Athens Macedonian News Agency: News in English, 17-02-24

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Merkel ready to consider specific measures for easing Greek debt, Handelsblatt reports

[02] Greek budget primary surplus at 1.019 bln euros in Jan

[03] Greek economy to grow by 2.5 pct in 2017 on conditions, BoG

[04] Athens Medical Group wins UN distinctions

[05] Sklavenitis to take over Marinopoulos' stores from March 1

[01] Merkel ready to consider specific measures for easing Greek debt, Handelsblatt reports

Citing information from sources privy to the meeting between Chancellor Angela Merkel and IMF Managing Director Christine Lagarde, the newspaper said that the measures could then be implemented as early the summer of 2018, after the German elections. It also noted that Eurozone finance ministers had already decided to adopt measures easing Greek debt after the end of the bailout programme, if necessary.

Merkel and Lagarde also went over the steps that must be taken and their order, the newspaper reported, noting that Greece must first meet its commitments to carry out agreed reforms. According to Handelsblatt, Athens has not yet implemented all agreed prior actions and must also vote for structural reforms that will go into effect in 2019 and 2020.

Merkel and Lagarde agreed on the need to step up pressure on Greek Prime Minister Alexis Tsipras to complete the reforms and conclude the second review and only then will the debt relief measures be specified, the paper added.

It noted that the German side is prepared to consider an extension of the loan repayment period but not a reduction of interest rates, which Berlin says could lead to a transfer of capital from Eurozone states to Greece.

The newspaper's article was reported by Deutsche Welle.

[02] Greek budget primary surplus at 1.019 bln euros in Jan

A report on budget execution on an amended cash basis showed that the Greek budget recorded a surplus of 839 million euros in January from a surplus of 888 million last year and a budget target for a surplus of 530 million.

State budget net revenue totaled 4.164 billion euros in January, up 4.3 pct from budget targets, while regular budget net revenue was 4.047 billion euros, up 8.9 pct from targets. This reflected increases in corporate taxes by 357.2 pct, direct taxes by 15.2 pct, VAT on oil products by 9.6 pct, VAT on tobacco by 38.9 pct, car circulation duties by 61.2 pct, other non-tax revenue by 25.2 pct, while tax revenue fell short of targets in income tax (-1.8 pct), other VAT (-6.8 pct), special consumption tax on energy products (-4.3 pct), EU funds inflows (-10.8 pct).

Revenue returns totaled 314 million euros in January, up 18 million from targets, while Public Investment Program revenue was 117 million euros, down 159 million from targets.

State budget spending totaled 3.326 billion euros in January, down 137 million from budget targets, while regular budget spending was 3.299 billion euros, down 19 million from targets, but up by 107 million euros compared with January 2016. Public Investment Program spending was 27 million euros, down 118 million from targets.

[03] Greek economy to grow by 2.5 pct in 2017 on conditions, BoG

Based on current data, the country's primary surplus in 2016 is expected to be around 2.0 pct of GDP, while a target for a primary surplus of 1.75 pct of GDP this year is considered to be feasible. The central banker, however, warned there were still risks related with economic growth prospects. The first category of risks is related with instability in international environment, while domestic uncertainties and risks are related mostly with delays in implementing an economic program, as reflected in difficulties to complete a second review of the program.

The Bank of Greece governor noted that if these delays were to continue, they could raise serious hurdles to the expected growth, with negative consequences in economic climate and opening a new cycle of uncertainty over completion of the program. This uncertainty could increase if Greece failed to be included in an European Central Bank's QE program, he added. All these could undermine confidence and avert efforts to attract foreign investments -a necessary precondition for economic growth. The central bank said that risks were also related with delays in implementing reforms aimed to boost competitiveness, in sectors such as the electricity energy market.

The central banker said that the most serious hurdle to be gradually lifted was excessive taxation of enterprises and individuals. An overshooting of a fiscal target on primary surplus in 2016 was mostly attributed to higher tax revenue and less to a cut in public spending. Stournaras said that the current fiscal policy mix operated adversely to economic growth, it contributed in raising private sector arrears to the state and encouraged tax evasion and informal labor.

Referring to non-performing loans, the central banker said their reduction was the most significant challenge for the banking system, although he said it was encouraging the fact that NPLs fell to 106.3 billion euros at the end of 2016, from 107.6 billion at the end of the third quarter of 2016. He said that the goal was to reduce NPLs by 40 billion euros until the end of 2019, but noted that delay in legislating the necessary measures, combined with uncertainty related with a slow progress of negotiations with institutions to conclude a second review of the Greek program, raised risks over achieving this goal. Stournaras said that new non-performing loans grew in the first month of 2017.

[04] Athens Medical Group wins UN distinctions

Dr Vasilis Apostolopoulos, CEO of the group, commenting on the fact said that a renewal of this certification sealed an endless effort of the Group to offer quality and integrated health services according to the most strict international standards. At the same time it showed the group's commitment to continue implementing a strategic plan for the development of medical tourism in Greece. This decision essentially awards the group's effort to build a strong brand name for medical tourism in the country and offers a strong advantage towards international competition.

In �� announcement, Athens Medical Group said the distinction was based on the certifications ISO 9001:2015 and ISO 22000:2005 and the certification �Excellence in Medical Tourism� received by the group's clinics by the Temos International Organization.

The ISO 9001:2015 certification covers the organization and management of hospital services, laboratory and diagnostics methods and healthcare in internal pathology, surgery, paediatric and maternity. The ISO 22000:2005 certification covers food services to patients and workers and logistics services.

[05] Sklavenitis to take over Marinopoulos' stores from March 1

In an announcement, Sklavenitis said that all Marinopoulos' stores will remain closed on Tuesday, 28 February, in order to complete technical works related with cash machines. The re-opening of Marinopoulos' stores will be made gradually, focusing primarily in regional Greece where Sklavenitis Group so far has no presence.

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