When he took a job as the manager of one of Greece's biggest resorts overlooking a sandy beach near Ancient Olympia, the cradle of the Olympic Games, Michalis Minadakis thought he had the goose that laid the golden egg. But seven years later, his dream of a bonanza with sun-seeking tourists is in ruins as
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Greece's tourism revenues may plunge up to 15 percent this year, an industry official said, as holidaymakers spooked by concerns the country may leave the euro zone switch to other destinations. Accounting for about 15 percent of output and one in five jobs, tourism is vital for Greece's economy. But the gloomy forecast punctures any
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Unemployment in Cyprus has hit new record high according to figures released Wednesday by the official Statistical Service. The number of unemployed people reached 36,313 at the end of May, in comparison to 26.050 in May 2011. In comparison to May 2011, an increase of 8.112 persons or 31,1% was recorded, which was mainly observed
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Cyprus has not submitted any application for European financial assistance, a European Commission spokesman has said, adding that the Commission will not speculate on how close or how far a country may be to that assistance. Asked how close Cyprus was to a call to the European Financial Stability Facility (EFSF) and invited to comment
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GDP in Cyprus dropped by 0.3% during the first quarter of 2012 compared with the previous quarter, according to second estimates released Wednesday by Eurostat. GDP remained stable in both the euro area and the EU27 during the first quarter of 2012, compared with the previous quarter. In the fourth quarter of 2011, growth rates
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Japanese electronics maker Panasonic Corp has no plan to invest in Olympus Corp , President Fumio Ohtsubo told Reuters on Thursday, contradicting a media report it would invest in the medical equipment maker Olympus, which is struggling to recover from an accounting scandal. Kyodo news agency reported on Wednesday that Panasonic was making final arrangements
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Britain will want to ensure safeguards are in place to protect its financial sector if the euro zone moves towards establishing a banking union, British finance minister George Osborne said on Thursday. In an interview with BBC Radio 4, Osborne also urged the single currency bloc to use its bailout fund to recapitalise Spain's troubled
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Cyprus is racing to meet an end-June deadline to pump 1.8 billion euros ($2.24 billion) into the second biggest lender – Popular Bank – heavily exposed to Greek bonds – but will struggle to attract investors as long as the outcome of this month's election in Greece is unclear. The nation's only other option is
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Cyprus cannot rule out an EU bailout to prop up its Greece-exposed banks, its finance minister said on Wednesday, but is worried its EU partners could impose prohibitive conditions on any offer of aid. Speculation is growing that Cyprus, the euro zone's third-smallest economy, could become the bloc's fourth recipient of aid as a deadline
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Greece's tourism revenues may plunge up to 15% this year, an industry official said on Wednesday, as holidaymakers spooked by concerns the country may leave the euro zone switch to other destinations. Accounting for about 15% of output and one in five jobs, tourism is vital for Greece's economy. But the gloomy forecast punctures any
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