ELEFTHEROTYPIA

Rigged games

Following a well set-up plan Greece will return to the markets today with the goal of raising 2.5 to 3 billion euros. Investors will include the foreign investment funds and the banks which four years ago led the country into the Memorandum by shutting it out of the markets due to the debt which was approaching 120% of GDP. On the chessboard of the economy however, all moves are allowed as long as the Queen is not endangered and Greece is now issuing a five-year bond despite the fact that the debt is now 180% of GDP. At the same time the real economy is groaning with the state’s debts to the private sector reaching 4.8 billion euros and the outstanding debts of taxpayers to the state increasing in just two months by 2.3 billion euros to reach a total of 64.5 billion euros. 

ETHNOS

A major step to exiting the Memorandum

  • Foreign investors make offers worth over 16 billion euros
  • 3 billion in positions on 5-year Greek bonds
  • The interest rate on borrowing is at barely 5%
  • Following the exit there is a new reality for banks, businesses, liquidity and interest rates on borrowing.

The country’s return to the markets with the issuance of a five-year bond heralds the country’s transition from the Memorandum to a new period of gradual growth and development. Offers will be accepted today, but even from yesterday there was a keen interest from international investment houses and institutional investors. 

KATHIMERINI

New damning evidence for Golden Dawn over illegal actions of MPs

New evidence is being added every day to the already hefty casefiles regarding illegal activities of Golden Dawn officials and MPs. One such bit of evidence is a text message which was sent to MP Panagiotis Iliopoulos who is imprisoned pending trial from an a person unknown to the authorities. “On Tuesday I hit a Pakistani with my car and I abandoned him, while he was picking through the garbage at night.” And while the special magistrates are pushing the case forward as quickly as possible, the prosecutor who has taken on the investigation over the legality of the secret video of the Baltakos – Kasidiaris conversation is expected to soon – perhaps even today – send her findings to parliament, asking that Mr Kasidiaris’s parliamentary immunity be lifted. 

EFIMERIDA TON SYNTAKTON

A document of shame

A document that is being published today by EFSYN reveals that the leadership of the Greek police ordered the indefinite detention of immigrants until they accept their deportation. That is according to a recent legal opinion provided by the Legal Council of the State which described the move as a legal aberration.

NAFTEMPORIKI

IMF: Positive prospects for the economy

There will be a return to growth – albeit fragile, a reduction in unemployment and a primary budget surplus in 2014 according to the IMF. According to the predictions of the international organisation, the Greek economy will grow by 0.6% this year with the growth rate increasing to 2.9% in 2015 while a primary budget surplus of 1.5% will be achieved this year and 3% in 2015. The major thorn remains the debt which is predicted to peak at 174.7% of GDP at the end of the year before beginning to drop gradually reaching 137.8% in 2019.