7/21/2019 - q42014
1/77
A
2014
2015
http://www.hellenicparliament.gr/el/7/21/2019 - q42014
2/77
2
..................................................................... 5
......................................................................................................................................... 6 .......................................................................................................... 7
1 ....................................................................................................... 19
1.1 , ............... 19
1.2 ................................................................................................ 21
1.3
........................................................ .................................... 22
1.4
............................................................................................................. 23
1.5 ........ ...... 24
1.6
........................................................... ................................................................. ... 25
1.7 , SPREADS
................................................................................................................. .............. 27
1.8 ............................................................ ... 29
1.9 .............................. .............. 34
2 2002-2013 ..................................................... 37
3 2015......................................................................................................... 39
3.1 2015 ....................................................... .............. 39
3.2 2015 ................................................................... ...... 41
4 ...................................................................................... 43
4.1 2014 ................................................................ ................ 43
4.1.1 2014........................... 43
4.1.2 2014 ........................ 44
4.2 .............................................................. ......................... 49
4.3 ................................................................................................ 54
4.4 ............................................................................................................. 58
5 :
................................................................................................................... 59
5.1 : , .......................................................................... 59
5.2 ........................................................................................ ... 60
5.3 ....................................................... .................................... 64
5.4
......................................... ............................................... 67
5.5 : . ............... 75
7/21/2019 - q42014
3/77
3
1: ,,,................................................................ 23
2: - -
.................................................................................................................... 33
3: 2014( .)....................................................................................... 36
4: (% , ) .................... 39
5: 2013-2015( .) ............................... ... 41
6: -: - 2014 ................. 46
7: -: - 2014 ...................... 52
8: -: - 2014 .................. 56
7/21/2019 - q42014
4/77
4
1: (QT/QT-1,
, 2010) ............................................................. .................................... 19
2: ...................... 203: (QT/QT-1, ) .......... 20
4: ( ) ................................................. 21
5: (
) .............................................................. ......................... 25
6: ,,......................................................... 26
7: ( .)............................................................ 27
8: ................................................. 28
9:SPREADS ( , ,,,
) ....................................................................................................... ......................... 29
10:
2014( .)................................................................................................. ..... 30
11: ( 1.1.2014) 2014
( .)............................................................................................................ 31
12: ( .)............................. .............. 34
13: ( .).............................................. ......................... 35
14: 2002-2013: ( )
............................................................. ................................................................. .............. 37
15: (%)2008-2015 .................................. ......................... 39
7/21/2019 - q42014
5/77
5
3871 2010 . , -
( -
-
, )
-
-
.
, -
:
,
,
. ,
,
,
,
.
7/21/2019 - q42014
6/77
6
-
. -
2014. -
(...), (..) -
(...). -
-
.
-
, -
. , ,
.
, -
.
.
-
-
-
15 16 . -
, -
.
7/21/2019 - q42014
7/77
7
.
.
. -
:
( , )
2015 (-
),
,
- 2 .,
,
( Eurogroup
2012!),
( -
) 22.1.2015.
20151 ( ,
).
.
.
,
-
. ,
-
, .
2014 ()
, .
.
.
.
.
,
, -
1 .
7/21/2019 - q42014
8/77
8
/ -
2014 .
(spreads), -
, , -
, 2012
, ( -
). ,
2014.
, (
)
.
,
( ) 4 .
7 .
2015 8,8 .
, . -
.
2015 . 2015:
22,5 . -
,
, ..
, , - 10,6
. . , -
( -
), . -
,
.
( )
. -
, .
, -
. -
, ( ) ,
.2 -
-
. ,
(,
2 .
7/21/2019 - q42014
9/77
9
..) , -
.
.
-
.
: -
( ),
. -
. -
.
10% . -
( . ). -
.
, 7,2 .
. ,
.
.3 -
2015
2016 30 .
. , 11,4 .
.
ELA (emergency liquidity assistance),
.
,
.
!
,
,4
. , -
().
.
.
.
3ECB Press Release 22.1.2015 (ECB announces expanded asset purchase programme).
4 8.1.2015 [] -
/. , - .
7/21/2019 - q42014
10/77
10
. ,
-
. 183 .
. , 50 . , -
( -
) .
. , ,
,
. ,
GRexit
. , -
.
-
.
( ) -
. -
-
!
: , ,
2014.
.
( ) () -
/. ( , ,
),5 () (. -
126 -
, 120 -
, 121
- .). , -
-
. () -
.() 2012 (-
) 2014,6 -
5 . :
. . . , - 2014.
6
. 14.5.2014 ( ) 15.5.2014 ( ), .
7/21/2019 - q42014
11/77
11
. -
. , .
-
-
(-
). .
.
, ( -
) ,
, ,
-.
, .
. -
.
(.
): ..
.
,
.
.
.
.
-
:
-
;
-
2015
/; -
, -
;
;
:
1. .
7/21/2019 - q42014
12/77
12
(, , , ). : -
-
.
-
. .
. ,
-
., ,
.
2. ( -
)
().
.
. .
.
, 2014
:
() 2015.7
() , .8
.
,
9 ()
.,
.
-
:
, -
,
, ,
..
-
( ..),
7 2,5 ., 980 .
8 100 , , ,
, , , .9
. , 13.9.2014. ta xheaven.gr14.9.2014. .
7/21/2019 - q42014
13/77
13
-
,
,
, -
,
.
, (-
) ( -
)
. , -
-
.
- .
,
, , , -
, ( -
) .
status quo !
-
.
3. -
( ).
() ,
() , -
-
.
. -
.10 -
,
, , -
.
10. 2020, 2014. 4.1.2015. , , -
. . Jean Monnet . , , 2014.
7/21/2019 - q42014
14/77
14
,
. .
4. - .
. .
5. , ,
.
, (
) 2014 :
, 2014 -
. , 2014 -
(+7% ), (+3,6%), -
(+12,3%) . -
.
, , , , -
.
,
.
.
, , .
. -
, ,
-
, -
, (.. -
-
..), , -
, , ,
, , -
.. (. 1).
7/21/2019 - q42014
15/77
15
1: - ()
i. ( , -
- - ).
ii.
( -, -
- , -
).
iii. ( , -
).
iv. -
.
v. ( , -
- logistics).
vi.
( ).vii. .
:
.
. -
. , , -
. - -
-
-
.
, -
(.. ) .
,
,11 , -
. -. .. ( )
.12,
, -
11
- 12. 10.2014.
12 Eurobank. . , , , Eurobank Research 7 -, 2.10. 2014. -
, .
7/21/2019 - q42014
16/77
16
. , -
.
-
(.. -
, - ), (..
,
, ).
,
. , ,
-
, 13
, , -
. , - () -
, ()
()
.
, , . ,
(. ).
6. .
.
. ,
, ,
, : , -
( .) .
(= )
.
2012.
/
.
, ( -
) . ,
,
. ,
13. IMF World Economic Outlook, October 2014, chapter 3.
7/21/2019 - q42014
17/77
17
, .14
,
,
.
(=). ,
.
() ()
() -
.
, , -
( ) . -
. ;
( % )
, -
-
, ! -
. -
!
/
, EFSF,
, -
( ) ,
. -
!
-
. -
.
, -
. . EFSF ( 130 .)
2022 ! -
. ( -
) 2015. -
-
. -
(PSI, 2012).
14
. (2014). . , 2013.
7/21/2019 - q42014
18/77
18
.
. , -
.
.
7/21/2019 - q42014
19/77
19
1
1 1 , -
2014 15 16 0,7%
, 1,9% -
2013.
.
1: (Qt/Qt-1 , , 2010)
. 1,1%
2014 3,6% 2013.
70%
.
2015
. 2
.
, 17.
0,2% 0,8%
2013.
.
15 549/2013 ESA 2010. - .
, . - - .
16
28-11-201417Eurostatnews Release 187/2014 5/12/2014
-4%
-3%
-2%
-1%
0%
1%
2%
II IV I II IV I II IV I II IV I II III
2010 2011 2012 2013 2014
Qt/Qt-1 :
http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdfhttp://ec.europa.eu/eurostat/web/products-press-releases/-/2-05122014-APhttp://ec.europa.eu/eurostat/web/products-press-releases/-/2-05122014-APhttp://ec.europa.eu/eurostat/web/products-press-releases/-/2-05122014-APhttp://ec.europa.eu/eurostat/web/products-press-releases/-/2-05122014-APhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0704/PressReleases/A0704_SEL84_DT_QQ_03_2014_01_P_GR.pdf7/21/2019 - q42014
20/77
20
1%
2,4% 2013.
2:
3: (Qt/Qt-1, )
-
.
18 :
18ECB 2014
0
0,5
1
1,5
2
2,5
3
3,5
4
2014 2015 2016
IMF OECD AMECO: IMF (World Economic Outlook Database, October 2014), OECD(October 2014),
AMECO Database (4 November 2014)
-3,5
-3
-2,5
-2
-1,5
-1
-0,5
0
0,51
1,5
Euro area (18 countries) Greece Spain Italy Portugal
:Eurostat
http://www.bankofgreece.gr/BogEkdoseis/ektmonth201412.pdfhttp://www.bankofgreece.gr/BogEkdoseis/ektmonth201412.pdfhttp://www.bankofgreece.gr/BogEkdoseis/ektmonth201412.pdfhttp://www.bankofgreece.gr/BogEkdoseis/ektmonth201412.pdf7/21/2019 - q42014
21/77
21
. ,
, , -
, , . -
,
-
.
-
2014, -
0,8%
2014, 1,0% 2015 1,5% 2016. -
2014, -
-
. -
.
, -
.
1 2
.
19 ,
25,8% 27,8% 2013 26,0% 2014. 4 .
4: ( )
19, : 2014(8 2014)
15,1
16,116,9
17,8
19,0
20,9
22,6
24,024,8
26,0 26,427,5 27,8
27,3
27,1
26,3
14
16
18
20
22
24
26
28
30
2011
2011
2012
2013
2014
2014
:
http://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_10_2014_01_F_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_10_2014_01_F_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_10_2014_01_F_GR.pdfhttp://www.statistics.gr/portal/page/portal/ESYE/BUCKET/A0101/PressReleases/A0101_SJO02_DT_MM_10_2014_01_F_GR.pdf7/21/2019 - q42014
22/77
22
-
2014 3.585.234. 1.245.340
, 3.288.819 .
15-24 25-
34 50,6% 34,5% . 25 34 . -
(27,3%) -
(27,8%)
1 3 -
, -
2014, 2.5 . , -
1.3 . 2013.
,
. -
.,20 2014 (2.31
. ) 6,6% 2013 (
0,9% ). , - 2014, -
2,3% ( 1,5% -
). , 2014 (3.77 . ) -
0,8% 2013 ( , -
3,3%). - 2014, - 0,8% ( , 6% ).
2014 1.45 . ,
10,7% 2013 ( ,
8,4%). , - 2014,
18.8 . , 5,3% -
2013 ( ,
15,5%). , ..,
, ,
.21 , ( )
- 2014 4,2% - 2013, .. 0.1%. ,
, 3,3% 0,4% ..
H , -
(, , ) - - -
"-" -
,22 -
20
, , : 2014, 9 201521
Eurostat, Euro area international trade in goods surplus 24.0 bn, News Release, 195/2014, 16 December 201422 , , ,4/1/2015
http://www.kathimerini.gr/798142/article/oikonomia/epixeirhseis/ta-dyo-varidia-poy-vazoyn-freno-stis-ellhnikes-e3agwgeshttp://www.kathimerini.gr/798142/article/oikonomia/epixeirhseis/ta-dyo-varidia-poy-vazoyn-freno-stis-ellhnikes-e3agwgeshttp://www.kathimerini.gr/798142/article/oikonomia/epixeirhseis/ta-dyo-varidia-poy-vazoyn-freno-stis-ellhnikes-e3agwgeshttp://www.kathimerini.gr/798142/article/oikonomia/epixeirhseis/ta-dyo-varidia-poy-vazoyn-freno-stis-ellhnikes-e3agwges7/21/2019 - q42014
23/77
23
.
-
9% 2020 ( 7% ), 60% -
.
1: , , ,
:
... 21% 17% 23% 12%
16% 10% 11% 9%
13% 8% 11% 6%
8% 7% 7% 5%
6% -
7%
-
5% 4%
36% 51% 42% 64%
- -
-
25%
( )19%
15%-
39%
-
21%-
14%
-
10% 15%
-
14% 14% 10%
()
8%
-
-12% - 6% 9%
-
-
7%
11% - 4% 8%-
4%
16% 44% 48% 27%
: , , , 4/1/2015
1 4
. -
,23 -
-
. ,
-
- . ,
. -
- . .
EXPORT SUMMIT III,
23, , - 2014, .26-28
7/21/2019 - q42014
24/77
24
, ..
-3.2% (2014), -
. . , -
2,5 . , 4 .
.24 -
, -
. ,
-
. ,
-
- -
1212/26.09.14
.25
, 2014, Institute forGrowth (IfG) - "IfG - Greek SME Finance S.A. (
) -
.26 ,
100 . ( -
- )
KfW 100 . .
1 5
-
( 5), -
3 2014 2,7%.27
24 , " ,"EURO2DAY,4 2014; " : H ,"Reporter.gr,3 2014
25, , , 18 2014
26
& ,22 201427, : 3 2014, , 28 2014
http://www.euro2day.gr/news/economy/article/1281037/mpainoyn-triklopodies-stis-ellhnikes-exagoges.htmlhttp://www.euro2day.gr/news/economy/article/1281037/mpainoyn-triklopodies-stis-ellhnikes-exagoges.htmlhttp://www.euro2day.gr/news/economy/article/1281037/mpainoyn-triklopodies-stis-ellhnikes-exagoges.htmlhttp://www.reporter.gr/Eidhseis/Oikonomia/item/251613-Synedrio-SEBE-H-elleipsh-reystothtas-%C2%ABpnigei%C2%BB-tis-exagwgeshttp://www.reporter.gr/Eidhseis/Oikonomia/item/251613-Synedrio-SEBE-H-elleipsh-reystothtas-%C2%ABpnigei%C2%BB-tis-exagwgeshttp://www.reporter.gr/Eidhseis/Oikonomia/item/251613-Synedrio-SEBE-H-elleipsh-reystothtas-%C2%ABpnigei%C2%BB-tis-exagwgeshttp://www.mindev.gov.gr/el/index.php/8-2014-07-07-16-56-20/2820-%CE%AD%CE%BD%CE%B1%CF%81%CE%BE%CE%B7-%CE%BB%CE%B5%CE%B9%CF%84%CE%BF%CF%85%CF%81%CE%B3%CE%AF%CE%B1%CF%82-%CF%84%CE%BF%CF%85-institute-for-growth-ifg-%CE%BA%CE%B1%CE%B9-%CF%84%CE%BF%CF%85-%CF%258http://www.mindev.gov.gr/el/index.php/8-2014-07-07-16-56-20/2820-%CE%AD%CE%BD%CE%B1%CF%81%CE%BE%CE%B7-%CE%BB%CE%B5%CE%B9%CF%84%CE%BF%CF%85%CF%81%CE%B3%CE%AF%CE%B1%CF%82-%CF%84%CE%BF%CF%85-institute-for-growth-ifg-%CE%BA%CE%B1%CE%B9-%CF%84%CE%BF%CF%85-%CF%258http://www.mindev.gov.gr/el/index.php/8-2014-07-07-16-56-20/2820-%CE%AD%CE%BD%CE%B1%CF%81%CE%BE%CE%B7-%CE%BB%CE%B5%CE%B9%CF%84%CE%BF%CF%85%CF%81%CE%B3%CE%AF%CE%B1%CF%82-%CF%84%CE%BF%CF%85-institute-for-growth-ifg-%CE%BA%CE%B1%CE%B9-%CF%84%CE%BF%CF%85-%CF%258http://www.mindev.gov.gr/el/index.php/8-2014-07-07-16-56-20/2820-%CE%AD%CE%BD%CE%B1%CF%81%CE%BE%CE%B7-%CE%BB%CE%B5%CE%B9%CF%84%CE%BF%CF%85%CF%81%CE%B3%CE%AF%CE%B1%CF%82-%CF%84%CE%BF%CF%85-institute-for-growth-ifg-%CE%BA%CE%B1%CE%B9-%CF%84%CE%BF%CF%85-%CF%258http://www.reporter.gr/Eidhseis/Oikonomia/item/251613-Synedrio-SEBE-H-elleipsh-reystothtas-%C2%ABpnigei%C2%BB-tis-exagwgeshttp://www.euro2day.gr/news/economy/article/1281037/mpainoyn-triklopodies-stis-ellhnikes-exagoges.html7/21/2019 - q42014
25/77
25
5: ( )
-
43,9% ( 58,4% 2 2014), 13,4%
( ).28
(15,5%) -
(24,1%).29
. 2015, -
,
.
(.. ), -
-
-
.
1 6
-
2014 2014 -
,
. , -
28
Alpha Bank, , 4 2014.29...
-38,6
-13 -12,9 -13
-2,3
-8,7
-5,3-6
2,7
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
: ..
7/21/2019 - q42014
26/77
26
0,16% ( 6)
36,11% ,
124,72%30.
- 98,9 , 102,7 2014,
-
.
6: , ,
2014,
0,54% 0,20% .
2014 -
( 9,37%).
, , -
. ,
2014
2014 710% -
9,47%. ,
15,58%, 1,01% 3,29%.
30
5% 40%.
91,7 91,692,9
97,7
99,4
103
99,3
102,2
98,9
98,1
100,4101,2
102 102,1
100,699,9
100,7 100,7101,9
103,8
105106,3 106,4
104,6103,6 104,2 104,2
80
85
90
95
100
105
110
:
7/21/2019 - q42014
27/77
27
1 7
,
spre ds
2014 -
( 7) , 2014 . -
( ) -
164,3 . 164,5. 2014. -
, 2014
3,3 . 14 . -
2012 150,6
..
, -
( -
- -
)
.
2015 31
(ELA), , , ,
, -
, -
.
7: ( . )
31- 21/1/2015: ELA 4
163,41
162,67162,39
162,21
161,35
160,38
161,04
163,25
161,03
160,54
161,02161,40
162,10
163,06163,22
164,23
164,75164,50
164,30
158,00
159,00
160,00
161,00
162,00
163,00
164,00
165,00
166,00
:
http://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKThttp://www.amna.gr/article/71159/Ston-ELA-oi-4-ellinikes-sustimikes-trapezes-me-apofasi-tis-EKT7/21/2019 - q42014
28/77
28
2014, , -
-
. ,
4 2014
1,19%, -
23 5,13%.
, 19 -
3,94 .
2014 -
1964 2000.
, 2014 826,18 -
1.162,68 2013 336,50
28,94%.
( 8). -
-
.
8:
hedge funds -
-
- -
. , -
2014
2015.
,
2014.
986,76
869,19
1014,53
899,92
1188,17
1162,681310,41 1232,4
1214,31
1161,81 915,83
826,18
0
200
400
600
800
1000
1200
1400
1600
:
7/21/2019 - q42014
29/77
29
( 2014)
7.83% (9).
9: Spreads ( , , , -, )
1 8
,
2014
73,8 . 41,2% ( 178,94 .).
60 . -
2013 ( ).
2014 -
( ) 13,8 . ( . 10).
8,28
6,73
6,86
5,39
4,74 4,675,14
6,47
7,83
4,874,57
4,24
3,38
2,36 2,242,52 2,42 2,41
2,692,49
2,31 2,091,77
1,681,4
2,772,46 2,33
2
1,65
1,461,19
0
1
2
3
4
5
6
7
8
9
:E
7/21/2019 - q42014
30/77
30
10 : 2014 ( . ).
( ) -
1,02 . .
:
- 1,27 . ,
- (
2013) 253 . , 60,02 .
60,28 . ,
( 1,56 . - 2014).
16%
30/6/2014 25% 31/12/2014 .
15,3% ( 2,11 . 13,77 . -
).
1 . ( 2 .). -
1,56 . (. 11).
0,96
2,36
3,564,33
5,196,23
7,24
8,659,68
10,91
12,5
13,77
0
2
4
6
8
10
12
14
16
. . . . . . . . . . .
: ,
7/21/2019 - q42014
31/77
31
11: ( 1.1.2014) 2014 (- . )
,
, 32
432. 250 (
500 ).
, 33( )
2014 11,41%.
65%
.
34 ,
447 2014.
340, 680 .
-
28,6% 2014. O -
32
: ( ) .
33 : , ( , , .) - .
34
: ( ) .
205
401
561
702
852
994
1.139
1.238
1.3361.417
1.479
1.561
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
. . . . . . . . . . .
: ,
7/21/2019 - q42014
32/77
32
2014 -
65%.
,
2014 690 .
307 ( ) - 720 .
24,4%
2014. ,
2014 50%
.
, 2014, 35 -
248, 50.00036-
165.
35 : - .3691/2008.
36 50.000 : 50.000 - -
.3691/2008 ( ..U. 2.3.5.2 ) ( 01/08/2013 . 8 . 68 .4174/2013)
7/21/2019 - q42014
33/77
33
2: - -
-14 -14 -14 -14 -14 -14 -14 -14 -14 -14 -14 -14
(. )1 205 401 561 702 852 994 1.139 1.238 1.336 1.417 1.479 1.561 1.561
%
2
6,38% 9,02% 9,27% 10,10% 11,37% 12,01% 13,06% 13,40% 14,16% 14,85% 14,40% 15,30% 15,30%
& H
3 14 31 50 36 22 41 38 18 33 47 36 66 432
% 4 8,46% 151,83% 57,71% 73,45% 75,91% 22,54% 16,53% 119,11% 1,23% 95,93% 3,48% 9,04% 11,41%
5 51 44 30 47 71 48 47 16 43 18 18 14 447
% 6 69,5% 89,3% 333,6% 33,6% 32,2% 24,5% 7,7% 646,0% 3,1% 103,4% 8,4% 29,9% 28,6%
& ( )
3 57 17 20 22 86 175 105 30 35 28 34 81 690
%
4
15,7% 179,3% 37,7% 55,8% 11,9% 4,4% 29,7% 37,4% 22,9% 27,7% 24,2% 29,8% 24,4%
-
7
78 22 21 25 9 5 22 13 8 17 12 16 248
50.000 8
42 12 6 21 7 5 16 10 7 17 9 13 165
:
1. : ( ) ( 1/1/2014), 30/11/2013. . 2013 .
2. % : To ( 1/12/2013 ) -
.
3. : ( ) .
4. % : , ( , , .) .
5. : ( ) .
6. % : , ( , , .) - .
7/21/2019 - q42014
34/77
34
1 9
37 -
2014 ( ) 3.804
. 749 . 16,5% 2014 ( 4.553 .) 447 . 10,52% -
2013 ( 4.251 .). 2014 -
515 .
11,92%,
2014 (
325 . 8,14%) (. 12)
12: ( . )
,
2.257 . 2014 632 . 21,9%
2014 ( 2.889 .) 396 . 14,9% 2013 ( 2.653 .).
2014
273 . 10,8%.
2014 ( 754 .) 36 . 4,6%
2014 ( 790 .) 67 . 9,8%
37 : : , () (), - (). , ( ), -
, - , ....
7.755
8.841
4.2514.553 4.712
4.845 4.806 4.683 4.664
3.994 4.009 4.1594.319
3.804
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
:
7/21/2019 - q42014
35/77
35
2013 ( 687 .). 2014
150 . 16,6%.
731 . 2014 -
278 . 61,4% 2014 ( 453 -
. ) 212 . 40,8% 2013 ( 519.)38. 2014 -
13 . 1,8%. (. 13)
13: ( . )
( -
) 31/12/2011
9,5 ., , 2015, 31/8/2014
4,7 ..
2014 39
7,2 . (3).
38 ( ), 90
.39. 2015, . 166.
901
724
519
453 437 459
531 549
666
742 745713 718 731
0
100
200
300
400
500
600
700
800
900
1000
:
7/21/2019 - q42014
36/77
36
3: 2014 ( . )
2014 ( ) 1.145
( ) 1.773 - 1.526
1.294
- 534
127 6.399
- 793
7.192: , , . 166
7/21/2019 - q42014
37/77
37
2 2002-2013
14: 2002-2013: ( )
2002- 2013. -
: 2002-2007 -
2008 ( )
2013. 2005,
ESA 95.
:
1,2%.
26,2%, 25%.
- 4,2% , ,
4,4% . , 173%
( 10% 2002 27,3% 2013).
7,3% 2008 27,3% 2013 (
274%).
2,2%.
24,3%,
26,5% 2014, -
3,4
5,9
4,4
2,3
5,5
3,5
-0,2
-3,1
-4,9
-7,1-7
-3,9
-8
-6
-4
-2
0
2
4
6
8
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
:, , 2014
7/21/2019 - q42014
38/77
38
40 2015. ,
4,1% ,
(-4,4%), (-
7,7% 2011 -9,3% 2012).
1,5% . 3,5% (21,1% ),
3,8% (22,6% ). -
,
(29,4% 31% ) (23,8%).
-
42% . 95% ,
53%. , -
(8,9% -
15,8%). , -
-
.
-
14%. 12%, -
2009 (-19,4%), 2008 2013
(1,7% 1,8% ) 2010 5,2%.
, 26%, 2004 (17,3%)
.
20%. 52%,
, 2008
0,9%. 32%, -
2006 2007 (11% 15% ). -
( ) -
() -
, -
.
40 2015 ESA 95, - ESA 2010. -
. , ESA 2010- 0,2% 2014.
7/21/2019 - q42014
39/77
39
3 2015
3 1 2015
2015
2015 2,9% 2013
( ... 2,3% ESA-10,
2010) ,
.
4: (% , )
2013* 2014** 2015***
-3,9 0,6 2,9
-2,0 0,2 1,6
-6,5 -1,8 -2,0
-9,5 1,0 11,7
2,1 8,2 5,2
-
-1,6 2,3 2,2
-0,9 -1,0 0,3
-2,3 -2,5 0,4
** -3,8 0,6 2,6
** 25,5 24,8 22,6
* ESA 2010, ** , *** /
: , 2015, 26
15: (%) 2008-2015
-0,4
-4,4
-5,3
-8,9
-6,6
-4,0
0,8
2,3
0,2
-3,4
3,0
1,91,3 1,4
1,82,3
-10
-8
-6
-4
-2
0
2
4
2008 2009 2010 2011 2012 2013 2014 2015
...:O.O..
7/21/2019 - q42014
40/77
40
,
-
.
, , ,
,
,
.
,
-
-
. -
. ,
380 400 . ,
2014 100 ..
, ( 50% 2014)
-
( 1,3 . 1,2 . 2013),
.
, 400 . 2015
2014 .
, , -
,
.
, 2015 -
.
, -
-
.
-
.
7/21/2019 - q42014
41/77
41
3 2
2015
2015 ( -
) 3,0% ..., 5,6 .,
3,3 . ( 1,8% ), 2014 41. ,
69,7%
( 2,3 . ,
) 2014 -
2014
42
( -
)43.
5: 2013-2015 ( . )
ESA 2013()
2014()
2015()
1. (, -, )
-11.351 -6.181 -3.388
2. (, , )
-7.039 -4.135 -573
3. ()
756 638 863
4. ()
3.352 1.229 -750
5. (2+3+4) -2.931 -2.268 -460
% -1,6% -1,3% -0,2%
6. 7.271 7.518 7.867
% 4,0% 4,2% 4,3%
7. ESA(5+6)
4.340 5.250 7.408
% 2,4% 2,9% 4,0%
8.
2.145 3.299 5.595
% 1,2% 1,8% 3,0%9. 319.133 318.000 316.900
% 174,9% 177,7% 171,4%
182.438 178.944 184.870
: , 2015, . 99
41 2015, . 99, 3.1.
42 2014 72,8 . 40,7% , 2014 - 1,1 . .
43
2014 ( ) 4,9 ..
7/21/2019 - q42014
42/77
42
2015 47,0 . (
, 21,9 . 25,1 . ) 1,4 . -
2014.
,
-
-
. 6,4 .,
400 . 2014.
2015 : (-
, .) 1,2%
( 42,4 . 2014 41,9 . 2015).
2,3%.
17,5% 51,1% .
260 . 5,1% 2014.
2015 -
( ). -
1,8 . 5%
2014 , , -
,
1,6 . 4,5%.
,
17% 22,9% . - 17%,
28,9%.
( ESA) 7,9 . (4,3%
), 7,5 . (4,2% ) 2014.
7/21/2019 - q42014
43/77
43
4
4 1 2014
( ) 3,75
. 2,1% ( ) 1,82 . 1,0% .
2,73 . -
300,6%
2015 ( 0,91 .) 2014.
, 1,88 . ( 4,72 . 6,59 . -
) 1,05% 1,67 . 0,93%
2015 2014.
, 1,87 . 1,05% ( ) 3,7 . 2,1%
.
()
3,07 . 62,1% -
2015 ( 4,94 .) 2014.
,
2015 ( -0,76 .) 2,94 . 385,8% -
( 3,7 . 2,1% ) 2014.
4 1 1 2014
( -
) 51,37 .
7,1% -
2015 ( 55,28 .) 2014.
46,65 . -
3,5 . 7,0%
2015 ( 50,15 .) 2014.
47,82 . -
1,32 . 2,7% -
2015 ( 49,1 .) 2014.
( + )
44,24 . 1,38 . 3,02% -
2015 ( 45,62 .)
2014.
, 20,46 .
932 . 4,4% - 2015 ( 21,39 .), 23,78 . -
7/21/2019 - q42014
44/77
44
452 . 1,9% -
2015 ( 24,23 .).
, 571 . 4,5%
2015 -
. 151 . 5,4%
375. 4,6%
2015. ,
42 . 1,2% -
. 177 . 8,4%
2015. -
226 . 7,3% -
2015.
, - 2015 317 .
2,2%, 102 . 1,2%
31 . 6,2%. O 2 .
0,5%
2015.
274 . 2,0% -
2015
.
,
89 . 2,1%,
11 . 0,4% -
2015, 20
. 1,8%.
1,85 . 50,5%, -
2015 ( 3,67
.) 1,82 ..
234 . 7,5% - 2015.
, 4,72 . 415 . 8,1%
2015 (
5,13 .) 2014.
4 1 2
2014
( -
) 55,06 ., 0,98 . 1,7%
2015 ( 56,04 .)
2014.
7/21/2019 - q42014
45/77
45
, 48,47 . -
0,77 . 1,6%
2015 ( 49,24 .) 2014 -
98,4%.
, 41,93 . - 0,49 . 1,2%
2015 ( 42,42 .) 2014
98,8%.
105 . 23,3%
2015, 131 . -
2,3% 37 . 5,9%
2015.
, 6,59 .
208 . 3,1%
2015 ( 6,8 .), 96,9% -
.
, ,
99,6%
2015, , , -
100,2%, 99,4%
98,4%.
, .. 100,0% , ... 101,1%, .... 103,6%, 99,0%,
.... 100,0%, - 100,0% .... 94,3%.
,
2014
2015 0,98 . 1,7%,
0,49 . 1,2%
0,21 . 3,1%.
7/21/2019 - q42014
46/77
46
6: - : - 2014
-
2013 2014 2013 2014
. (-
)
. .
-
2015
2013-2014
- .
-
2015
-
2015
- -
2015-
2018
-
- 2015
-
2013
-
2015-18 -
- 2013
(1) (2) (3)(4)=[(2)-
(3)]
(5)={[(2)-
(1)]/(1)}
(6)=[(4)/(3)] (7) (8) (9)(10)={[(8)-
(7)]/(7)}
(11)={[(9)-(7)]/(7)}
I. - (1+2)
53.019 51.366 55.280 -3.914 -3,12% -7,1% 53.079 55.280 55.935 4,1% 5,4%
1. - (+-)
48.423 46.650 50.149 -3.499 -3,66% -7,0% 48.414 50.149 50.783 3,6% 4,9%
. -
51.442 49.636 52.811 -3.175 -3,51% -6,0% 51.433 52.811 53.689 2,7% 4,4%
.
-
86 384 474 -90 346,51% -19,0% 86 474 230 451,2% 167,4%
. 3.105 3.370 3.136 234 8,53% 7,5% 3.105 3.136 3.136 1,0% 1,0%
2. -
4.596 4.716 5.131 -415 2,61% -8,1% 4.665 5.131 5.152 10,0% 10,4%
.. 4.520 4.649 4.931 -282 2,85% -5,7% 4.511 4.931 4.952 9,3% 9,8%
76 67 200 -133 -11,84% -66,5% 154 200 200 29,9% 29,9%II.
(1+2)58.459 55.063 56.041 -978 -5,81% -1,7% 58.457 56.041 56.542 -4,1% -3,3%
1. (++++)
51.809 48.471 49.241 -770 -6,44% -1,6% 51.806 49.241 49.742 -5,0% -4,0%
. -
44.230 41.928 42.416 -488 -5,20% -1,2% 44.227 42.416 42.612 -4,1% -3,7%
. -
( -529 345 450 -105 -34,78% -23,3% 529 450 533 -14,9% 0,8%
7/21/2019 - q42014
47/77
47
)
. -
, 879 587 624 -37 -33,22% -5,9% 879 624 642 -29,0% -27,0%
( )
514 442 451 -9 -14,01% -2,0% 514 451 439 -12,3% -14,6%
365 145 173 -28 -60,27% -16,2% 365 173 203 -52,6% -44,4%
. ( -
)6.044 5.569 5.700 -131 -7,86% -2,3% 6.044 5.700 5.900 -5,7% -2,4%
. -
EFSF
127 42 51 -9 -66,93% -17,6% 127 51 55 -59,8% -56,7%
2. -
6.650 6.592 6.800 -208 -0,87% -3,1% 6.651 6.800 6.800 2,2% 2,2%
783 710 700 10 -9,32% 1,4% 772 700 700 -9,3% -9,3%
5.867 5.882 6.100 -218 0,26% -3,6% 5.879 6.100 6.100 3,8% 3,8%
. -
(2-
2)
-2.054 -1.876 -1.669 -207 -8,67% 12,4% -1.986 -1.669 -1.648 -16,0% -17,0%
-
/
-1,1% -1,05% -0,93% -0,1% -1,1% -0,9% -0,9% -14,3% -15,4%
V. - - (1-1)
-3.386 -1.821 908 -2.729 -46,22% -300,6% -3.392 908 1.041 -126,8% -130,7%
A T /
-1,9% -1,0% 0,5% -1,5% -1,9% 0,5% 0,6% -127,3% -131,3%
V. -
(1-1+)
2.658 3.748 6.608 -2.860 41,01% -43,3% 2.652 6.608 6.941 149,2% 161,7%
A T / 1,5% 2,1% 3,7% -1,6% 1,5% 3,7% 3,9% 154,0% 166,8%
VI. - - (I-II)
-5.440 -3.697 -761 -2.936 -32,04% 385,8% -5.378 -761 -607 -85,8% -88,7%
/
-3,0% -2,1% -0,4% -1,6% -2,9% -0,4% -0,3% -85,6% -88,5%
V. -
604 1.872 4.939 -3.067 209,93% -62,1% 666 4.939 5.293 641,6% 694,7%
7/21/2019 - q42014
48/77
48
(I-II+)
-
/ 0,3% 1,05% 2,8% -1,7% 0,4% 2,8% 3,0%
182.438 178.944 178.944 178.944 182.438 178.944 178.944:
7/21/2019 - q42014
49/77
49
4 2
-
-
. , -
.
()
2014 -
7,85 ., 4,6% -
2015 1,6% -
. 2014
8,22 .,
3,2%
2013.
()
2014, 2,66 ., 151 . -
5,4% -
2015. , 57,9% -
. 2014,
2,81 ., - 66,9% -
2013.
()
,
.
-
2015 1,2%
2014. 3,47 .. 16,1% 2013. 2014 -
3,43 .,
14,7%
2013. , -
-
(.
).
() ()
7/21/2019 - q42014
50/77
50
31,8% -
2014, 2013. 2014
2,11 ., 25,5% -
2013.
()
-
-
. 2014,
-
2013 1,3%. 2014
24,23 . 23,78 ., -
2015 1,9% 2013 3,1%.
()
( ) 2014.
2014 ( 14,54 .) 0,9%
2013, 6,5% 2013 2012.
2,2% -
2015 2014 3,0% -
2013.
, 7,3% 7,6%
2013.
25,9% 2013.
()
( -
2015) 8,8 . ,
2,23 ..
2,1% -
2013. , - 2013 3,3%.
2,7%, ( )
3,4%
11,2% 2013. 2014
1,14 . ( 40 .
1,18 . -
2013), 1,12 . 1,8%
.
() ()
7/21/2019 - q42014
51/77
51
-
470 ., 12,0% -
2013 6,2% -
2015. ,
2014 6,2%
2013.
()
415 . 8,1% -
2015
2014, 5,13 ..
2014, 4,72 .
2,6% .
2015 66,5%
5,7%. 2014 4,65 . 4,52 .
2013 2,9%.
()
2014, 265 .
8,5% 2013 234 . 7,5%
2015.
7/21/2019 - q42014
52/77
52
7: - : - 2014
-
2013 2014 2013 2014
. ( -
)
.
.
- 2015
-
-
2013-2014
. -
-
2015
-
- 2015
E -
2015-
2018
- -
-
2015
- -
2013
2015-18
- - 2013
(1) (2) (3)(4)=([2)-
(3)]
(5)={[(2)-
(1)]/(1)}(6)=[(4)/(3)] (7) (8) (9)
(10)={[(8)-
(7)]/(7)}
(11)={[(9)-
(7)]/(7)} - (1+2)
53.020 51.366 55.280 -3.914 -3,1% -7,1% 53.079 55.280 55.935 4,1% 5,4%
1. (++-)
48.424 46.650 50.149 -3.499 -3,7% -7,0% 48.414 50.149 50.783 3,6% 4,9%
. (+ + + IV) 47.172 47.819 49.141 -1.322 1,4% -2,7% 47.164 49.141 49.916 4,2% 5,8%. 20.066 20.464 21.396 -932 2,0% -4,4% 20.058 21.396 22.568 6,7% 12,5%
1. 11.497 12.207 12.778 -571 6,2% -4,5% 11.489 12.778 13.529 11,2% 17,8% 7.979 7.849 8.224 -375 -1,6% -4,6% 7.971 8.224 7.399 3,2% -7,2% 1.681 2.655 2.806 -151 57,9% -5,4% 1.681 2.806 4.043 66,9% 140,5% 1.837 1.703 1.748 -45 -7,3% -2,6% 1.837 1.748 2.087 -4,8% 13,6%
2. 2.991 3.474 3.432 42 16,1% 1,2% 2.991 3.432 3.842 14,7% 28,5%
3. 2.826 1.928 2.105 -177 -31,8% -8,4% 2.826 2.105 2.078 -25,5% -26,5%
5. 2.752 2.855 3.081 -226 3,7% -7,3% 2.752 3.081 3.119 12,0% 13,3%
. 24.549 23.776 24.228 -452 -3,1% -1,9% 24.556 24.228 24.281 -1,3% -1,1%
1. 14.666 14.224 14.541 -317 -3,0% -2,2% 14.673 14.541 14.245 -0,9% -2,9%
13.848 13.618 13.892 -274 -1,7% -2,0% 13.856 13.892 13.766 0,3% -0,6%
2.224 2.055 2.276 -221 -7,6% -9,7% 2.224 2.276 2.343 2,3% 5,4%
682 632 668 -36 -7,3% -5,4% 682 668 668 -2,1% -2,1% 10.942 10.930 10.948 -18 -0,1% -0,2% 10.950 10.948 10.755 0,0% -1,8%
,
818 606 649 -43 -25,9% -6,6% 817 649 479 -20,6% -41,4%
503 277 269 8 -44,9% 3,0% 503 269 172 -46,5% -65,8%
313 327 379 -52 4,5% -13,7% 313 379 299 21,1% -4,5%
2. 8.995 8.702 8.804 -102 -3,3% -1,2% 8.995 8.804 9.034 -2,1% 0,4%
316 305 309 -4 -3,5% -1,3% 316 309 309 -2,2% -2,2% -
56 86 86 0 53,6% 0,0% 56 86 55 53,6% -1,8%
- 4.228 4.113 4.202 -89 -2,7% -2,1% 4.230 4.202 4.334 -0,7% 2,5%
7/21/2019 - q42014
53/77
53
( ) 2.908 2.809 2.798 11 -3,4% 0,4% 2.906 2.798 2.893 -3,7% -0,4%
-
1.183 1.119 1.139 -20 -5,4% -1,8% 1.183 1.139 1.139 -3,7% -3,7%
304 270 270 0 -11,2% 0,0% 304 270 304 -11,2% 0,0%3. 533 469 500 -31 -12,0% -6,2% 533 500 653 -6,2% 22,5%4. ' 355 381 383 -2 7,3% -0 ,5% 355 383 349 7,9% -1,7%
(+)
44.615 44.240 45.624 -1.384 -0,8% -3,0% 44.614 45.624 46.849 2,3% 5,0%
. 183 196 183 13 7,1% 7,1% 183 183 279 0,0% 52,5%IV. -
2.374 3.383 3.334 49 42,5% 1,5% 2.367 3.334 2.788 40,9% 17,8%
- (II+V)
2.557 3.579 3.517 62 40,0% 1,8% 2.550 3.517 3.067 37,9% 20,3%
.
(+++V)
4.271 1.817 3.670 -1.853 -57,5% -50,5% 4.268 3.670 3.773 -14,0% -11,6%
I. -
902 749 752 -3 -17,0% -0,4% 900 752 753 -16,4% -16,3%
II. -
/
600 428 398 30 -28,7% 7,5% 600 398 358 -33,7% -40,3%
III. 54 60 54 6 11,1% 11,1% 53 54 54 1,9% 1,9%IV. .. / / (ANFAs & SMPs)
2.715 580 2.466 -1.886 -78,6% -76,5% 2.715 2.466 2.608 -9,2% -3,9%
. 86 384 474 -90 346,5% -19,0% 86 474 230 451,2% 167,4% (++)
51.529 50.020 53.285 -3.265 -2,9% -6,1% 51.519 53.285 53.919 3,4% 4,7%
. 3.105 3.370 3.136 234 8,5% 7,5% 3.105 3.136 3.136 1,0% 1,0%2. (+)
4.596 4.716 5.131 -415 2,6% -8,1% 4.665 5.131 5.152 10,0% 10,4%
. .. 4.520 4.649 4.931 -282 2,9% -5,7% 4.511 4.931 4.952 0,4% 9,8%
. 76 67 200 -133 -11,8% -66,5% 154 200 200 29,9% 29,9%
: -
7/21/2019 - q42014
54/77
54
4 3
2014 5,2%
2013 -
, :
() .
0,3% 2014. -
1,8%,
1,7%, 4,2%
. , (
2015) 18,55 .
2014 18,48 . 0,4%.
() ()
11,1 . 2014,
12,74 . 2013 12,9% 100,1%
2014.
-
-
2014. , -
,
.
... 2,85 ., 10,7%
2013 ( 3,19 .) 101,1%
2014. 2014 -
( 2015)
2,82 . 3,19 . 2013.
.... 21,0% 2014
2013, 100,0% ( -
2015) 2014. , -
2014 1,14 . ( -
2015).
..... 656 . 2014
103,6% 2014. ,
2013 1,1 ., 2014
0,63 . 2014 42,73%
2013 40,36%.
..., 2,91 . 2014 -
100,0% ( -
2015) 2014. 2013 -
7/21/2019 - q42014
55/77
55
3,19 . 2014 8,9%
2013.
-
.
()
9,5% 2013.
, 1,67 .
14% 2013 (1,94 .). -
0,8%
13,0% 2013.
0,59 .
2014, 33,22% 2013 ( 0,88 .) 37 . 5,9% -
2015.
345 .
2014, 105 . 23,3% -
2015 (529 .).
5,57 . 2014,
475 . 7,86% 2013 ( 6,04 .)
131 . 2,3% -
2015.
, EFSF 42 .
2014, 85 . 66,93% -
2013 ( 127 .) 9 . 17,6% -
2015.
7/21/2019 - q42014
56/77
56
8: - : - 2014
-
2013 2014 2014
. . .-
. 2013-2014
2015
2015-2018
(%)
(1) (2) (3)={[(2)-(1)]/(1)} (4) (5) (6)=[(2)/(4)]
(1+ 2) 58.462 55.062 -5,8% 56.043 56.543 98,2%1. (+ ++ IV+ V+ VI)
51.812 48.470 -6,5% 49.243 49.743 98,4%
I. (++ + + )
44.233 41.927 -5,2% 42.418 42.613 98,8%
. (1+ 2+ 3) 18.423 18.478 0,3% 18.548 18.487 99,6%1. 16.155 16.198 0,3% 16.217 16.268 99,9%
9.508 9.333 -1,8% 9.342 9.280 99,9%
123 122 -0,8% 128 240 95,3%
380 370 -2,6% 374 374 98,9% 5.850 6.093 4,2% 6.091 6.101 100,0%
294 280 -4,8% 282 273 99,3%2. , ,
2.268 2.280 0,5% 2.328 2.212 97,9%
1.892 1.925 1,7% 1.918 1.805 100,4%
237 230 -3,0% 264 263 87,1%
-
90 73 -18,9% 86 85 84,9%
, 49 52 6,1% 60 59 86,7%3. 0 0 3 7 0,0%
. , , (4+5+ 6+ 7)
15.923 14.421 -9,4% 14.392 13.757 100,2%
4. 67 58 -13,4% 58 58 100,0%5. 12.740 11.101 -12,9% 11.085 10.777 100,1%
... 3.190 2.907 -8,9% 2.907 2.442 100,0%
... 3.191 2.848 -10,7% 2.818 2.374 101,1%..... 1.108 656 -40,8% 633 774 103,6%
... 1.040 950 -8,7% 960 1.000 99,0%
.... 1.440 1.138 -21,0% 1.138 800 100,0%
- 535 535 0,0% 535 535 100,0%
.... 477 431 -9,6% 457 515 94,3%
-
621 579 -6,8% 579 579 100,0%
( ) 795 721 -9,3% 721 516 100,0%
320 320 0,0% 320 320 100,0%
18 16 -11,1% 17 27 94,1% 5 0 -100,0% 0 895
6. 1.654 1.450 -12,3% 1.450 1.155 100,0%
7/21/2019 - q42014
57/77
57
7. 1.462 1.812 23,9% 1.799 1.767 100,7%
738 527 -28,6% 486 511 108,4%
451 427 -5,3% 443 443 96,4%
139 206 48,2% 190 190 108,4%
134 146 9,0% 155 98 94,2% 0 506 525 525 96,4%
. (8+ 9+ 10) 6.338 5.733 -9,5% 5.766 5.645 99,4%
8. 1.937 1.666 -14,0% 1.591 1.564 104,7%
372 282 -24,2% 260 260 108,5%
396 271 -31,6% 274 320 98,9%
1.169 1.113 -4,8% 1.057 984 105,3%
9. -
1.732 1.746 0,8% 2.025 1.928 86,2%
10. 2.669 2.321 -13,0% 2.150 2.153 108,0%
2.155 2.005 -7,0% 1.771 1.771 113,2%
514 317 -38,3% 379 382 83,6%
. 3.549 3.295 -7,2% 3.350 3.801 98,4%
. 0 0 362 923 0,0%
. ( ) 6.044 5.569 -7,9% 5.700 5.900 97,7%
I. EFSF 127 42 -66,9% 51 55 82,4%
V. ( )
529 345 -34,8% 450 533 76,7%
V.
365 145 -60,3% 173 203 83,8%
VI. E ( )
514 442 -14,0% 451 439 98,0%
2. -
6.650 6.592 -0,9% 6.800 6.800 96,9%
783 710 -9,3% 700 700 101,4%
5.867 5.882 0,3% 6.100 6.100 96,4%:
7/21/2019 - q42014
58/77
58
4 4
2014 1,88 .
2,05 . 2013. -
.. 282 . 2015.
4,65 . 2014.
133 . 66,5% -
2015. ,
6,59 . 2014 0,87%
2013 ( 6,65 .) 3,1%
2015 ( 6,8
.).
7/21/2019 - q42014
59/77
59
5 : -
44
5 1
: ,
45
.
.
.
-
() -
, , , .
- -
.
( -
)
, .
-
, ( ), - .. .
-
,
. ,
.
,
. ,
, ,
44 - 15-16
.45
. .. .. ,, 2014. .. 65 70 ,
. 3.12.2014. ,. 22.2.2014. 29.6.2013. - . . 12.2.2013. . . , 24.7.2014. ,
, , , .. . BooksJour-nal 2014.
7/21/2019 - q42014
60/77
60
.. Keynes.46 , -
.47
( ) -
. .
- , -
: -
, -
(self interest).
(..
) -
.. ,
, -
-
;
:
-
;48 .
5 2
. -
49. , 2009
-
(. ).
2010 -
. ,
.
45% -
, 19,2%
.50 H
(efficiency). -
46
, .. , 2013,. 103 .
47 .
48Bruce Ackerman Constitutional Economics- Constitutional politics, Constitutional Political Economy10 (1999) pp 415-424, p. 415.
49 . ; ,
2013.50. 21.11.2014.
7/21/2019 - q42014
61/77
61
. ,
.
, , ,
, (, , -
) - -
. , , -
, (..
200) -
.51 (expert survey) -
,
.52 ,
.
.
- .
-
- (
(Wirtschaftsordnung), :
( )
.
-
.
.53
54,
. : 16
106 2
-
. - 3 . 55
51. , Books Journal. T. 48, 2014. . X. Coniades (ed.) Constitutions in the Global Financial Crisis, Ash-gate, London 2013. [] - , .. Jean Mon-net. . Jean Monnet . , , 2014, .179.
52 . www.greekpublicpolicyforum.org -
Books Journal, 50/ 2014 . 20-30.53
. , www.protagon.gr.20.5.2011. - .
54. , www.protagon.gr. 20.5.2011.
55
. 17 106 1975
http://www.greekpublicpolicyforum.org/http://www.greekpublicpolicyforum.org/http://www.protagon.gr/http://www.protagon.gr/http://www.protagon.gr/http://www.protagon.gr/http://www.protagon.gr/http://www.protagon.gr/http://www.protagon.gr/http://www.protagon.gr/http://www.greekpublicpolicyforum.org/7/21/2019 - q42014
62/77
62
, 90
2009-10 .
90 .
, , ,
.
.
, , 16 5
, -
2009.
-
( ) 2010
.56 -
,
-
.
, -
,
, 1
,
25 1 , - 17 , .. -
. ,
-
.
.
, -
.
. -
- ( 45% ),
- ,
, , - -
().
[.] -
.. 1975 . , 8, 10-13. . .
, , 2013, . 103 .56. . 668/2012.
7/21/2019 - q42014
63/77
63
,
. -
. .
. ..
.
. , -
!
-
( ).57
-
, -
. -
-
-
,
. ,
-
.
, Francis Fukuyama, -
.
. -
, (
) ()
.
.
.
, .
: .
,
() -
- !58
57 . ; , - 2008, . 45 .
58
. . , , 2008 (Michel Crubellier et Pierre Pellegrin)- , -
7/21/2019 - q42014
64/77
64
.59
-
!60
, -
( ) ,
-
! , , -
, , -
.
.
, , .
5 3
,
.61
, , ,
. -
. , -
.62
, 2001 2008, -
, ,
, ..,
.
. -
. - .63 -
,
, , 2001, 4 (
).59
-. . . .60
, 132-133.61
. . . , 2007.
62. Niclas Berggren and Peter Kurrild-Klitgaard Economic Consequences
of Constitution: A Theory and Survey, Paper for the European Public Choice Society Meeting in Paris, April 18-21 2001.63
. . Daron Acemoglou and James A.Robinson Why Nations Fail.The origins of Power, Prosperity, and Poverty. Crown Business, New York 2012.
7/21/2019 - q42014
65/77
65
() 64
, , -
,
,
.
-
(. ).65 -
, ,
( )
.
.
, -
- ,
.66
( input legitimacy) -
(output legitimacy).
.67
.. -
42 2 , , -
-
. - 90 -
(FYROM).
. .
2009. 2010
top-down -
.
64 , , -
-
, 15-16 2004.
65. .. .. ,
, 2014.66
. . , , 5/2013. 269 . . , .
! . , - , 2008. ,
, -, -.
67 2015 (7.12.2014). -
.. -, ! . - realfm97.8 5.12.2014. (
2014 - 2014), .
7/21/2019 - q42014
66/77
66
(, ..) -
. , -
(principal-agent) ,
( )
(, ) ,
.
,
,
.
. -
, ,
-
(playing field)68. , ,
. -
,
, ,
. , , -
69. -
.
,
, , -
(.. -
)
. , (.. , -
) . , -
, , (..
).
-
.70
.
, -
68
. Rifkin, J. The European dream, Polity Press, Cambridge UK, 2004, . 214 . Rifkin .
69 - .
70
. . Stefan Voigt Positive Constitutuional Economics II- A Survey of RecentDevelopments,http://ssrn.com/abstract=1358508.
http://ssrn.com/abstract=1358508http://ssrn.com/abstract=1358508http://ssrn.com/abstract=1358508http://ssrn.com/abstract=13585087/21/2019 - q42014
67/77
67
(trade-off).
(. ). -
, -
, .
.
5 4
.
-
, -
, . - . , -
( ) -
.
.
. -
50
,
37% .71 -
.
,
. -
. -
.
-
.
-
. -
,
( ) .
:
, -
71
( , ) , .
7/21/2019 - q42014
68/77
68
. . -
.
:
,
.
, ,
Karl Schmitt -
.
a priori . -
; :
-
,72
% . ,
-
() 73
.
.74
.
(.. -
), , , -
. .. 75 -
,
.
,
.
. , -.
( .) ;
72D. Austen Smith Redistributing Income under Proportional Representation, Journal of Political EconomyNr 108/2000, pp1235-1269.
73 . Alberto Alesina and Guido Tabellini A Positive Theory of Fiscal Deficits and GovernmentDebt, Review of Economic Studies Nr. 57/1990, pp. 403414. Person, T. and Tabllini, G. The Economic Effects of Con-stitutions, The MIT Press, Cambridge MA, 2003.
74Person, T. and Tabllini, G. The Economic Effects of Constitutions, The MIT Press, Cambridge MA, 2003.
75
. Robert Putnam et al Making Democracy Work: Civic Traditions in Modern Italy, Princeton Univr-sity Press, Princeton 1993.
7/21/2019 - q42014
69/77
69
-
.76
2008/9
, -
. - .
:
77. ( -
) .78
79.
( -
)
-
.80
81
( ) -
,
!
-
.
Peter Bofinger
.82, ,
-
.
76. . . , -
. . , - 2006.77
. Buchanan, James The balanced budget amendment: Clarifying the arguments, Public Choice,90 (1997), pp 117-138.
78. Von Weizscker, Robert K. Staatsverschuldung und Demokratie, in Kyklos, Vol. 45 1992, Fasc.1, . 51-67. - -
. : -, 39, , 2002.
79, . : , .
, , 16 (-) 2006.80
. Niskanen, W. A. The case for a new fiscal constitution inNiskanen, W.A. Policy analysis and public choice, The Locke Institute, Chetelman UK, 1998, . 361-373.
81 . -
2013 - 2013.82Siehe Bofiger, Peter Zurck zur D-Mark? Deutschland braucht den Euro, Droemer Verlag, 2012
7/21/2019 - q42014
70/77
70
-
.
4270/201483 , ,
28 . , , -
,
.
-
.84
, -
, (!) (
).
-
. ;
;
.
.85 , , -
, .
.
.
..
17 4 ,
, -
.86
-
. -
83
4270/ 2014 ( 2011/85/)
.84
, , - , - .
85 . . , , 15-16 2014.
86. Elefteriadis, Pavlos Constitutional reform and the rule of law in Greece, West European Politics,Vol. 28, No 2 (March
2005) pp 317-334,p. 322 Kev-
in Featherstone () . , . , , 2007, . 149-174.
7/21/2019 - q42014
71/77
71
( , -
, , , -
, ) -
,
-
, , (efficiency).87
-
.
( 24, 2). , -
. , -
: -
,
, .
, , -
. -
.88 ,
1975/6 ,
.
;
. ,
, -
.
,
.
.89
.
( ) - , -
.
.
87Stephen Knack and Philip Keefer Institutions and Economic Performance: Cross country Tests using alternative institutionalMeasures in Economics and PoliticsNo.3 /1995, pp. 207-227.
88. . , - . . , - 2000, . 96 .
89
, , . 24: , ,29.7.2006.
7/21/2019 - q42014
72/77
72
()
.
, . -
( ) -
.90 , -
, .
, -
.
-
80, -
, -
, -
( % ) 90. 91
,, .
2012,
,
.92 -
-
,
.93
-
. - -
( ).
, .
"" -
.
90, . , . , ,
, . , , . () : , , , 2010. . -, . , , . 35 .
91 . - - , -
2014.92
World bank Doing business, 2012. . .93
, , -
. , 400 6 . 1 . 8.420.822 . - 47
. , . . EBR, 4 2003.
7/21/2019 - q42014
73/77
73
, -
. -
( 90 5).
..
.94
. -
.95 ,
, (
) -
- . ,
( , ), -
-
96.
-
. 4174/2013
-
, 3900/2010 -
.97
,
, , -
, ,
. -
. .. -
,
,
.98
94 , , 2014, . 40 .
95 1985 - . . 13.8.2006.
96, . . . , , , . 26.
97 , . , . , -
: , - , . - . . - . 7.3.2013.
98
- , , 2014, . 45-49.
7/21/2019 - q42014
74/77
74
-
, -
, -
, , -
. .
-
(rent-seeking).
. -
,
.
, -
, , -
,
,
.99 -
.
-
(rent-seeking). -
(, , -
) ,
. -
, .
, ,
.100
.. :
,101
,102
, , -
, ,
99 2004 2013. . Daniel Kaufmann et al Worldwide Governance Indicators, Brookings Institution and World Bank.
100Daniel Kaufmann Can Corruption Adversely Affect Public Finances in Industrialized Countries? The Brookings Institution, April
19, 2010.101
. 68 2 3 .102 81 3 4 .
7/21/2019 - q42014
75/77
75
, []
, ,103
,
-
104 ,
, -
.
!
-
( ).105
,
( , )
.
, -
(. ).
5 5
: -
.
. , -
. -
-
. , , -
. .. -
. -
. ,
, ,
-
, . , ,
.
.. .
-
103. , , 2014, . 30.
104
86 .105 101 .
7/21/2019 - q42014
76/77
76
- .
, , -
.
-
. ,
106.
.
-
-
. () .
.
106Kasper, W. and Streit, M. E. Institutional economics. Social order and public policy, , . 336.
7/21/2019 - q42014
77/77