Buried (hydrocarbon) treasure!

The Prime Minister attempts to cash in on unproven oil reserves for pre-election reasons

Foresees 150 billion in revenue over 25 to 30 years

After the primary surplus which was divvied up before it had even been properly counted, the government is already forecasting 150 billion in public revenue from ‘black gold’. With an eye on the upcoming elections, without proof, but with some preliminary results from the research vessel of the Norwegian company PGS, the Prime Minister is already counting the profits from oil deposits of mythical proportions which equate to at least 6 billion barrels of oil with a market value of over 600 billion euros.

Yet even if oil is found its extraction would require at least a decade. 




Disagreement remains over banks between Provopoulos and the troika

Yesterday’s meeting between George Provopoulos, the Governor of the Bank of Greece, and the troika’s representatives regarding the recapitalisation needs of the banks ended without agreement. On the one hand the BoG insisted that the additional capital needs are approximately 6 billion euros whereas the troika estimates them at 8 billion. Mr Provopoulos said that he will publicise the results of the stress tests on Tuesday. The troika representatives requested a few days delay in order for their technical teams to assess the methodology that was used. As such over the next few days negotiations will continue and it is also possible that another meeting will take place between Mr Provopoulos and the troika heads. In any event the issue cannot remain unresolved for long as the stress test results will be released by March 7th at the latest. 


Further weakening of Small and Medium Enterprises (SMEs)

A further fall in the indicator regarding SMEs in Greece to 5.5% was recorded by the annual report of IOBE (the Foundation for Economic and Industrial Research) which, nevertheless, is attempting to ‘detect’ some indications of a recovery on the basis of the generally accepted fact that last year there were indications of stabilisation. 


Nein, but also an apology for the Jews of Thessaloniki

In light in of the upcoming visit of the German President, Joachim Gauck, to Greece, Germany accepted the political – but not the economic – dimensions of the reparation claims of the Jewish community of Thessaloniki. “The issue is closed,” was Berlin’s response.


The crisis has created ‘weekend parents’

Sunday in the yard of the Hatzikosta Foundation is a day of separation. Tens of parents and guardians with financial and social problems return their children to the child protection center. In the last year the applications from ‘weekend parents’ to institutions is estimated to have increased by 75%.