Re­tail sales.

Kathimerini English - - Focus -

suf­fer­ing a hang­over from the 2012 cri­sis, has been pushed to the fore by ex­pec­ta­tions the ECB will need to raise lim­its on its bond pur­chases to keep its quan­ti­ta­tive eas­ing scheme on track. Kai Schaf­fel­hu­ber, a part­ner at law firm Allen & Overy, said that if the ECB per­mit­ted it­self to buy more than a third of a coun­try’s debt it would make a re­struc­tur­ing of pri­vately-held bonds more dif­fi­cult, a move that could in­crease the like­li­hood of tax­payer res­cues. In a debt re­struc­tur­ing, a quo­rum of in­vestors has to agree the terms of a deal. The ECB can­not par­tic­i­pate be­cause it is for­bid­den from di­rectly fi­nanc­ing gov­ern­ments. “They (the ECB) should avoid a sit­u­a­tion where they are hold­ing so much (of a) debt that a re­struc­tur­ing be-

Greek re­tail sales by vol­ume dropped 6.4 per­cent in May com­pared to the same month a year ago af­ter a down­wardly re­vised 2 per­cent slide in April, sta­tis­tics ser­vice ELSTAT said yes­ter­day. Re­tail sales were led lower by fu­els, lu­bri­cants, ap­parel, footwear and su­per­mar­kets, the data showed. Data on GDP showed weak­ness in con­sumer spend­ing in the first three months of the year, when the econ­omy con­tracted by 0.5 per­cent com­pared to last year’s Q4. Con­sump­tion de­clined 0.5 per­cent quar­ter-on-quar­ter in Jan­uary-toMarch. Tax hikes and cap­i­tal con­trols have weighed on the sec­tor.

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