High participation rate helps bond swap tick box
Greece continues debt management with swap of bonds worth 30 bln
Retail sales continue their rise in July as consumer confidence improves
Rating agencies concur in improved prospects for Greece
Fitch upgrades Greek rating to B-, sees debt sustainability improving
Greece completes first bond issue in three years, eyes more on way out of programme
What is the state of play with Greek banks?
Having suffered huge losses due to the PSI last year, completed a series of M&A that reshuffled the domestic banking landscape and successfully recapitalised in June, Greek banks remain at the forefront of domestic corporate developments. Their stock performance, with gains in excess of 50 percent over the past three months, has also triggered increased interest from the investment community. Although not out of the woods yet, they appear ready to tackle with upcoming challenges from a better capital position amid a more optimistic macro outlook for the first time since the beginning of the crisis.
Last year started with the implementation of PSI, which resulted in a 24.1-billion-euro net loss for the four core banks (namely Alpha Bank, Eurobank, National Bank and Piraeus Bank), while the total loss for the sector stood at 31.9 billion. At the end...
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