Greek Economy – Greek Homes http://greekhomes.info/ Tue, 19 Oct 2021 02:39:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://greekhomes.info/wp-content/uploads/2021/04/default.png Greek Economy – Greek Homes http://greekhomes.info/ 32 32 Milestones for ECB liquidity | eKathimerini.com http://greekhomes.info/milestones-for-ecb-liquidity-ekathimerini-com/ http://greekhomes.info/milestones-for-ecb-liquidity-ekathimerini-com/#respond Tue, 19 Oct 2021 00:40:09 +0000 http://greekhomes.info/milestones-for-ecb-liquidity-ekathimerini-com/ Officials from the Greek government, the European Commission and the European Central Bank are examining the conditions under which Greece could enter the ECB’s conventional liquidity program once the extraordinary bond purchase program (PEPP) expires. A decision in this direction is expected at the meeting of central banks on December 16. Sources speak of a […]]]>

Officials from the Greek government, the European Commission and the European Central Bank are examining the conditions under which Greece could enter the ECB’s conventional liquidity program once the extraordinary bond purchase program (PEPP) expires.

A decision in this direction is expected at the meeting of central banks on December 16.

Sources speak of a favorable climate for a favorable decision, while the Governor of the Bank of Greece, Yannis Stournaras, has repeatedly expressed his confidence that the ECB will continue to acquire Greek bonds after the end of the PEPP and will ensure that there is no problem in Greece. However, the right mechanism to allow the ECB to provide cheap liquidity to Greece is still being sought, even if the country is not at the level of investment, as required by the Frankfurt rule.

Kathimerini understands that the milestones of the Next Generation EU fund tranches could be used in this context; this is a series of reforms and investments, ranging from legislation on waste management to the online connection of checkouts and card terminals, including the granting of contracts for the development of business plans. town planning.

Compliance with milestone commitments is checked by Brussels twice a year, as the funds for the “Greece 2.0” program depend on it. If used by the ECB, the milestones will also determine the flow of liquidity to the local economy until its credit rating reaches investment grade.

Greece’s enhanced surveillance status is also a security clause for the ECB, which Frankfurt has already cited for exceptionally including this country in the PEPP. However, that also expires next year, while the rise to the investment grade could take until early 2023 to occur.

An extension of enhanced surveillance is not desirable, sources say, by either party at this time. Nonetheless, the Greek side seems to argue that the conventional post-rescue surveillance it will continue to undergo, just like all countries that have emerged from a support program, could also cover the demands of the ECB, combined with the milestones of the next generation of the EU.


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Greece will receive a total of almost 77 billion euros over the next seven years http://greekhomes.info/greece-will-receive-a-total-of-almost-77-billion-euros-over-the-next-seven-years/ http://greekhomes.info/greece-will-receive-a-total-of-almost-77-billion-euros-over-the-next-seven-years/#respond Sun, 17 Oct 2021 21:31:02 +0000 http://greekhomes.info/greece-will-receive-a-total-of-almost-77-billion-euros-over-the-next-seven-years/ Greece will receive a total of nearly 77 billion euros over the next seven years to help accelerate the recovery of its economy, according to the European Commission. Speaking to Greek news agency ANA on Sunday, EU Cohesion and Reform Commissioner Elisa Ferreira said the European Commission would do its best to speed up the […]]]>

Greece will receive a total of nearly 77 billion euros over the next seven years to help accelerate the recovery of its economy, according to the European Commission.

Speaking to Greek news agency ANA on Sunday, EU Cohesion and Reform Commissioner Elisa Ferreira said the European Commission would do its best to speed up the review of the operational plans Greece is submitting for the new funding period 2021-2027.

Greece will receive a total of nearly 77 billion euros over the next seven years to help accelerate the recovery of its economy. The funding will come from: the Partnership Agreement (PA) for the 2021-2027 Development Framework (the new CRSN), approved by the Commission at the end of July 2021, with an allocation of 26.2 billion euros, of which 5, 3 billion national contribution; the € 18 billion in grants and € 13 billion in loans from the European Recovery and Resilience Fund; and new funds from the common agricultural policy and other EU packages.

In comments on the sidelines of the European Week of Regions and Cities in Brussels, Ferreira explained the process as follows: “After the approval of the overall plan, there are in principle 3 months for the country to come up with the operational plans and 5 months for the Commission to analyze them. The more solid the plans, the shorter the time for the Commission to analyze them. “

In the process, she stressed, “the problem is not the funding – the problem is the quality of the programs” that are submitted. She said, however, that “there is no rush.”

Greece has been the forerunner in preparing the comprehensive plan and the Commission will do its best, she said, “to speed it up. Especially the programs which are really needed more in Greece and which the country is more interested in completing. “

Ferreira said the new funding for the recovery and PA / NSRF in Europe after the pandemic was reminiscent of the Marshall Plan after World War II. As she explained to ANA: “What I’m saying is we’ve had this deep crisis but, in this case, we have a Marshall Plan – we have a plan but in fact it’s historic, robust, strong, so let’s do our best for that. “

She cautioned, however, that the message she wanted to share is that “this is not money to be used as usual. It is money to invest, not to spend. It has invested in a stronger and more sustainable society and economy for the future, and Greece is working extremely hard to be at the forefront in this area.

Also citing comparable project possibilities, she said: “If you have a very successful program in West Macedonia like the one in Silesia, because they are large areas and very visible, you can really become an example for the country to follow. rest of Europe.


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No fuel tax reduction due to inflation ATHENS 9.84 http://greekhomes.info/no-fuel-tax-reduction-due-to-inflation-athens-9-84/ http://greekhomes.info/no-fuel-tax-reduction-due-to-inflation-athens-9-84/#respond Sat, 16 Oct 2021 09:33:45 +0000 http://greekhomes.info/no-fuel-tax-reduction-due-to-inflation-athens-9-84/ The Minister of Development, Adonis Georgiadis, categorically rejected the possibility of reducing the special consumption tax on fuels, due to the increase in energy prices, citing as an argument the inflationary pressures on the Greek economy. In an interview with SKAI, he acknowledged that fuel prices had increased, but said they should not be compared […]]]>

The Minister of Development, Adonis Georgiadis, categorically rejected the possibility of reducing the special consumption tax on fuels, due to the increase in energy prices, citing as an argument the inflationary pressures on the Greek economy.

In an interview with SKAI, he acknowledged that fuel prices had increased, but said they should not be compared to last year, when the economy was shut down due to restrictive measures imposed to deal with the pandemic.

“If we compare the prices with the lowest in the economy, with the quarantine, fuel oil is increased by 45%. reduced due to inflationary pressures. “We are entering an inflationary cycle. “When you have inflation, increasing cash flow by cutting taxes is like throwing gasoline on a fire.”

Mr Georgiadis, referring to the explosion in energy and fuel prices, stressed that the Greek government was going faster than the rest of Europe, “because we have already announced measures of 500 million euros for take charge of all increases in electricity, to give a big discount on gas, increase the heating allowance, etc. “

He pointed out that the Greek government with other countries at the MED9 summit decided and asked the European Commission to take action for the energy crisis and it was successful. “We will not let anyone freeze or run out of electricity. We are living in an energy crisis and the government is not leaving the Greeks alone,” he said.

In addition, Mr. Georgiadis did not rule out the possibility of taking new measures to relieve households. “Because our economy is doing very well, we have room to be above the problems. Now, in what form will the aid be given, when, for whom and how, the Prime Minister will decide- he, “he said.


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How Covid Spread Fear of Globalization and Threatens a New World Order | Mondial economy http://greekhomes.info/how-covid-spread-fear-of-globalization-and-threatens-a-new-world-order-mondial-economy/ http://greekhomes.info/how-covid-spread-fear-of-globalization-and-threatens-a-new-world-order-mondial-economy/#respond Fri, 15 Oct 2021 06:07:00 +0000 http://greekhomes.info/how-covid-spread-fear-of-globalization-and-threatens-a-new-world-order-mondial-economy/ When Xi Jinping promised influential people around the world in January 2017 that China would champion globalization, it looked like Beijing was smoothly taking over global economic leadership as Donald Trump prepared to usher in an era of American isolationism. Almost five years later, a new world order has emerged, but it is not the […]]]>

When Xi Jinping promised influential people around the world in January 2017 that China would champion globalization, it looked like Beijing was smoothly taking over global economic leadership as Donald Trump prepared to usher in an era of American isolationism.

Almost five years later, a new world order has emerged, but it is not the one that the Chinese president and others in Davos seemed to have in mind that day.

Instead of a continuation of the post-Cold War era of growth backed by free trade, the world faces a fractured economic system where the post-pandemic supply shock and mistrust engendered by the virus is pushing the country towards an autarcist impulse for self-sufficiency.

Autarchy is a Greek word meaning ‘autonomy’ and was popularized as a shorthand for economic nationalism in the 19th century. It gained some credibility as an economic model when the fledgling Soviet Union actually closed itself off from world trade and the nationalist drive towards self-sufficiency won over Hitler. It also flourished in the post-war world, particularly in Africa, although the credo of globalization left few examples outside of North Korea.

There were already signs of nationalist questioning of the current system, exemplified by Brexit, the rise of Trump and a growing suspicion that China was not prepared to abide by the rules set by the United States and its proxies. .

The arrival of the coronavirus pandemic has accelerated these trends, experts say.

Maintenance of a high voltage converter station in Xuancheng. Photograph: AFP / Getty Images

Evgeny Postnikov, a senior lecturer in international relations at the University of Melbourne, says pressures from the pandemic have made it possible to understand how countries depend on imports and products entangled in the global supply chain.

From the initial scramble to protect face mask production in France to the careful control of vaccine technology, the pandemic has provided countless examples of how quickly the existing world order began to crumble under the influence. domino of nationalist impulses.

“Governments cannot rely on strategic competitors to provide essential goods and services,” says Postnikov. “Trade and security used to be seen differently, but they are now both treated as high politics. This is why the autarcist push is not going to go away. If anything, it will get stronger, and that’s quite worrying. “

Power cuts in northern China in recent weeks have prompted Beijing to step up efforts to become more self-sufficient. After encouraging signs that China is weaning itself off fossil fuels by shutting down hundreds of coal-fired power plants, Beijing’s hint this week of an overhaul of emission reductions is a blow to global cooperation on the climate crisis .

As part of the “Made in China” policy launched in 2018, China is already trying to develop more capacity in semiconductors, the cornerstone of consumer goods ranging from Tesla to toasters and PlayStation to printers, as well as other strategic products. The country’s Belt and Road Initiative links dozens of countries in Asia, Africa and Europe in Beijing’s economic orbit.

India, which was slow to abandon its corporate economic model in favor of a more global model, also gave a name to its backlash plan: Atmanirbhar Bharat. This translates to “self-sufficient India” and is designed, in the words of Foreign Minister Subrahmanyam Jaishankar, to free the country from “global commitments which are not to our advantage”.

Hence India’s withdrawal last year from the Pan-Asian pact for comprehensive regional economic cooperation (Rcep) for fear that its huge agricultural sector will be sacrificed on the altar of free trade.

In Britain, the sudden loss of cheap migrant labor means employers are re-examining their business models. Britain’s ‘Chicken King’, the chef of the country’s largest poultry producer, on Wednesday called for a total rethink of the way food is produced. “Three months ago, I said the government needed to help solve the workforce issues,” said Ranjit Singh Boparan, owner of 2 Sisters Food Group, which processes 10 million chickens. per week. “I have now come to the conclusion that in reality this cannot solve all problems. “

He says he no longer believes the solution is more visas for foreign workers: instead, the price of food will have to rise according to the cost of its production.

“We need to work with our supply chains and our customers to resolve these issues. But it will come at a cost. I have to invest, increase automation and make our factories more welcoming to new recruits, ”he said.

The supply shock has “thrown sand into the wheels of the global economy,” according to George Magnus, an independent economist and associate at the China Center at the University of Oxford. “It is difficult to disentangle the structural issues around the supply chain with the process of globalization. Everything is more complicated and more expensive. It sounds like a symptom of a decaying global economy.

Agriculture near a power station in Hubei
Agriculture near a power station in Hubei. Photograph: Getty Images

He says the global economy is expected to start realigning by next year, but the current crisis could have a “medium-term corrosive impact” as companies seek to diversify from a single supply and secure strategically important products such as semiconductors, batteries and energy. .

More than 80% of industries have experienced supply chain disruptions due to the pandemic, according to a report by consulting firm Deloitte, and around 75% of companies have presented plans to repatriate manufacturing from overseas by building smart factories closer to home.

A study by the Reshoring Initiative in the United States predicts that the country will create 224,213 overseas jobs in 2021, a 38% increase from 2020. Investments in strategic products such as semiconductors , electric vehicle batteries and pharmaceuticals are driving the changes. , says the report.

There are similar moves in the UK, where a report predicts factories could manufacture nearly £ 5bn more in 2021 as the pandemic and Brexit prompt companies to bring production home.

Rising labor costs in countries like China have increased pressure on companies to rethink the way their products are made. For example, labor costs are now cheaper in Mexico than in China and bypass the latter’s economic model as the workshop of the world while strongly encouraging American producers to settle more. near their place.

Another problem undermining the global system is that controversy over the origins of the coronavirus has plagued relationships already grappling with battles over tariffs, Hong Kong, and alleged Chinese infiltration of foreign communications networks through the champion. State Huawei.

“The virus has engendered mistrust,” says Magnus, “and the division sown by it has come as a shock to China. This will not be easy to fix as Western public opinion now shows a high level of antagonism towards China. I don’t know what it would take to get back from it.

Britain’s withdrawal from the EU came as a shock to the world trading system, and when Trump took power days after Xi’s speech in Davos, one of his first acts was to step down of the Trans-Pacific Partnership trade agreement. This could be a sign of things to come as countries “decouple” from the globalized system.

“We’re not going to end up with a lot of North Koreas – the quintessential autarkist state,” Postnikov says. “But what we’ll see, I think, is a world of smaller regional blocs where supply chains are shorter. The TPP, the Rcep, Brexit, everything is unilateral, whereas before these problems were seen from a multilateral angle.


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Hoteliers: sustainable hospitality, a priority for Greek tourism http://greekhomes.info/hoteliers-sustainable-hospitality-a-priority-for-greek-tourism/ http://greekhomes.info/hoteliers-sustainable-hospitality-a-priority-for-greek-tourism/#respond Wed, 13 Oct 2021 20:05:22 +0000 http://greekhomes.info/hoteliers-sustainable-hospitality-a-priority-for-greek-tourism/ The President of HCH Alexandros Vassilikos with the Minister of Tourism Vasilis Kikilias. Sustainable hospitality should be at the center of all tourist services offered in the post-Covid-19 era, said the Hellenic Hotel Room (HCH) President Alexandros Vassilikos after a meeting this week with the Greek Minister of Tourism Vassilis Kikilias. The minister met with […]]]>

The President of HCH Alexandros Vassilikos with the Minister of Tourism Vasilis Kikilias.

Sustainable hospitality should be at the center of all tourist services offered in the post-Covid-19 era, said the Hellenic Hotel Room (HCH) President Alexandros Vassilikos after a meeting this week with the Greek Minister of Tourism Vassilis Kikilias.

The minister met with members of the chamber’s board of directors and was briefed on issues affecting the sector as well as ways to cover the ground lost due to Covid.

Vassilikos stressed the importance of distinguishing between the needs of hotels all year round in the city and in the mountainous regions from the country. Given the uncertainty in the global tourism market, he said, businesses in need should be able to access government support.

The chamber speaker also called for a long-term plan that will focus on sustainability, digital transformation, quality, new infrastructure and skills development.

“These orientations”, said Vassilikos, “are fully in line with the priorities of the European economy as reflected in the objectives of the Recovery Fund and the national recovery plan ‘Greece 2.0’.”

The President of the Hellenic Chamber of Hotels (HCH) Alexandros Vassilikos, the Greek Minister of Tourism Vasilis Kikilias and the Director General of the Hellenic Chamber of Hotels Agni Christidou.

The President of the Hellenic Chamber of Hotels (HCH) Alexandros Vassilikos, the Greek Minister of Tourism Vasilis Kikilias and the Director General of the Hellenic Chamber of Hotels Agni Christidou.

Finally, noting the role of the hotel sector in the community, Vassilikos mentioned an HCH initiative aimed at helping hotels achieve sustainable goals and the new “HOTELS FOR” program set up in collaboration with the Ministry of Tourism to be responsible for social responsibility initiatives, supporting those in need and promoting sustainable development goals.

“Greek tourism professionals, especially Greek hoteliers of large or small units, are the ones who create jobs and income over time, they stimulate the economy and generate growth for the country,” Kikilias said. .

The Minister pledged to support hoteliers through promotional actions as well as funding for upgrading and modernizing hotels.

“Greek hospitality, the uniqueness of the tourism product and our strong brand are the foundations on which we will be able to attract more quality tourism throughout the year,” he said.

To follow GTP titles on Google News to keep up to date with all the latest news on tourism and travel in Greece.


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Annual VAT losses of 6 billion euros http://greekhomes.info/annual-vat-losses-of-6-billion-euros/ http://greekhomes.info/annual-vat-losses-of-6-billion-euros/#respond Tue, 12 Oct 2021 15:44:22 +0000 http://greekhomes.info/annual-vat-losses-of-6-billion-euros/ The annual amount of value added tax (VAT) fraud is more than double the sum of the state’s revenue under the single property tax (ENFIA), according to the latest report from the European Commission which makes report a loss of income of some 6 billion euros per year. for the Greek state coffers, the third […]]]>

The annual amount of value added tax (VAT) fraud is more than double the sum of the state’s revenue under the single property tax (ENFIA), according to the latest report from the European Commission which makes report a loss of income of some 6 billion euros per year. for the Greek state coffers, the third worst performance in the European Union.

If local tax authorities reduced VAT fraud to the EU average rate, the state would get enough tax room to abolish ENFIA, which brings in just over € 2.5 billion each year, as well as the solidarity levy which brings in some 1.2 billion euros.

The Brussels report found that potential VAT revenue for Greece last year amounted to € 21 billion. However, the state only received 15 billion euros, a loss of 28.5%. Half of this lost revenue (or 3 billion euros) concerned tax evasion at the country’s borders, customs fraud having assumed enormous proportions. The report showed that around one in three euros due is not collected, with the VAT compliance rate falling to 68%, down from 81% in 2001, when VAT rates were significantly lower.

At the same time, the Greek state is delaying its VAT refunds to businesses: Commission report found Greece, Cyprus and Italy have the worst VAT refund times, creating huge liquidity problems for companies.

He added that an average business in the EU needs more than nine hours to implement bureaucratic procedures for VAT refunds, and more than 17 weeks to receive them.

Italy and Romania are the Member States with the longest time required for VAT refund claims (42 and 22 hours respectively), but Italy, Cyprus and Greece have the longest delays in returning goods. VAT: it takes on average 62 weeks Italy, 43 weeks in Cyprus and 31 in Greece.

In total, VAT fraud in the EU exceeds € 140 billion each year, but due to the pandemic this figure may have been even higher last year. The average rate of loss of income in the block is 11%.


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Austria has plunged into a new political crisis but its foreign policy is unlikely to change http://greekhomes.info/austria-has-plunged-into-a-new-political-crisis-but-its-foreign-policy-is-unlikely-to-change/ http://greekhomes.info/austria-has-plunged-into-a-new-political-crisis-but-its-foreign-policy-is-unlikely-to-change/#respond Mon, 11 Oct 2021 14:45:56 +0000 http://greekhomes.info/austria-has-plunged-into-a-new-political-crisis-but-its-foreign-policy-is-unlikely-to-change/ Austrian Chancellor Sebastian Kurz has tendered his resignation after being accused of being part of a corruption scandal that threatens to cause serious political unrest in his country. Kurz’s decision to resign came after Austria’s prosecutor’s office opened an investigation into his involvement in a corruption scandal where he allegedly spent state money to promote […]]]>

Austrian Chancellor Sebastian Kurz has tendered his resignation after being accused of being part of a corruption scandal that threatens to cause serious political unrest in his country. Kurz’s decision to resign came after Austria’s prosecutor’s office opened an investigation into his involvement in a corruption scandal where he allegedly spent state money to promote his party.

In response to the inquiry, a parliamentary session was announced in which a vote of confidence was taken. Kurz, despite the declared position that he would not resign, scheduled a press conference and announced his resignation as chancellor in favor of his party colleague Alexander Schallenberg, the foreign minister.

It emerged on Friday that he was almost certain the government would fall because Kurz and his ministers announced they would not resign. Also, while it looked like the government would inevitably fall last Tuesday when the opposition was supposed to submit a request for a full-government recall in the extraordinary parliamentary session, the Greens announced that they would support the government of center-right Kurz.

According to Austrian media, Kurz’s final decision to step down was either the result of pressure and the threat of more serious repercussions, or an attempt to try to preserve some sort of position and power.

“It would be irresponsible to fall into months of chaos and deadlock. I want to make room for someone else to avoid chaos, ”Kurz said upon his resignation.

However, the chaos was not prevented as the political crisis has existed since the Ibiza affair where officials of the Freedom Party, which was in coalition with Kurz’s Austrian People’s Party, sought foreign funds for their campaign. electoral. This ultimately led to the fall of the coalition government in 2019. Indeed, every few months there is a new political scandal in Austria, whether minor or major, and mainly linked to the prosecution and the Austrian People’s Party. . Although little known outside of Austria, Kurz’s entourage has been under investigation for over a year into various corruption scandals.

In the midst of this political crisis, a minority government could be created, but it should be made up of the Greens, Socialists and Liberals with the support of the right-wing conservative Freedom Party, which the Freedom Party chairman already has. declared that he would not support. . There could be a larger coalition, but the Greens and the Liberals do not want to cooperate with the Freedom Party, even though the Socialists have shown themselves ready in principle. Due to these unrealistic results, Austria is likely to go to early parliamentary elections next year.

Since the former foreign minister of the same party takes Kurz’s place, it is expected that in the short term there will be no major changes in Austria’s foreign policy. Kurz will remain in parliament at the head of the Party and is replaced at the level of the Chancellery by a person of his choice.

It is recalled that Austria is one of the three countries of the Western / Central European zone which is not a member of NATO, with the famous neutral Switzerland, and the other being the small Principality of Liechtenstein which counts a total population of less than 40,000 inhabitants. The two countries are direct neighbors of Austria. Because Austria is not constrained by NATO, it has cordial ties with Russia and is not consumed by the chronic Russophobia commonly found in Central Europe.

Russian President Vladimir Putin said at the launching ceremony of the Cemix dry mix asphalt plant in the Bashkortostan region in August that: “This country [Austria] is one of our main partners in Europe, and we treat it exactly that way, which was confirmed by the participation of its representatives – and it was also the largest representation – at the St Petersburg Economic Forum, as well as by Chancellor Sebastian Kurz speech at the plenary meeting of the Forum.

According to Putin, more than 1,500 Austrian companies do business in Russia, with around $ 6 billion in accumulated investments. He noted that “the influx of Russia into the Austrian economy is just as important”.

That way, if a center-right government is removed from power in the next election, which could come soon after the current political crisis, it is unclear in which direction Austrian foreign policy will go. Given the deep economic ties between Austria and Russia, even if a Green, Socialist and / or Liberal government came to power, it would be difficult to prevent Vienna from having a more balanced foreign policy.

However, as this political crisis is still unfolding, it is too difficult at the moment to see how Austria will come out of this difficult situation.

READ MORE: Erdoğan single-handedly exposed the weaknesses of NATO unity.


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Thanks to Greece for the tourism journey this year by the WTTC http://greekhomes.info/thanks-to-greece-for-the-tourism-journey-this-year-by-the-wttc/ http://greekhomes.info/thanks-to-greece-for-the-tourism-journey-this-year-by-the-wttc/#respond Sun, 10 Oct 2021 06:26:40 +0000 http://greekhomes.info/thanks-to-greece-for-the-tourism-journey-this-year-by-the-wttc/ The World Travel & Tourism Council pays tribute to Greece, both for the development of this year’s tourism year and for the safe opening of Greek tourism. In her statements to ΑΠΕ – ΜΠΕ, Elena S. Rodriguez, communication manager of the World Travel & Tourism Council stressed that our country has created the conditions that […]]]>

The World Travel & Tourism Council pays tribute to Greece, both for the development of this year’s tourism year and for the safe opening of Greek tourism.

In her statements to ΑΠΕ – ΜΠΕ, Elena S. Rodriguez, communication manager of the World Travel & Tourism Council stressed that our country has created the conditions that have allowed the safe movement of travelers, while its stop could be for other countries as a point of reference in their efforts to revive their economies affected by the pandemic.

Evaluating Greece’s performance this summer, Elena S. Rodriguez, after noting this “clearly” and standing out in the international tourism firm, explained that she achieved 86% of arrivals in July and August 2019, resulting in a strong recovery in tourism. economy. “It was one of the first countries to announce that it would receive visitors who had been fully vaccinated or might show a negative PCR to pass through the country’s gates.” Greece was the country that encouraged the influx of travelers in complete safety, following the general preparation of the country, “he added.

Elena S. Rodriguez recalled that Greece is one of the most popular destinations for European travelers, with Germany and the UK being its most important markets. As an indication, it indicates that in 2019, the travel and tourism sector contributed 20.8% to the country’s total GDP and supported more than a fifth of all jobs, which shows how much the sector tourism is important for the country’s economy. as he says.

Regarding the World Travel & Tourism Council’s estimates for the next period, Elena S. Rodriguez notes that there is “such enormous accumulated demand” that travel is expected to continue to increase in the future. Focusing on the data created by the pandemic on the map of global tourism, he said this year there had been an increase in bookings since travel restrictions eased in some markets. “Europe has had a good summer, thanks to the lifting of travel restrictions between countries, successful vaccination programs and the use of the European COVID digital certificate, which has allowed the safe resumption of international travel”, said Elena S. Rodriguez.

At this stage, it was underlined that for the next tourist season, the evolution of vaccinations should again play a determining role in tourist flows. “Europe as a whole, with the availability of vaccines booming, is building the confidence of its citizens to complete their vacations.” In fact, Elena S. Rodriguez pointed out that the European digital COVID certificate is a useful tool to facilitate travel. Over the summer, he said, international flights to European destinations in July and August hit 39.9% of pre-pandemic levels. “This is significantly better than last year (which was 26.6%), when the COVID-19 pandemic caused widespread blockades and vaccines had yet to be approved.”

It is recalled that the World Travel and Tourism Council highlighted Greece last year as a global example of safe opening of tourism. In fact, the “Global Champion Award for COVID-19 Crisis Management” was received by former Minister of Tourism Haris Theocharis, at a special event in Cancun, Mexico.

Source: RES-EAP


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Ankara now wants to buy 40 F-16 jets http://greekhomes.info/ankara-now-wants-to-buy-40-f-16-jets/ http://greekhomes.info/ankara-now-wants-to-buy-40-f-16-jets/#respond Fri, 08 Oct 2021 17:06:59 +0000 http://greekhomes.info/ankara-now-wants-to-buy-40-f-16-jets/ Fears of an arms race between Greece and Turkey escalated on Friday after a Reuters report claimed Turkey had requested the purchase of 40 F-16 fighter jets from the United States to modernize its military air. This decision coincides with the recent agreement concluded by Greece to acquire Rafale planes and frigates from France. Although […]]]>

Fears of an arms race between Greece and Turkey escalated on Friday after a Reuters report claimed Turkey had requested the purchase of 40 F-16 fighter jets from the United States to modernize its military air. This decision coincides with the recent agreement concluded by Greece to acquire Rafale planes and frigates from France.

Although Greece emphasizes that it is not seeking to start an arms race in the Aegean Sea, the two countries intend to spend heavily on defense, trying to gain a strategic advantage over the other.

Turkey asks US for F-16s

“Sources familiar with the matter,” Reuters reports, say Turkey has asked the United States to purchase 40 F-16 fighter jets manufactured by Lockheed Martin and nearly 80 modernization kits for its existing fighter jets.

Grecian Delight supports Greece

The multi-billion dollar deal is still pending in the overseas military sale process which is subject to approval by the US State Department as well as the US Congress which can block the deals.

“Typically, the department does not confirm or comment on proposed defense sales or transfers until they have been formally notified to Congress,” a State Department spokesperson said.

Ankara had ordered more than 100 F-35 jets, also manufactured by Lockheed Martin, but was withdrawn from the program in 2019 after acquiring Russian S-400 missile defense systems.

Reuters reports that the aircraft request is likely to struggle to gain approval from the US Congress, where sentiment towards Turkey has deteriorated dramatically in recent years, mainly due to Ankara’s purchase of the S-400s and of his problematic human rights record.

Turkey warns Greece against arms race

Turkish Defense Minister Hulusi Akar on Friday warned Greece against an arms race against Turkey after a military deal between Paris and Athens.

“A love of armaments began in Greece, especially recently, by making agreements with the encouragement and provocation of certain countries. Look at math first, history first. You cannot get an advantage against Turkey with such attempts, give up this effort, ”he said, addressing the opening of the Naval Academy of the National Defense University of the academic year 2021-2022 on October 8.

Greece’s economic situation is fragile, said the minister, recalling that the country is seriously in debt. “It worsens the economy by spending needlessly with the love of armaments and is for the welfare of the Greek people. Reasonable people in Greece should see this,” he said.

None of these initiatives can progress, he said and added: “We have taken every precaution against this, and we are taking them. We are extremely determined and capable in this regard.

Agreement with France must not lead to arms race, Greece says

Greece on Thursday ratified its strategic pact with France, which includes a mutual assistance clause in the event of an armed attack against the territory of one of the two.

In addition, the agreement, signed in Paris on September 28, stipulates that Greece will purchase three advanced frigates, with an option for a fourth, and a delivery date of between 2025 and 2026. The frigates will also be compatible with the jets that Greece is also buying in France. This year, it has already ordered some 24 Rafale manufactured by Dassault.

Greece says it has no intention of launching an arms race in the region and that France’s new weapon systems are acquired only for deterrence.

On September 30, Greek Prime Minister Kyriakos Mitsotakis said: “I have no intention of embarking on an arms race with Turkey, and I always extend the hand of friendship to Turkey.

Speaking at a Democracy Forum conference in Athens, he added: “We have big differences on many issues, but there should be a way to resolve these differences through dialogue,” Mitsotakis said. . “At the same time, we will defend our territory, our territorial integrity, our sovereignty, our sovereign rights. And to do that, we need a strong deterrent.

Related: Arms race Greece / Turkey: French frigates against German submarines?


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Moderation of Growth Should Come as No Surprise Says Calamos http://greekhomes.info/moderation-of-growth-should-come-as-no-surprise-says-calamos/ http://greekhomes.info/moderation-of-growth-should-come-as-no-surprise-says-calamos/#respond Thu, 07 Oct 2021 12:59:46 +0000 http://greekhomes.info/moderation-of-growth-should-come-as-no-surprise-says-calamos/ John P. Calamos says that US fiscal policy is the key for future growth. Credit: Calamos Investments In his global market outlook John P. Calamos, Sr., one of the most prominent financial experts worldwide, says that our economy is in the midst of an extraordinary recovery period and a moderation of economic growth and consumer […]]]>

John Calamos markets
John P. Calamos says that US fiscal policy is the key for future growth. Credit: Calamos Investments

In his global market outlook John P. Calamos, Sr., one of the most prominent financial experts worldwide, says that our economy is in the midst of an extraordinary recovery period and a moderation of economic growth and consumer optimism should come as no surprise. He adds that investors should not be surprised by ongoing volatility and market rotation. “These are a normal part of investing,” the Greek American Founder, Chairman, and Global Chief Investment Officer, of Calamos Investments argues.

By John P. Calamos, Sr.

Grecian Delight supports Greece

During the third quarter of 2021, economic and company fundamentals remained strong. Nevertheless, markets were choppy and rotational as investors grappled with a challenging newsfeed.

Inflation fears intensified, supply chain disruptions persisted, and anxiety around the Covid-19 delta variant continued. Economic growth moderated from its double-digit pace and fiscal policy uncertainty deepened in the United States.

The Federal Reserve announced it expects to begin tapering its asset purchase program soon and indicated that short-term interest rate increases could start by late 2022. The yield of the 10-year US Treasury bond rose past 1.50% by the end of the quarter, while the prices for oil and other energy-related commodities soared.

Many broad equities market benchmarks were generally flat or modestly down for the quarter, although year-to-date returns through the end of September have remained solid and positive. (For example, the large-cap S&P 500 Index is up 15.9%, while the small-cap Russell 2000 Index is up 12.4%.) Growth stocks closed the quarter with a slight gain while value stocks finished with a slight loss, masking the considerable turmoil that took place during this period.

Emerging markets faced more pressure, as the travails of Chinese real estate developer Evergrande roiled the market. However, there were also bright spots among the emerging markets, such as India.

Moderation of growth should come as no surprise

Earlier in the year, there were many reasons to believe inflation would be quite transitory. As the economy moves through this unprecedented cycle, there’s mounting evidence that inflation will be more persistent, as companies struggle to entice workers and supply chain disruptions continue.

Nevertheless, there is a difference between inflation pressures that investors can mitigate through asset allocation (eg, increasing allocation to equities, convertible securities, and high-yield bonds) versus the sort of inflation pressures that could upend the economy. We believe the former scenario still holds.

It’s important to remember that every cycle is different. Rising inflation and slowing growth have historically set the stage for “stagflation” —but this cycle is like no other. The global economy is in the midst of an extraordinary recovery period, and a moderation of economic growth and consumer optimism should come as no surprise.

We still see strong corporate balance sheets, improving margins and spending on capital expenditures. The shadow of Covid persists, but we remain hopeful as global vaccination efforts continue, and emerging treatments show promise. Although we can never rule out a policy mistake, we expect the Federal Reserve to pursue a gradual course that should continue to support economic growth and, in turn, provide tailwinds for the stock market.

As the economy transitions from a rapid expansion to settle into a mid-cycle growth phase, investors should not be surprised by ongoing volatility and market rotation. These are a normal part of investing.

Over the past year, for example, the market has risen significantly, but these gains have been earned in a saw-toothed fashion with plenty of dips along the way. Markets could become increasingly choppy, especially cyclical areas that are tied to interest rates and economic growth.

Market outlook depends on US fiscal policy

US fiscal policy remains a key risk to both the near-term and the long-term outlook. Reasonable regulation and tax policy are key to sustaining business confidence, job growth, and household prosperity. There are many unknowns on the fiscal policy front and political tensions are running high as the timeline for infrastructure and social policy programs have been pushed back once again. However, uncertainty about fiscal policy — or interest rates — are not reasons to stay on the sidelines.

There are always opportunities, especially for experienced and active managers. At Calamos we remain positioned to navigate these crosscurrents, capitalizing on the long-term opportunities that short-term volatility produces. We remain focused on individual security selection and understanding of thematic tailwinds that will drive the markets and the global innovation that is taking place in every economic sector.


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