Bragging over figures no more

Complete reversal of government narrative

Industrial production: -5.2%
Total exports: -12.2%
Imports from third countries: -6.9%
Construction activity: -35.1%
Car sales: -6.5%
Consumer goods: – 18.9%

The economic trends over the last three months depict a complete reversal from the image of a frail improvement in the economy, with data on unemployment, inflation, exports, construction, industrial production and trade all showing clear downward trends and an inability to break out of the deep slump caused by the recession. Consumption and investment, in other words, are not rebounding and pulling the economy out of recession. And given this is occurring at a time when the european economy is improving, then full responsibility for this reversal falls squarely on the shoulders of government policy.

For the €1 bln tranche:

Waiting for the troika’s response over EAS [Hellenic Defence Systems]

Following the troika’s return to Athens yesterday, the government is now waiting for its response to government plans to consolidate EAS in order for the way to be cleared for the release of the next €1 bln tranche of rescue loans to the country. The Greek proposal includes the retention of 460 workers with the remainder departing under voluntary redundancies, as well as the retention of the company’s export activities for 12 months. 

Almunia’s response to Chountis:
No protection for small accounts from a haircut on deposits

There is no absolute guarantee for deposits in EU banks, even for amounts below 100,000 euros, EU Commission Vice President J. Almunia answered in response to a question from [Syriza Euro MP] N. Chountis, noting that every member state had the power to implement additional measures to determine how the burden would be shared in the event of a bank bailout