Auction theory

The Italian auction house Sant'Agostino announced that at its next auction the participants will have the opportunity to bid with bitcoin. This will be the first such auction in the world, where cryptocurrency payment will be allowed, reports sega. 

Foreclosures, which have been practically frozen for the last eight years, represent the credit system's Achilles' heel. The impact from the paralysis of the auction system is already obvious in banks' financial results on the reduction of nonperforming loans and threatens to undermine the target set for containing nonperforming exposures (NPEs).

The government is considering the introduction of a regulation that will force notaries to register on the new online auctions system, in a bid to tackle their refusal to participate in the process.

Out of service is the electronic auction site with the Anonymous hacker team claiming responsibility yesterday with a statement posted on facebook.

The Electronic Auction System was down until at least 11 am on Sunday.

With the first online property auctions at least three months away, more than 200 auctions are scheduled to take place on Wednesday in the conventional way, in the physical presence of notaries.

According to official data, there will be 215 auctions on Wednesday out of the 3,745 already planned, some of which will take place through the new system when it finally starts operating.

Greece on Wednesday successfully auctioned a three-month Treasury bill issue raising 1,137,50 million euros from the market.

The interest rate of the issue fell to 1.95 pct, significantly lower compared with the interest rate of 2.33 pct in the previous auction of same issue last month.

A new competition for private television licenses will award seven permits, the National Broadcasting Council (ESR) decided Thursday.

This year's expired debts to the state reached up to 4.75 billion euros in the first five months of the year, so the tax administration is resorting to confiscations, auctions and lawsuits. On a daily basis the authorities conduct an average of 730 confiscations of salaries, pensions and bank deposits.

After a long delay, the Greek state sector has finally realized just how much costs can be reduced by conducting competitions and auctions electronically.

The numbers that were announced at an event hosted by the Independent Authority for Public Contracts were spectacular.

The Digital Policy Ministry on Thursday submitted to Parliament a legislative amendment which paves the way for a new auction for private television licenses following last year's government competition that was revoked by a Greek court.