Latest news with #BankofGreece
Bloomberg
4 days ago
- Business
- Bloomberg
ECB's Stournaras Says Rate Cuts 'Nearly Done'
Bank of Greece Governor and European Central Bank Governing Council member Yannis Stournaras discusses monetary policy, currency markets and cross-border banking transactions. "The best thing is wait and see,' Stournaras tells Bloomberg Television. 'It's nearly done but with such uncertainty worldwide you can never say it's done.' (Source: Bloomberg)
Al Arabiya
29-05-2025
- Business
- Al Arabiya
Greece to toughen migration laws: Minister
Greece plans to eliminate a provision allowing irregular migrants to apply for residency after seven years in the country, the migration minister announced Thursday, saying the rule had been abused. The police last year arrested 74,000 irregular migrants, but could only expel 2,500, Makis Voridis told broadcaster Skai, adding that detainees often claim a false country of origin to avoid deportation, stalling the process for months. 'The longer you were (in the country) illegally, the bigger your prize. 'From now on, whoever is in Greece illegally will never be legalized, will never get a residence permit,' he said, pointing out that some 55-65,000 people enter Greece illegally every year, with half granted asylum. 'There must be (sanctions) for those who persist in staying even though they are not legally here,' he said. The new draft law, approved by the cabinet on Wednesday, carries a prison sentence of up to five years for illegal entry and residence, he said. The draft's parliamentary passage, slated for June, is essentially assured with the government enjoying a majority. Administrative detention prior to deportation will be extended to a maximum two years, up from a maximum 18 months currently, he said. Irregular migrants can choose voluntary repatriation to avoid any sanctions, he said. Voridis said new regulations to encourage legal migration will be presented by July. According to Bank of Greece governor Yiannis Stournaras, the country is short of around 200,000 laborers.
The Star
22-05-2025
- Business
- The Star
Greece sees 4.4 percent increase in Q1 tourism revenue, driven by non-EU arrivals
ATHENS, May 22 (Xinhua) -- Greece recorded a 4.4 percent year-on-year increase in tourism revenue in the first quarter of 2025, reaching one billion euros, according to provisional data released by the Bank of Greece on Thursday. The figures suggest the country is on track for another strong year in its tourism sector, a key driver of the national economy, reported local news outlet Tovima. Inbound tourist arrivals for the January-March period rose by 5.4 percent to approximately 2.46 million travelers. Growth was primarily fueled by an 11.7 percent increase in visitors from non-European Union (EU) countries, offsetting a 0.7 percent decline in arrivals from EU member states. Travel receipts from non-EU residents climbed 8.5 percent in the first quarter, while earnings from EU residents edged up by 0.3 percent, the central bank reported. However, travel receipts in March showed mixed trends. While total receipts rose by 5.1 percent year-on-year to 473.4 million euros (534.05 million U.S. dollars), average spending per trip declined slightly by 0.6 percent. In 2024, Greece welcomed 40.7 million tourists, generating 21.6 billion euros in tourism-related revenue. The positive Q1 performance comes as Greece continues to position tourism as a cornerstone of its post-pandemic economic strategy, supported by efforts to attract long-haul travelers and extend the tourist season. (1 euro = 1.13 U.S. dollar)
Reuters
08-05-2025
- Business
- Reuters
Greece's travel sector surpasses 18 billion euros surplus in 2024 as inbound travellers surge
May 8 (Reuters) - The Greek travel services sector saw a surplus of 18.79 billion euros ($21.24 billion) in 2024, a 3.4% increase from the previous year, according to final data from the Bank of Greece released on Thursday. In 2024, travel receipts rose by 4.8% on the year, to 21.59 billion euros, driven by a 12.8% increase in non-resident inbound travellers and a 2.9% rise in average expenditure per overnight stay. Receipts from residents of the 27-country European Union, which made up 55.4% of total receipts, grew by 7.1% to 11.97 billion euros, with Germany and Italy being the leading contributors to the growth. On the other hand, receipts from France and non-EU member Britain decreased by 11.6% and 4.1% respectively. In 2024, the number of inbound travellers to Greece reached 40.7 million, a 12.8% surge from the previous year, with the influx coming mainly through airports and road border-crossing points, the Bank of Greece said. The cruise tourism sector also performed strongly, it added, with total receipts from cruise passengers increasing by 22.4% year-on-year, to 1.11 billion euros. Despite these positive trends, the data showed that in 2024 the average expenditure per trip fell by 7.0% compared with 2023, while the average length of stay declined by 9.6%. ($1 = 0.8846 euros)
Yahoo
08-04-2025
- Business
- Yahoo
ECB's Stournaras says higher inflation from US tariffs could delay monetary policy normalisation
ATHENS - European Central Bank policymaker Yannis Stournaras said on Tuesday that likely higher inflation and a global trade war following U.S. President Donald Trump's imposition of tariffs could delay normalization of euro zone monetary policy. "Any further resurgence in inflation or inflation expectations could delay or even halt the process of monetary policy normalization, worsening financial conditions and growth momentum," Stournaras, who is governor of the Bank of Greece, said at the Greek central bank's annual shareholders' meeting. As well as the United States and Europe, other countries where the U.S. has not imposed duties would feel the pinch of slowing global trade, he said. A rout in global financial markets triggered by the U.S. tariffs scheme has solidified the case for another ECB rate cut next week and supports arguments for even quicker policy easing from the world's second largest central bank, economists say.
