Biodun Iginla, BBC News

Biodun Iginla, BBC News
Showing posts with label greek banks. Show all posts
Showing posts with label greek banks. Show all posts

Friday, December 22, 2017

Bomb blast outside Greek court, no casualties


by Elodie Bagnol and Biodun Iginla, France24, Athens

    © AFP | Greek police experts searched for evidence after a bomb blast at the Court of Appeal in Athens at 0125 GMT

    ATHENS - 
    A bomb exploded early Friday outside one of Greece's main courthouses, officials said, but police had cleared the area and nobody was hurt.
    The explosion occurred at 0125 GMT outside the Athens appeals court after calls warning of a bomb had been made to the media, police said.
    The blast broke several windows in the court facade and at nearby buildings.
    The bomb was inside a backpack left at the building entrance by two men who fled in a small van, a police source told us at France24. 
    It had earlier been reported that a motorbike was used.
    The police source said that the assailants had also fired at the guard to stop him from pursuing.
    Police later found a torched van a few blocks from the scene. A bullet casing has also been recovered from near the courthouse.
    There was no immediate claim of responsibility.
    Police suspect a far-left group calling itself Popular Fighters Squad, which has carried out shooting attacks against the Israeli embassy in 2014 and the German ambassador's residence in 2013. In 2015, they exploded a bomb outside the Greek Federation of Enterprises, the country's top industrial lobby.
    The incident occurred amid a bitter row over foreclosures of properties over longstanding debts to Greek banks.
    The government has tabled new legislation, hardening rules against anti-foreclosure protesters.
    Foreclosures are now increasingly being held online after successive protests blocked property auctions, prompting Greek notaries to repeatedly go on strike to protest a lack of state protection.
    Greek banks are burdened by around 100 billion euros ($119 billion) in non-performing loan exposures -- about half of overall lending -- and the issue has repeatedly been highlighted by the European Central Bank.
    The notaries insist that family homes are protected under a 2010 law that is annually renewed, and that the anti-foreclosure protests have mainly aided wealthy debtors playing the system to their advantage.

    Monday, July 20, 2015

    Greek debt crisis: Banks reopen amid tax rise

    by Isabelle Roussel and Biodun Iginla, BBC News, Athens

    2 hours ago


    Greek banks are reopening after three weeks of closures sparked by the deadlock over the country's debt.
    Athens reached a cash-for-reforms deal aimed at avoiding a debt default and an exit from the eurozone.
    But many restrictions remain, including a block on money transfers abroad, and Greeks also face price rises with an increase in Value Added Tax (VAT).
    Meanwhile, Germany has said it is prepared to consider further debt concessions to Greece.
    Queues at ATMs have been a feature of life in Greece for weeks, with people waiting in line each day to withdraw a maximum of €60 (£41) a day, a restriction imposed amid fears of a run on banks.
    Media caption Mark Lowen from a traditional taverna in Greece on the likely impact of VAT increases
    From Monday, the daily limit becomes a weekly one, capped at €420 (£291), meaning Greeks will not have to queue every day.
    An architect told the BBC that the banks re-opening will make only a small difference to his ability to operate:
    "The key challenge is that we cannot pay our suppliers, which means that we will eventually run out of products to sell," Vassilis Masselos told the BBC World Service's Newsday programme.

    Greece's recession

    While banks throwing open their doors marks the return of some normality to the Greek economy, long-term problems remain.
    Unemployment is stubbornly high, and as this chart shows, Greece's recession is comparable to one of history's most famous economic crashes.
    How bad are things for the Greeks?
    The scale of hardship
    But a block on transfers to foreign banks and a ban on cashing cheques remain in place.
    Greeks will also pay more on a range of goods and services, including taxis and restaurants, with VAT rising from 13% to 23%.
    The rise was among a package of reforms demanded by Greece's creditors to open talks on the proposed €86bn bailout.
    Greeks and tourists will have to pay more in restaurants, with a VAT rise imposed by creditors coming in
    The Greek government has a new look after a reshuffle replaced ministers opposing the deal
    Members of Prime Minister Alexis Tsipras' party rebelled against the austerity measures demanded by creditors when it was voted through parliament.
    But it paved the way for Greece to receive a bridging loan, which enables the reopening of the banks and for Athens to repay debts of €4.2bn, (including €700m in interest), to the European Central Bank due on Monday.

    German row

    Both Greece and the IMF have been arguing for a restructuring of its €320bn debt, saying its current position is "unsustainable".
    German Chancellor Angela Merkel ruled out "a classic haircut" - a markdown of Greece's debts.
    But she told German television other forms of relief, such as extending maturities or slashing interest rates, could be considered once the details of the latest programme are worked out.
    She also played down reports of a row with her Finance Minister Wolfgang Schaeuble, who suggested in an interview with Der Spiegel magazine that he would rather resign than defend something he did not believe in.
    "The finance minister will, like me, conduct these negotiations and I can only say that no-one came to me and asked to be relieved," said Ms Merkel when asked about the suggestion.
    Germany, which is the largest contributor to Greek rescue funds, has taken a tough line on Greece.
    At one point in the fraught talks over the bailout, Mr Schaeuble suggested Greece could temporarily leave the eurozone while it stabilises its economy.
    Mr Tsipras, who has reshuffled his cabinet to replace rebellious ministers, has another set of reforms to push through parliament on Wednesday.
    In a damning assessment, his former Finance Minister Yanis Varoufakis told the BBC the economic programme imposed on Greece was "going to fail".
    Are you in Greece? Has the recent economic uncertainty affected you? You can share your experiences by emailing haveyoursay@bbc.co.uk.
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