Athens Digest 10.10.2018

• IMF sees primary budget target met

• Greece readies mammoth WWII reparation claim

• MinFin report: Brokers, lawyers, notaries, accountants and land based gambling, potential key sources of money laundering


# The IMF repeated its Article IV projections for the Greek economy and once more warned that the country’s troubling demographic outlook will limit the recovery. The Fund says Greece is expected to grow by 2 percent this year and 2.4 percent in 2019, but is likely to fall back to 1.8 percent a year later. The figures are included in the new World Economic Outlook. Moreover, the Fiscal Monitor foresees the country meeting a pledge to deliver a large primary surplus of 3.5 percent through 2022.

# Greece is expected to formally restart its campaign to seek war reparations from Germany as the country’s President, Frank-Walter Steinmeier, visits Athens tomorrow. The head of a Parliamentary committee for the reparations said a 2016 report would now be submitted to the plenary session for the vote, _ reiterating remarks made last month made by Parliament Speaker Nikos Voutsis. The committee’s 348-page report said the reparations claim will be at least EUR 270 billion. Germany has in the past rejected the reparation claims, insisting they were settled after WWII as part of bilateral agreements.

# Real estate brokers, lawyers, notaries, accountants and land based gambling are key sources of potential money laundering from criminal acts. This is mentioned in the first “National Risk Assessment Report on Money Laundering from Criminal Activities and Terrorist Financing” conducted by the Ministry of Finance. In Greece, 9 casinos are operating and OPAP SA holds a monopoly of land based gambling, with more than 4,000 points of sales in the country.



On our Radar: Post-exit gloom
Two-thirds of Greek workers aged 25-44 don’t expect to see any reversal of bailout-era pay cuts over the next six months, and 70 percent see little sign of improvement for the country as a whole. The findings were included in the results of a survey by the Alco polling firm and commissioned by Greece’s largest trade union, the GSEE. Also: only 31 percent of part-time workers expected to retain their jobs, compared with 55 percent overall. Only one in four respondents believed that their working rights were respected by their employer.