Lenders conclude 'productive' talks on fifth review but issues remain as Athens targets fiscal space
The fifth post-programme surveillance review was completed on Friday following three days of talks between the Greek authorities and the heads of the institutions in Athens that were preceded by a week of discussions with the technical teams during the previous week.
Fitch upgraded Greece’s credit rating on Friday by one notch to ‘BB’ and revised upwards its outlook to positive, bringing the country just two notches away from investment grade.
Greek household disposable income grew by 3.5 percent year-on-year (YoY) in the third second quarter (Q2) of 2019, decreasing from the rise of 5 percent noted in the previous quarter, according to Hellenic Statistical Authority (ELSTAT) data released on Friday.
Greece’s fifth enhanced surveillance review formally kicked off on Wednesday when the heads of mission started their meetings with the Greek authorities, following a week of preparatory work by the technical teams.
Greek government officials are due to begin meetings with the institutions’ mission chiefs on Wednesday as part of the fifth enhanced surveillance review, which Athens hopes will pave the way for its three fiscal demands to be met later this year.
Greece’s travel balance fell to a surplus of 87.4 million euros in November according to Bank of Greece (BoG) data released on Tuesday, a decline of 42.9 percent compared to the same time last year.
Greece’s current account (C/A) balance posted a deficit of 1.39 billion euros in November, from a deficit of 673.4 million in October, according to Bank of Greece (BoG) data released on Monday.
Greece’s industrial turnover fell by 7.9 percent year-on-year (YoY) in November, deepening from a drop of 7.4 percent in October, Hellenic Statistical Authority (ELSTAT) data published on Monday showed.
Greece’s central government primary cash balance recorded a surplus of 5.56 billion euros in 2019 according to figures released by the Bank of Greece (BoG).
Monday’s Eurogroup in Brussels will provide the first opportunity for the Greek government to sound out European officials regarding its efforts to create more fiscal space, while discussions will continue in Athens this week regarding the fifth enhanced surveillance review.