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Greece needs €74 Billion in Fresh Funding

ATHENS: Greece will need €74 billion in fresh funding, the three institutions overseeing the Eurozone bailout program said in their assessment of the country’s request for a new aid package, according to three European officials. The €74 billion could include €16 billion from the IMF, should the Washington-based institution decide to participate in the new aid program, the officials said. Read More »

South African economy needs manufacturing in order to grow: Research

CAPE TOWN: The economy needs the manufacturing sector to grow, research commissioned by the Manufacturing Circle shows. Historical data demonstrate there is a strong correlation between the growth in gross domestic product and manufacturing output over four decades spanning 1974-2014. Manufacturing Circle executive director Coenraad Bezuidenhout said the research highlighted the importance of more alignment between policymakers and the private ... Read More »

Greece needs tourists to bail it out now as industry contributes 17% of total economy

ATHENS: In this summer of discontent for Greece, tourism is needed more than ever to be the economy’s lifeboat. The industry contributes 17 percent to an ever-contracting economy. Hoteliers, taverna owners and sailboat skippers are heading into peak tourist season, praying for both another record year and that Athens succeeds in getting a financial lifeline to stay in the euro ... Read More »

South African economy needs manufacturing in order to grow: Research

CAPE TOWN: The economy needs the manufacturing sector to grow, research commissioned by the Manufacturing Circle shows. Historical data demonstrate there is a strong correlation between the growth in gross domestic product and manufacturing output over four decades spanning 1974-2014. Manufacturing Circle executive director Coenraad Bezuidenhout said the research highlighted the importance of more alignment between policymakers and the private ... Read More »

Greece needs tourists to bail it out now as industry contributes 17% of total economy

ATHENS: In this summer of discontent for Greece, tourism is needed more than ever to be the economy’s lifeboat. The industry contributes 17 percent to an ever-contracting economy. Hoteliers, taverna owners and sailboat skippers are heading into peak tourist season, praying for both another record year and that Athens succeeds in getting a financial lifeline to stay in the euro ... Read More »

Greece needs €400m for April wages, pensions: Deputy Finance Minster

ATHENS: Deputy Finance Minister Dimitris Mardas said on Wednesday that state coffers are €350-€400 million short and the government will need extra funds to pay wages and pensions at the end of April. Speaking at Mega television, Mr. Mardas said that the government needs that amount to cover immediate needs. Public sector wages and pensions in Greece are due on ... Read More »

Greece needs to pay €1.5 billion social security payments this week

ATHENS: The managing director of IMF said that Greece needs to pay out more than €1.5bn of social security payments for April this week. Greece made a €450m loan repayment to the International Monetary Fund last week. There are fears that Athens could run out of cash in coming weeks. Managing director Christine Lagarde said last week that talks between ... Read More »