BR IEF

Kathimerini English - - Focus -

Geniki earn­ings.

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.

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