The Greek taxpayers who cannot afford to pay their debts will not be forced to pay their debts. Another Ekathimerini author, Prokopis Chatzinikolaou, states “According to ministry data, new borrowers amounted to 2.6 million, with *most* either fail to be regulated since the amounts raised beyond their means, or have gone bankrupt indicative that within one year OVERDUE debts increased by 10 billion euros because of dozens of new tax liabilities, such as taxes on multiple properties" (not just due to VAT). Your cited article also mentioned the problem of excess property tax. He continues, "However, of the 62.5 billion euros, about 43 billion are considered unpatentable collection and will be entered into a special file for 10 years.” Note also this author stated “overdue” debt which is not entirely “new” debt. According to the 2013 Credit Suisse Global Wealth Report, debt per adult decreased 2.49% from 19,693 in mid-2012 to 19,202 in mid-2013.
NBG avg 30-day volume is 2.7 M. Yesterday volume was 9.5 M and so far today volume is 7 M. If held, PPS down under 2% signifies very little profit taking after yesterday’s gain of 12%.
The number of Greek inspectors has been increased from 4 to 16. Following an initial check, 179 cases have been identified, and tax notices have been sent to 72 persons with incomes ranging from 400 K to 5 M euros. The remaining 107 are nearing review completion. The list of approx. 2000 potential tax evaders is referred to as the Lagarde list named after former French finance minister Christine Lagarde, who passed it on to Greek officials. Ekathimerini 3/7/14
Yes, Greece’s DEPA proposed pipeline will only supply 8 billion cubic meters (bcm) per year. And The Trans Adriatic Pipeline (TAP) that has been approved will only have an initial capacity of 10 bcm. Evidently the idea is to gradually develop sources of energy. Greece has energy deposits that could be worth 150 billion euros in state revenue over the next 30 years. (ekathimerini 2/26/14)
It was reported Washington has played an active role in reigniting talks between Greece, Cypress and Turkey as the U.S. has the desire to see Europe “lessen” its dependence on natural gas from Russia. Obstacles can be overcome. Analysts say Turkey's beleaguered leader, Mr. Erdogan, would welcome a foreign policy success in Cyprus at a time when his scandal-hit government is not only under immense fire but faces unprecedented pressure with municipal elections this month (March). And Greek Cypriot officials have begun to express confidence that hydrocarbons could foster cross-border cooperation – much in the same way that coal and steel helped unite Europe's once warring partners in a community of nations in 1950. (High stakes as Greeks and Turks revive Cyprus peace talks, Guardian, 2/12/14)
Energy Minister stated Greece will be upgraded and will play a powerful role in the international energy scene while Greek consumers will enjoy lower energy costs. The feasibility study for the pipeline was launched by DEPA, a natural gas company in Greece. Europe is interested in reducing its dependence on Russian gas. (Athens News Agency, 3/10/14)
Yes, I read somewhere that they are nearing completion of a sale of NBGI, which was founded in 2000, manages about 900 million euros ($1.2 billion) in European private-equity, venture and real estate funds, according to its website. (Give those kids a big hug now that the market has closed).
Since the Deutsche announcement came out rather late today, this may bring in more buys tomorrow. GLTY!
There’s big difference among analysts. News of -0.20 is from mtnnewswires. This estimate also is what Yahoo’s one analyst lists. However, WSJ lists Q4 at + 0.28. Perhaps estimates will be revised and will result in a greater concensus. It will be good if NBG beats analysts estimates. (Yahoo lists next year EPS at 0.15)
This info is on Think or Swim by TDAmeritrade. Their info comes from mtnnewwires, a division of Midnight Trader.
The rating results from Deutsche Bank's forecast for a strong recovery in fundamentals for the Greek banking sector.
The major differences were the capital needs of Greek banks, JP Morgan points out in today's report on the occasion of the publication of the results of the stress test, stressing that this was not justified as the 4 banks do not have such large deviations.
In particular, JP Morgan analysts emphasize that the elements FOR THE INTERNAL CAPITAL GENERATION OF NATIONAL IS TOO LOW, compared with those announced for Alpha Bank and Piraeus.
Of course, this development is justified by international banking activities, but differences on domestic banking activities of 3 is not so great as to justify such large deviations.
JP Morgan does not exclude the possibility of increasing capital requirements for banks, however you should first see the movements of the administrations and confirmation of hypotheses on the basis of which defined the needs to clarify the prospects. bankingnews gr 3/10/14
According to NBG sources, the 2.183 billion euros can be covered by selling some of its subsidiaries. The NBG Group has a large number of subsidiaries and assets that other banks do not have. Options under consideration include its national insurance, mutual funds (already in advanced discussion with a foreign investor) and 40% of Finansbank. Don’t you think there will be profit derived from the remaining 55% (NBG owns 95% of Finansbank)?
Also noteworthy, NBG had the best performance as measured by the stress test. The capital requirements were caused when the lira currency declined and affected Finansbank in Turkey.
… the first impressive example of dynamic development of the country was from tourism and exports of goods helped to arrest the decline of the country's GDP in 2013 and will contribute to the recovery of 2014.
The second sample dynamic development will occur in 2014, with the resumption of investment in major infrastructure projects and accelerating privatization mark a significant volume of investments in the coming years.
The third sample acceleration of growth will be from the combined development of agriculture and animal husbandry in the Greek industry - and by attracting significant FDI in many of these areas.
The fourth sample development resulting from the return of Greek deposits in the country and the positive credit extension and reactivation of the property market and attract significant capital from abroad in this important market.
The fifth sample dynamic growth will be the development of combined transport in the country with the operation of ports, airports and road and rail transport and the emergence of the country as a major international transit center. Also expected significant investments in energy, and health and even export orientation, etc..
Therefore supports the Alpha Bank, the country's high growth after 2016 is now possible and its implementation will facilitate the needed primary surpluses, together with the gradual but systematic improvement of the tax administration of the country that can contribute to increase in tax revenue at rates higher than nominal GDP even with lower tax rates so as to indirect and direct taxes.
The economic team is working on establishment of the Irish model for debtors which allows restructuring of debts in place of bankruptcy and home repos. Guess the need for this model will be even greater if collective redundancies are applied to labor. I read the Irish model for those heavily indebted established a standard of living enforced by following a budget based on needs rather than wants. Wonder how the Irish government enforced this model upon debtors? See “Tough negotiations with troika ahead of Eurogroup meeting” Capital gr 3/4/14
The only source that is reporting a delay to November is bankingnews gr. So how much truth is there to their report?