Greece items on the economy.....

http://www.athensnews.gr/portal/11/56187

Economy keeps on crumbling

10 Jun 2012

With the crisis showing no signs of losing strength, the economy continues to suffer. (file photo) Greece's economy shrank further in the first three months of 2012, shrivelling at a yearly rate of 6.5 percent against a backdrop of painful wage cuts, tax hikes and record unemployment.   The data, released on Friday, will add fodder to politicians campaigning against terms of an international bailout ahead of a June 17 parliamentary election.   Painful budget austerity has deepened the country's economic malaise, turning voters away from mainstream political parties that backed a European Union/International Monetary Fund rescue deal.   The first quarter Gross Domestic Product preliminary projection was based on seasonally unadjusted data. It topped a previous -6.2 percent year-on-year flash estimate and follows a 7.5 percent year-on-year GDP decline in the last quarter of 2012, statistics service ELSTAT said.   A narrower trade deficit provided some relief but was not enough to make up for sharp falls in consumer and investment spending.   "The positive reading in exports and shrinking imports could not offset the decline in consumption and fixed capital investment," said National Bank economist Nikos Magginas. "Recessionary pressures will continue unabated in the second quarter. Uncertainty coupled with the labour market's deterioration will further limit domestic spending while support from export sectors is seen weak," he said.   Consumer spending fell 7.5 percent year-on-year in the first three months of the year while gross capital investment plunged 21.3 percent as the cash strapped government struggled to shrink the budget hole.   The recession, now in its fifth straight year, weakened imports, helping to reduce the trade deficit by 41.9 percent and partly contained the contraction in gross domestic product (GDP).   The 215 billion euro  economy is expected to contract by 5.0 to 5.3 percent this year, based on recent central bank and OECD forecasts.   The steep spending cuts and austerity required that is part of the 130 billion euro rescue package have deepened the economic downturn, making it ever harder for the government to meet revenue targets and reduce the budget gap.   The jobless rate hit a new record of 21.9 percent in March, piling more misery on the electorate and fast approaching Spain's plight, where unemployment has reached 24.4 percent.   "Most recent higher-frequency macro data signal no concrete improvement in the second quarter. Domestic political developments and the evolution of the euro area crisis will be crucial for the domestic economic outlook in the second half," said Eurobank economist Platon Monokroussos.   Other data released on Friday showed that weak domestic demand led to a further easing in consumer inflation to 1.4 percent. (Reuters) and.....

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_09/06/2012_446179

Eastern Thessaloniki left without power for hours A large part of eastern Thessaloniki was left without power for most of Saturday due to a significant failure spotted in the network of Public Power Corporation at the area of Depo. The damage caused for unknown reasons at the cables left for hours three local distribution stations of PPC, on a day with maximum temperatures of 31 degrees. The electricity failure started at 3.30 p.m. and continued until late in the afternoon. Local businesses such as tavernas, cafeterias and pastry shops voiced their disgust for the prolonged power cut that had the quality of their service compromised, as PPC technicians were trying to locate the cause of the failure. and..... http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_08/06/2012_446115 Yachting tourism dives in 2012 By Stathis Kousounis Yachting tourism has suffered huge losses this year in Greece, as sector representatives told the 20th general meeting of the Association of Greek Tourism Enterprises (SETE) this week that bookings have dropped by as much as 50 percent compared to last year. Bookings from abroad have declined considerably owing to the political and economic instability in the country, with the flow of new hotel bookings since the May 6 general election shrinking by as much as 30 to 50 percent, depending on the destination, the meeting heard. Booking cancellations have even been recorded in five-star hotels. Hoteliers in Athens have reported a 35 percent drop in bookings since the elections. and..... http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_30444_09/06/2012_446181 Pharmacists ask Reichenbach to help EOPYY Five pharmacists’ associations made a direct appeal to the head of the European Commission’s Task Force for Greece for the funding of the National Organization for Healthcare Provision (EOPYY). In a letter they sent to Horst Reichenbach this week, they are calling for the disbursement of 1.5 billion euros for the Organization in order for it to cover its financial obligations. The letter is signed by the presidents of the Association of Pharmaceutical Enterprises of Greece, the Panhellenic Pharmacists’ Association, the Panhellenic Association of Pharmaceutical Industries, the Federation of Pharmacists’ Cooperatives of Greece and the Panhellenic Association of Pharmaceutical Wholesalers. After the turmoil generated in previous days by the refusal of pharmacists to sell drugs on credit to patients insured at EOPYY, which is the vast majority of Greeks, the high-cost drugs for serious illnesses will now be supplied by the drugstores of public hospitals across the country, too, alongside the main pharmacies of EOPYY.