Geniki Bank, a Piraeus Group company, has reported a ninemonth profit of 85.1 million euros, following 10 years of losses, with its operating costs dropping 24 percent from a year earlier. Its nine-month operating profit before predictions came to 13.9 million euros, versus an operating loss of 34.6 million euros a year ago.
it is just one bright spot in a fragile recovery overshadowed by weak exports, economists say. “Tourism did the best it could to lift the Greek economy but it can’t do it all,” said economist Panayiotis Petrakis at the University of Athens. “It was a mistake to think during the planning of the international aid [for Greece] that the recovery would come from exports,” Petrakis added. Unlike other debthit eurozone countries rescued by international bailouts, Greece’s exports have “only marginally recovered” from the low of 2008/09, the European Commission said in a June report. Exports declined 0.2 percent between 2012 and 2013 (minus 2 percent without fuel and oil products) and minus 7.2 percent in the 12 months between October 2013 and September 2014.
High spring temperatures, a cool summer and abundant rain are taking a big bite out of the olive harvest in some key regions of Italy, Spain, France and Portugal. Those conditions have also helped the proliferation of the olive fly and olive moth, which are calamitous blights. Greek growers, however, anticipate windfall profits. Greece is the world’s thirdlargest producer and is set to more than double its annual output, to 300,000 metric tons. That is good news for farms in places such as Crete and the southern Peloponnese region, where Greece’s acute financial crisis in recent years had left growers short of cash for maintenance and investment.