#GREECE

This breakthrough follows on the heels of EPPO’s investigation into Contract 717, a separate case involving procurement irregularities, for which criminal charges have already been filed against well-known Greek business figures.

The recordings reveal a disturbing web of political interference, cronyism, and systemic manipulation of EU-funded agricultural payments.

The European Union’s Carbon Border Adjustment Mechanism (CBAM), introduced as part of its broader green transition strategy, is partially reshaping the landscape of international trade. Its main objective is to curb «carbon leakage» - the phenomenon where industries move production to countries with looser environmental regulations in order to escape stricter EU climate rules. While the overall impact on the EU’s trade flows is expected to be limited, the mechanism could significantly affect specific countries and industries, according to a study by the International Monetary Fund. CBAM is designed to protect EU-based companies that bear the financial burden of the bloc’s ambitious climate policies. It does this by imposing a charge on imported goods with high carbon footprints - such as iron, steel, aluminum, cement, fertilizers, and electricity - based on the amount of embedded carbon emissions and whether the country of origin already prices those emissions. This carbon levy ensures that imported products are not unfairly cheaper simply because they come from places with weaker climate standards. Although CBAM formally took effect in October 2023, it remains in a transitional phase until the end of 2025. During this period, importers must report the carbon emissions of the goods they bring into the EU but are not yet required to pay the levy. Starting in 2026, however, the EU will begin charging importers according to its carbon pricing benchmark and the emissions intensity of their products. The IMF estimates that CBAM will raise the cost of EU imports by around 0.1%, and non-EU countries exporting to the bloc will see their total export costs rise by an average of 0.04%. While this may seem marginal at the macroeconomic level, the financial burden will be more acute for countries with high-carbon exports and no domestic carbon pricing - such as Bosnia and Herzegovina, Serbia, and Ukraine - especially in sectors like steel and electricity. Greece, in relative terms, is less exposed to the mechanism. Only about 4.5% of the country’s total imports are affected by CBAM, and the value of these imports from non-EU countries amounts to just 0.1% of Greece’s GDP. As a result, the immediate macroeconomic and fiscal impact is expected to be modest. However, the picture shifts when focusing on specific sectors. A large portion of Greece’s aluminum (89%) and iron and steel (75%) imports originate outside the EU, making these industries particularly vulnerable. According to the IMF study, CBAM could increase the import cost of primary aluminum by 3.9%, iron and steel by 2.9%, and cement and related products by a striking 19.7%. These added costs could ripple through the economy, especially in construction and heavy industry, where such materials are essential. Greece’s dependence on a small number of carbon-intensive raw materials from high-emission countries may lead to price hikes and pressure on domestic industries. This challenge is compounded by the EU’s plan to phase out free emissions allowances for European businesses by 2035. Without an equivalent mechanism to protect EU exporters from carbon-related costs in global markets, companies in Greece and elsewhere may find themselves at a competitive disadvantage abroad.

A massive wildfire has engulfed the Greek island of Chios for a third straight day, unleashing widespread destruction and threatening the island’s famed medieval mastic villages, known as the Mastihohoria.

Greek authorities have announced a major shift in how traffic violations are handled, relieving vehicle owners of automatic liability and placing responsibility squarely on the individual behind the wheel.

An international legal dispute playing out in a U.S. federal court is attracting the attention of Greek tax authorities, as a Greek citizen has been named in a high-stakes lawsuit involving millions in cryptocurrency.

A significant shift is underway in Greece’s accounting and auditing sector, as revealed by the latest annual report from the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) for the 2023/2024 period.

Affordable property, flexible usage, and an attractive lifestyle are making Greece a magnet for foreign professionals seeking urban residences for seasonal living, remote work, or relocation.

Amid rising tensions following a U.S. strike on Iran, Greek Prime Minister Kyriakos Mitsotakis urged restraint and warned against further escalation, just days ahead of a pivotal NATO Summit in The Hague.

Tensions between Libya and Greece are flaring once again, as Tripoli accuses Athens of violating its sovereignty through unilateral energy exploration in disputed Mediterranean waters — just days before a high-level diplomatic visit.

Greek businesses gained significantly broader access to bank credit in 2024, according to the Bank of Greece, though lending remained heavily concentrated among large corporations.

Greece is preparing to step into Europe's nuclear energy arena, Prime Minister Kyriakos Mitsotakis signaled on Wednesday, marking a notable shift in the country's energy strategy.

Both former leaders warned that Greece’s current diplomatic strategy, particularly its treatment of Turkey as a partner rather than a rival, risks emboldening adversaries and alienating potential allies.

The debate became increasingly heated as Greek Members of the European Parliament took the floor.

A new nationwide survey conducted by Alco for Alpha TV reveals that nearly half of Greeks are opting out of summer vacations this year, highlighting the mounting financial pressures facing households across the country.

Greece’s state-owned arms manufacturer, Hellenic Defense Systems (EAS), has launched a comprehensive financial and managerial audit for the period 2020 to 2024.

Greece is experiencing a growing divide within its borders, as economic development continues to benefit some regions while leaving others increasingly behind.

Public Tender Announced for Geiger Counters by Greece’s General State Chemistry Laboratory.

Two years after a deadly train crash in Tempi, Greece, which killed 57 people, investigators are still trying to understand what caused the explosion and fireball that followed the collision.

This allows them to disclose undeclared income or assets without entering into a formal dispute process.

Available to the public free of charge, MyCoast provides detailed data on beach concessions.

Starting July 1, 2025, Greece will make it mandatory for all vehicle-related businesses to use a Digital Vehicle Customer Registry.

As tensions escalate in the Middle East and fears of a broader military confrontation grow, the geopolitical volatility is beginning to strain the economic systems of smaller and more vulnerable nation.

Drawing on her long-standing involvement in cultural heritage advocacy, Grabowski-Mitsotakis emphasized the significance of the moment.

Cyprus’s Supreme Constitutional Court has upheld a €50,000 fine against the provident fund of the former Cyprus Popular Bank, bringing long-awaited closure to a case rooted in the fallout of the Eurozone debt crisis.

For prospective property buyers looking at Europe, Greece sits comfortably around the continent’s average in terms of property transfer costs.

Greece’s leisure boat market is experiencing significant distortions.

In Greece, nearly three out of four corporate tax returns filed so far this year have resulted in businesses owing money to the state—underscoring longstanding issues within the country’s corporate tax base.

A new report from the European Court of Auditors has raised serious concerns about how Greece and other EU countries are spending European funds meant to prevent forest fires.

Τhe European Central Bank (ECB) has published its latest Wage Tracker for the Eurozone, providing insight into wage developments based on collective labor agreements (CLAs) valid through mid-May 2025. The headline finding is a notable cooling in the pace of wage increases across the region.