Search Result for : Greece

The Dollar Business Bureau India’s GMR Infrastructure had bid along with Greece’s GEK TERNA last year to build an airport on the island of Crete, Greece. The bid priced at 480 million euros was well below the expected 850 million euros sources revealed. The final bid is yet to be disclosed but the news that a ‘financial offer was unsealed on Tuesday’ was revealed by an anonymous official to the media. Greece had attempted to build the Heraklion airport several times since 2010 but due to its 7 year financial crisis, there were no investors ready to put their money into it. This project a public-private one will finally replace the ageing airport at Heraklion. Heraklion is  Greece’s second largest airport and ...

The Dollar Business Bureau  Greece has made a plea to its eurozone creditors and International Monetary Fund (IMF) to refrain from further imposition of austerity on its already slowing economy. Since the country has met its budget targets, the government's spokesperson said that there is no reason for tougher conditions on the proposed bailout package, the terms for which have been in negotiation for months.  It is crucial for Greece to receive the 86 billion Euro bailout package in order to fulfill its interest obligations, which it will inevitably default on without external aid. The tug-of-war between the creditors and the Greece government has culminated in a stalemate, with neither party willing to budge from its position with respect to stringent reforms and spending cuts.  "The Greek government ...

The Dollar Business Bureau  Finance ministers from Eurozone failed to come out on a consensus to overcome the deep divisions with the International Monetary Fund (IMF) over a bailout of Greece and reached no agreement on relief of debt to the country.  The IMF and 19-members single currency group are debating over how much debt relief Athens needs, and the economic targets required of the nation that the Fund says are too strict. “Today we will not be able to go into depth on the Greek issue. We will have to wait,” said Wolfgang Schaeuble, Finance Minister of Germany, the most influential member of the Eurozone, as he arrived for discussions on Greece with his group’s counterparts.  The months of arguing have delayed the progress of ...

Source: PTI Director General of Foreign Trade (DGFT) Pravir Kumar on Friday said that India is passing through a "challenging phase", particularly in exports, but underscored government's commitment on ensuring 'Ease of doing business'. "Right now, we are passing through a challenging phase, particularly in exports. In the past six months, there have been global issues, global turmoil also... so the exports are not doing as well as we would like to," he said. Addressing an Open House organised by Federation of Indian Export Organisations (FIEO) here, Kumar said even "winning sectors" have been facing problems in the past few months. However, the government is prepared to face the situation as "we have the inner strength and depth to absorb," any ...

Jayarama Emani | The Dollar Business In the era of globalisation, any major impact for any country would affect the global trade. However, the impact of the Greece crisis on Indian IT industry is manageable, said an IT expert. Speaking to The Dollar Business, J A Chowdary, Chairman, Talent Sprint Private Limited and Co-Chairman, FICCI-AP Chapter, said “European Union economy is a very important component in the current global trade & economy. Any adverse situation caused by Greece will impact EU economy. Hence, companies doing business with EU countries will be affected. However, at this point of time, India's position in the global trade & commerce is very positive, it being an ideal investment destination. Therefore, the crisis is manageable.” ...

The Dollar Business Bureau Weakening of Euro will adversely affect India's Eurozone exports, which have already witnessed a decline during April-November 2014, said Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO). Commenting on the sharp decline in the value of Euro bringing it to 14 years low against the US dollar, Mr Rafeeque said that such sharp and deep depreciation would affect India’s exports to Euro Zone significantly, which has already exhibited a decline of 0.18% in April-Nov, 2014 when it touched US$ 33.27 billion as against US$ 33.33 billion recorded in the same period in 2013. Eurozone, which consists of 19 countries, accounts for about 18.5 per cent of India's exports, most of them from traditional sectors such as ...