Friday, July 18, 2014

'Greeks, Bear gifts.'

The government will appreciate it;
Development Minister Nikos Dendias on Friday called on Greeks with cash deposits in foreign countries to repatriate the funds as a "service to the nation."
In an interview with Alpha channel, Dendias called on Greeks with money abroad to "bring it back and invest in the country."
Not that he's the kinda guy to reciprocate;
In a nod to the Finance Ministry, Dendias noted that it was the responsibility of other ministries to offer incentives for the repatriation of funds held by Greeks abroad, suggesting that penalties for tax evasion could be waived in some cases.
"It is not my area of competency so I do not want to expand on it," he said. "But bringing money into the country at this moment is a service to the nation, that much is clear."
Or, at least to those who collect their paychecks from 'the country';
Six out of 10 economists in a Bloomberg News survey said Greece will need to top up the 240 billion euros ($325 billion) of loans received from Europe and the International Monetary Fund since 2010, when it lost access to bond markets.
The IMF forecasts Greece will have a 12.6 billion-euro financing gap next year.
“Greece’s ability to generate sufficient funds to cover that is not sufficient,” said Gianluca Ziglio, executive director of fixed-income research at Sunrise Brokers LLP in London. “Eventually the European partners will have to come up with something to basically bridge the funding needs that Greece has from now to the time in which it can establish a regular and sizable market access.”

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