Laws, Regulations & Policies

Greece’s President Prokopis Pavlopoulos is expected on Friday, to officially announce elections to be held next month as parties failed to form a coalition government.

Alexis Tsipras on late Thursday confirmed in a televised address that he is resigning as Greek Prime Minister, clearing the way for early elections.

The European Stability Mechanism’s (ESM) board of governors approved Greece’s 86 billion euro bailout program on Wednesday.

Professionals in the Greek accommodation sector have expressed concern over the decision to open up the tourist rental market to include homes and villas and do away with a 30-day time restriction, saying it creates conditions of “unfair competition” and will inevitably lead to tax evasion.

Euro zone finance ministers agreed on Friday to lend Greece up to 86 billion euros through a third bailout to keep the country in the single currency.

A third bailout for Greece, valued at 86 billion euros, seems to be in the works, the Greek government said on Tuesday, but European officials are still not clarifying whether the deal will go through.

As if the current economic crisis, the capital controls and the negative media portrayal of the country weren’t enough, Greek border islands, among them Kos, are having to also deal with a growing migrant problem at the peak of the tourism period.

A tax fraud inquiry was recently ordered by the Greek government at the souvenir shop at the Archeological Site of Knossos on Crete.

A new visa regime comes on top of an “unfriendly” exchange rate to push all the more Russian tourists away from Greece.

The Finance Ministry on Tuesday announced that Greek depositors and pensioners will be allowed to withdraw the maximum weekly amount of 420 euros per client per bank, from bank tellers or ATM machines, on any day from Wednesday, July 29, until Friday, July 31.