Greek Daily News 20/05/2024

ECONOMY

-Debt management companies (servicers) have so far arranged bad loans amounting to 15.2 billion euros since 2022, while the total debts they manage amount to 90 billion euros, according to the Hellenic Loan Servicers Association (EEDADP). These are the dues of 2,271,548 borrowers, of which 80% are loans no longer burdening the balance sheets of Greek banks, while the rest concerns loans that still belong to the banks.

-According to a new study by the Small and Medium Sized Enterprises Institute of the Hellenic Confederation of Professionals, Craftsmen & Merchants (GSEVEE), economic activity and employment is recovering only in the Attica region, while the rest of the regions in the country are still lagging behind.

-Greek annual inflation stood at 3.2% in April, Eurostat data showed. The euro area annual inflation rate was 2.4%, stable compared to March 2024. In the EU, the annual inflation was 2.6% in April 2024, stable compared to March 2024.

DIASPORA

Greek startup companies in the diaspora raised close to $2 billion in 2022, an amount that dropped to $823 million the following year, due to geopolitical tensions, rising borrowing costs and the consequent restraint shown by investors in channeling capital, Kathimerini reported citing data from Greece’s Marathon Venture Capital.

REAL ESTATE

-Twelve municipalities in Greece (Ag. Anargyroi-Kamatero, Vrilissia, Halandri, Glyfada, Piraeus, Ithaca, Karpathos, Loutraki, Symi, Pyrgos, Rhodes and Astypalea) have advanced to the next phase of property value reassessments by private evaluators under the Ministry of Finance, seeking to lower property tax values, arguing they exceed market rates.

TOURISM

-Greece ranks fourth among the top destinations in the preferences of European travelers, according to a survey titled “Monitoring Sentiment for Intra-European Travel” conducted by the European Travel Commission (ETC) which examines the mood for tourism between May and October this year.

-The Hellenic Chamber of Hotels welcomed the European Commission’s ruling on Booking.com. The EU’s executive arm has ruled that the platform is a “gatekeeper” and must comply with the Digital Marketing Act. The Hellenic Chamber said, “The platform in question took advantage of its dominant position, developing unfair business practices and damaging behaviors with a huge negative impact on their operation.”

-The islands of Astypalaia, Naxos and Skopelos take the lead for this year’s go-to Greek destinations for Italian travelers, according to Italian travel magazine My Greek Salad.