from the coronavirus pandemic, which also includes cash for buying new fighter jets from France.

Latest projections see the Greek economy slumping 10.5 percent this year, worse than the 8.2 percent predicted in October.

Meanwhile the 2021 rebound should see 4.8 percent expansion, down from a previous forecast of 7.5 percent.

After weathering the first wave of the pandemic better than most European countries, Greece in early November resorted to a nationwide lockdown that has weighed on activity and is now expected to last until January 7.

The economy had returned to growth in the third quarter, following a 14-percent quarter-on-quarter slump in April-June that was the worst in at least 25 years.

Greece faces “unprecedented circumstances, with uncertain facts and the end of the crisis unknown,” Prime Minister Kyriakos Mitsotakis told lawmakers before the vote.

But as inoculations get under way around the world, with the European Union expected to soon follow suit, he added that “the vaccine is the boundary between the end of the pandemic and the preface of the post-covid era, and the budget is adapted to these conditions”.

Planning to spend 24 billion euros in 2020 and 7.5 billion next year to cushion the economy from the impact of the virus, Greece’s debt-to-GDP ratio should climb to around 209 percent before falling back below 200 percent.

The massive outlays will see the country book deficits in its primary budget balance — which excludes debt servicing — in both years.

Alongside the pandemic, heightened tensions with Turkey over energy exploration in the eastern Mediterranean have prompted Greece to more than double defence spending, to 5.5 billion euros ($6.7 billion).

Included in the planned splurge on new equipment are 18 French Rafale fighter jets, which will cost 1.5 billion euros next year from a total of 2.5 billion.

Lawmakers are expected to approve the deal in the coming days, while French Defence Minister Florence Parly will sign the contract in Athens next week.

Pilots will begin training in France in early 2021, while the first six planes — used models — will arrive in Greece by July, defence ministry officials said.

Greek budget foresees weaker recovery from virus-hit 2020

Greek lawmakers on Tuesday approved a 2021 budget built around weaker forecasts for a rebound from the coronavirus pandemic

www.macaubusiness.com

 

[Test7]

https://twitter.com/i/web/status/1339212273471139850

 

[Mis_TR_Like]

 

[Foulgrim]

Joined the EU and literally turned into a vassal.

t is not exactly like that, although you are not wrong. At the level of economy, one can say that the problems are located in the government policy of the 11 years of economic crisis in the country, but in fact the deeper issues are different. Greece 200 years ago when it made the Greek Revolution in 1821 took many loans while it owed them at the beginning of the next century. It was also a satellite state of the great powers for all purposes, including the Russian, English and French parties in the Greek Parliament. Greece was unfortunately created as a country without a national domestic and foreign policy, the assassination of Kapodistrias confirms this, after all. To repay these loans at the beginning of the next century (ie around 1910) he took other loans which he repaid with other loans and this was a perpetual way of repaying the policies of each time period. The EU is also clearly responsible which destroyed the production in my country and annihilated to such an extent the exports that the imported products are more than the local ones. In contrast to Turkey which has a very large production in the agricultural sector exporting all over Europe.

ΟΛΑ τα δάνεια της Ελλάδας από το 1821 ως το 2011 – Τι πληρώσαμε και σε ποιους! - ΑΣΠΕ

Ανωτάτη Συνομοσπονδία Πολυτέκνων Ελλάδος

aspe.gr

 

[Ryder]

I use google translate
It is not exactly like that, although you are not wrong. At the level of economy, one can say that the problems are located in the government policy of the 11 years of economic crisis in the country, but in fact the deeper issues are different. Greece 200 years ago when it made the Greek Revolution in 1821 took many loans while it owed them at the beginning of the next century. It was also a satellite state of the great powers for all purposes, including the Russian, English and French parties in the Greek Parliament. Greece was unfortunately created as a country without a national domestic and foreign policy, the assassination of Kapodistrias confirms this, after all. To repay these loans at the beginning of the next century (ie around 1910) he took other loans which he repaid with other loans and this was a perpetual way of repaying the policies of each time period. The EU is also clearly responsible which destroyed the production in my country and annihilated to such an extent the exports that the imported products are more than the local ones. In contrast to Turkey which has a very large production in the agricultural sector exporting all over Europe.

ΟΛΑ τα δάνεια της Ελλάδας από το 1821 ως το 2011 – Τι πληρώσαμε και σε ποιους! - ΑΣΠΕ

Ανωτάτη Συνομοσπονδία Πολυτέκνων Ελλάδος

aspe.gr

Greece got debt trap by the British and the French no surprising that they did the same with the Ottoman Empire.

 

[Foulgrim]

Greece got debt trap by the British and the French no surprising that they did the same with the Ottoman Empire.

Indeed.
However, the difference between the Ottoman Empire and Greece in the 19th century was characteristic. The economic and geopolitical dimensions of the two countries were completely different, with the result that the Sultan managed not to succumb to such usury scams on the part of the French and British Empires.Even today, unfortunately, Greece pays for the mistakes of the past.

 

[Akritas]

The Greek economy was galloping at a growth rate of 13.4% in the third quarter of the year, as announced by the Hellenic Statistical Authority (ELSTAT).

Based on the available seasonally adjusted data, the Gross Domestic Product (GDP) in terms of volume, in the 3rd quarter of 2021 showed an increase of 2.7%, compared to the 2nd quarter of 2021, while compared to last year’s 3rd quarter of 2020 showed an increase of 13.4%.

Meanwhile, growth is revised even higher for the second quarter of 2021, to 16.6% instead of 16.2% that was announced on September 7. Respectively, for the first three months, the estimate changes, and instead of a recession of 2.3%, ELSTAT announced a smaller recession of 1.9%.

According to the data so far, the growth in the first 3 quarters is 9.4%, and therefore in order for the 6.9% annual growth forecast to fail for this year by the state budget, a recession of 0.6% would need to be recorded in the 4th quarter.

However, what appears is even greater growth and not a recession for the fourth quarter of 2021, a development that is expected to lead to an annual growth rate much higher than 7%.

The Greek economy records an impressive growth rate of 13.4% in the third quarter, ELSTAT says

According to the data so far, the growth in the first 3 quarters is 9.4%

en.protothema.gr

 

[Akritas]

Greek Debt Sustainable Despite Pandemic, but Risks from Fiscal Policy, Growth. ... We expect the debt ratio to remain at this level this year before declining to 193% by 2022. The structure of Greek public debt, with a very high concessional share, means that debt-servicing costs are low.
We forecast interest payments-to-revenue ratios over the next two years to be among the lowest of the ‘BB’ rating category.

https://www.fitchratings.com/research/sovereigns/greek-debt-sustainable-despite-pandemic-risks-from-fiscal-policy-growth-12-04-2021

 

[Akritas]

Early payment of Greek debt​

State will return 7 bln euros to the IMF and other eurozone members earlier, saving €70-80 mln​

Greece stands to benefit some 70-80 million euros thanks to the early repayment of its outstanding dues to the International Monetary Fund, as well as the part-repayment of bilateral loans from eurozone countries that will take place in January and March respectively.

The significance of that move, according to officials at the Public Debt Management Agency (PDMA), is based on the fact that the country will be relieved of a debt of €7 billion (€1.7 billion to the IMF and €5.3 billion to fellow eurozone states) that it would have to repay over the next couple of years by resorting to the money markets in a period of high uncertainty. For that purpose the government will utilize part of its cash buffer, which is currently at a high level.

Nevertheless, paying off the IMF also bears a symbolic significance, as it will signify the end of an important as well as painful chapter of the bailout period.

The head of the fund, Kristalina Georgieva, said on Monday she was “excited that the country is doing so well. This is a remarkable achievement for the country. The repayment of the Fund is bringing to a symbolic end a difficult period for the Greek people and the economy of Greece. Our role will continue to include surveillance and the supply of policy advice, we will continue to supply a service to Greece if the country deems it useful.”


The remainder of the IMF would normally have to be paid off between 2022 and 2024, and its early repayment is expected to save the country some €35-40 million, PDMA sources say.

In mid-March Greece is expected to pay off part of the so-called Greek Loan Facility loans that it took out in May 2010, amounting to €80 billion. About €5.5 billion of that is due in 2022 and 2023, forming part of the approximately €53 billion that is still due, up to 2041.

For the repayment of both sets of dues, Greece requires the approval of the European Stability Mechanism, which has already implied its nod. It had also approved a previous such payment to the IMF.

Early payment of Greek debt | eKathimerini.com

Greece stands to benefit some 70-80 million euros thanks to the early repayment of its outstanding dues to the International Monetary Fund, as well as the part-repayment of bilateral loans from eurozone countries that will take place in January and March respectively.

www.ekathimerini.com

​

 

[Akritas]

Greece plans to repay more than 7 billion euros in loans from the International Monetary Fund and eurozone partners in the next two months, paying down the rest of the IMF funds it borrowed to prevent bankruptcy during the financial crisis.

Greece plans to repay last IMF bailout loans early - sources

Greece plans to repay more than 7 billion euros in loans from the International Monetary Fund and eurozone partners in the next two months, paying down the rest of the IMF funds it borrowed to prevent bankruptcy during the financial crisis, two officials said.

www.reuters.com