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Athens News Agency: News in English, 11-01-03

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

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Broad meeting on EU affairs, euro-bond
  • [02] Only 2 blue chip stocks end 2010 with gains at Athens Stock Exchange
  • [03] Economy in 'vicious circle'
  • [04] Shop turnover, revenues down
  • [05] Credit expansion agains slows
  • [06] Athens transport strikes

  • [01] Broad meeting on EU affairs, euro-bond

    Prime minister George Papandreou on Monday chaired a broad government meeting on developments in the major issues concerning the EU, and afterwards went straight into a second government meeting, with a different composition, that is discussing government planning, including the opening of the so-called closed-shop professions.

    In the first meeting, which was also attended by the premier's advisor and European Central Bank former vice-president Loukas Papademos, discussions focused on the Greek government's initiative for the collection of at least one million signatures throughout Europe in favor of the issue of a euro-bond, while the various formulas for euro-bonds that have been put forward were also discussed.

    "The issue does not concern only Greece, but all of Europe," the head of the signature collection campaign Vasso Papandreou told reporters after the meeting.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [02] Only 2 blue chip stocks end 2010 with gains at Athens Stock Exchange

    (ANA-MPA) -- To view the article please call the subscription department at 2106400560.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [03] Economy in 'vicious circle'

    (ANA-MPA) -- The Greek economy has entered a vicious circle that will be very hard to exit, president of the Association of Industrialists of Athens and Piraeus Dimitris Mathios warned, in a circular/message to the association's members.

    This, he added, was due to the fact that the measures taken by the government are apparently failing to halt the recession into which the country has already fallen and, on the contrary, could very well entrench the Greek economy into a dangerous form of stagflation.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [04] Shop turnover, revenues down

    Turnover plunged by more than 50 percent in real terms in the clothing-footwear branch in 2010, while substantial declines were also recorded in the branches of cosmetics, medicines, fuel and even food, according to a survey by the National Confederation of Hellenic Commerce (ESEE) on the course of the market, entrepreneurship and employment in the past year that was released on Monday.

    Overall, shop revenues declined by 5.1 percent in the period 2008-2010, although the decline was sharply contained from 7.1 percent in 2009 to 2.2 percent 2010, the second consecutive year of recession on the market.

    According to ESEE, the decline in consumption in real terms (volume) in 2010 was 52 percent in clothing and footwear, 28 percent in fuel, 27 percent in medicines and cosmetics, 15 percent in furniture and electrical appliances, 14 percent in alcohol and tobacco, and 11 percent in food.

    ESEE anticipated that it will be very difficult to 'heal the wounds' left by 2010 in business activity, the market and chiefly Greek commerce given that commerce recorded a decline in turnover and suffered the withdrawal of thousands of entrepreneurs from the profession.

    Also, the VAT rate increases, the 20 percent reduction of civil servants' salaries and pensions that resulted in a drastic reduction in the purchasing power of consumers, the decline in liquidity (cash flow), the increase in unemployment and the "reproduction of the negative psychology on the market" had "dramatic effects" on Greek commercial enterprises, ESEE said, adding that the spectre of more austerity measures by the government puts a brake on any investment initiatives.

    The confederation further noted that the number of people employed in commerce declined by 52,000 in the first quarter of 2010 compared with the corresponding quarter in 2009, falling to 785,500. The figure improved partly in the second quarter of 2010, rising to 801,100 but falling again, although at a smaller proportion, to 800,200 in the third quarter of 2010.

    Turnover plunged by more than 50 percent in real terms in the clothing-footwear branch in 2010, according to a survey by the National Confederation of Hellenic Commerce (ESEE).

    More details on the subscriber's page of APE-MPE | Subscription request form

    [05] Credit expansion agains slows

    (ANA-MPA) -- Credit expansion slowed further in Greece for an annual growth rate of 0.4 pct in November, down from 1.0 pct in October and 4.1 pct in December 2009, the Bank of Greece announced on Monday.

    The central bank, in a report, said the November figures reflected a decline in the annual growth rates of lending to all sectors of the economy.

    Specifically, lending to enterprises was a negative 533 million euros in November, down from positive lending of 302 million euros in November 2009 -- an annual growth rate of 1.6 pct in November (2.2 pct in October and 5.1 pct in December 2009). (ANA-MPA)

    More details on the subscriber's page of APE-MPE | Subscription request form

    [06] Athens transport strikes

    (ANA-MPA) -- Yet another strike by unions representing mass transit employees in the greater Athens area is planned for Wednesday, the day before the Epiphany holiday, with the Athens metro and the electric rail line (ISAP) to be affected by a 24-hour industrial action. A bus drivers' union has called for a work stoppage from noon to 4 p.m. (ANA-MPA)

    More details on the subscriber's page of APE-MPE | Subscription request form


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