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Athens News Agency: News in English, 09-05-11

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Papandreou outlines PASOK's priorities
  • [02] Equity mutual funds' returns up 20-37% in 2009
  • [03] Interest margin widens significantly in March
  • [04] Corfu Casino sold for 7.6 million euros
  • [05] Greek exports down 14.2 pct in March

  • [01] Papandreou outlines PASOK's priorities

    Main opposition PASOK leader George Papandreou on Monday presented the priorities of his party's agenda and lashed out at the government, referring to the economic crisis and the closure of Parliament, during an address Monday at the Federation of Greek Industries general assembly (SEB).

    As regards the closing of Parliament's sessions ahead of the June 7 European Parliament elections, Papandreou said such moves are unbecoming of a well-governed state, leading to the shelving of cases under investigation and the impression that those in power have absolute immunity.

    Papandreou stated that PASOK's priorities are the establishment of a well-governed state that will operate in a transparent manner based in meritocracy and responsible finances; dynamic competitive economy; modern and effective free public education system; modern social state with free high quality services and a firm national strategy in support of national interests.

    The PASOK leader also pledged that measures will be adopted immediately in support of the real economy and announced taxation changes in large real estate property, dividends and reinvested profits.

    [02] Equity mutual funds' returns up 20-37% in 2009

    Greek domestic equity mutual fundsā returns jumped in the first four months of the year, with 15 out of a total 65 funds in the category, reporting returns ranging from 20 pct to 36.70 pct, while only eight mutual funds reported returns lower than 10 pct in the same period.

    Eurobank EFG I (LF) Equity-Flexi style Greece fund (36.70 pct), Eurobank EFG (LF) Equity-Flexi style Greece fund (36.55 pct), Alico Small and Medium Capitalization (28.40 pct), Millennium Mid Cap (26.02 pct) and Marfin Athina (24.88 pct) recorded the biggest percentage returns in the market.

    [03] Interest margin widens significantly in March

    Interest margin (a difference between saving-lending interest rates) widened significantly in the first quarter of the year, the Bank of Greece said on Monday. In a report, the central bank said Greek banks raised their interest margin by up to 100 pct on average in the period from January to March 2009, covering all categories of lending interest rates.

    The Bank of Greece said saving deposits and lending rates fell in March, with average one-day deposit rates falling between 15 and 19 basis points, while the average deposit interest rates for 12 months fell by 62 basis points. The repo rate fell by 22 basis points in March.

    Lending interest rates rate fell by 26 basis points on average in the month, while the 12-month rate fell by 28 basis points. Mortgage rates up to one year fell by 33 basis points in March.

    [04] Corfu Casino sold for 7.6 million euros

    A consortium led by Vivere Entertainment and Theros International emerged as high bidders in a tender to buy the Corfu casino, with a bid totaling 7,650,000 euros.

    The Tourism Development Co. on Monday said a board meeting approved the bid submitted by the consortium by Vivere Entertainment and Theros International.

    An Inter-ministerial Privatisation Commission is expected to give final approval to the sales. The two companies will have 50 pct each in Corfu casino.

    [05] Greek exports down 14.2 pct in March

    The value of import-arrivals in the country fell 25.8 pct in March to 4.013 billion euros, down from 5.409 billion euros in the corresponding month last year, the National Statistical Service announced on Monday.

    The statistics agency said the value of export-deliveries totaled 1.204 billion euros in March, from 1.403 billion euros in March 2008, for a decline of 14.2 pct.

    Athens News Agency: News in English Directory - Previous Article - Next Article
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