Economy of Greece

OPAP, one of Europe’s biggest betting firms, plans to launch long-awaited online sports betting before the start of the soccer World Cup in June, its CEO said on Thursday, in a bid to capitalize on the popular event.

Fitch ratings agency has upgraded Greece's sovereign debt rating by one notch, citing the country's improved deficit figures.

Although still deep in junk status, Friday's upgrade on Greek bonds, from B- to B, was a boost for the country that has been struggling through a devastating financial crisis for the past four years.

Greek stocks staged an impressive rebound on Tuesday, with the Athens benchmark adding almost 5 percent and all blue chips securing healthy gains on the day that more than 1.136 billion new National Bank shares were introduced.

The relative easing of investor concerns after Sunday’s rather inconclusive local election results gave way to another selling spree on Monday that forced losses of almost 2 percent on the local market’s benchmark, with turnover remaining high.

Fears regarding Greece’s political stability in this election period saw investors feeling overexposed to the Athens market continue their flight on Friday, forcing major losses on the bourse for the second day in a row.

By Vangelis Mandravelis

In the wake of accusations by numerous Internet betting sites that the Greek state favors the OPAP gaming company, the Mont Parnes Casino near Athens has filed a complaint with the European Commission against the government for allowing smoking by punters at OPAP betting shops with video lottery terminals (VLTs).

By Yiannis Papadoyiannis

Fairfax Financial Holdings founder and chief executive Prem Watsa has expressed optimism to Kathimerini regarding the course of the Greek economy and said he was impressed by government efforts to improve conditions in the country.

Japanese ratings agency R&I has upgraded Greece to B- from CC, while retaining a stable outlook.

The Greek economy shrank by less than 1.5 percent in the first quarter of this year, Greek Finance Ministry sources have told the media ahead of confirmation by the Hellenic Statistical Authority (ELSTAT) later this week.