Financial crises

Addressing Parliament on Friday ahead of a confidence vote in the government, Deputy Finance Minister Giorgos Mavraganis heralded the continued lowering of tax rates, saying the government intended to broaden tax relief "in a programmed and decisive way."

Greek government bond yields rose to a one-week high on Tuesday after a newspaper reported that the country’s European Union and International Monetary Fund lenders had interrupted their bailout review over a disagreement with Greek officials.

The government denied the report.

Attempts by the eurozone’s 20 largest banks to anticipate the outcome of European Central Bank stress tests continued in earnest in the first half, as lenders boosted equity levels and set aside more money for bad loans.

Greek government bond yields rose to their highest level in almost two months on Monday as Athens' plans for an early exit from the country's bailout programme raised concerns about its future financing and debt relief.

By Evgenia Tzortzi

The 1-billion-euro rise in bank deposits in August constitutes a clear indication of the improvement in the economy bolstered by the growth of tourism, according to figures issued by the Bank of Greece on Thursday.

Greece is ready to stand on its own feet, Prime Minister Antonis Samaras said on Tuesday after a meeting with Chancellor Angela Merkel in Berlin, where he set out how Athens could exit its adjustment program at the end of the year, forgoing the remaining loans from the International Monetary Fund.

The Turkish Lira’s ratio to the U.S. dollar rose to its highest level in six months amid increasing demand for the U.S. currency

The International Monetary Fund’s denial of reports that it will host a discussion on Greek debt relief in November and Eurogroup chief Jeroen Dijsselbloem’s insistence that no talks on the next phase for the Greek economy can be held until the troika review due to begin at the end of September, have heightened concern in Athens that it could be in limbo for the next few months.

Greece recorded a primary surplus of 1.95 billion euros in the first eight months of the year, ahead of a projected target of 962 million euros, Alternate Finance Minister Christos Staikouras said on Friday, noting however that revenues had dwindled slightly due to the postponement of the collection of the first installment of the new unified property tax (ENFIA).

In talks with European Central Bank President Mario Draghi in Milan, Greek Finance Minister Gikas Hardouvelis has reiterated the Greek government's opposition to the prospect of a third loan program for the country, which is just beginning to see signs of an economic upturn following a recession exacerbated by four years of austerity.