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High energy prices fuel uncertainty on fiscal front
EconomyMacroeconomyThe energy crisis fuelled by the Ukraine conflict will dominate the attention of Finance Ministry officials in the coming months as uncertainty over supplies during the winter has been priced into natural gas prices, which have reached 160 euros/MWh, creating doubts about the cost of the latest energy subsidy scheme.
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PBO urges continued fiscal discipline amid growing instability
EconomyIn its latest report covering the first quarter of 2022, the Parliamentary Budget Office (PBO) sees mixed signals for the Greek economy and expects international factors to play a key role in developments in the near term.
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Rising bond yields a concern, but not an immediate fiscal problem
EconomyGreece’s rising bond yields have begun attracting attention domestically and internationally as the low-yield environment becomes a thing of the past. Although these developments are justifiably causing some concern, they should not at this stage be the cause of excessive anxiety, especially in the fiscal context.
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Enhanced surveillance concludes, but more reforms and tougher fiscal targets lie ahead
EconomyProgrammeThe final report linked to the reviews that formed part of the enhanced surveillance framework Greece has been operating under since the summer of 2018, was released yesterday, signaling the end of another chapter in the Greek crisis.
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Public debt jumps by more than 6 bln in Q1, nearing 395 bln in total
EconomyMacroeconomyGreece’s central government debt increased by more than 6 billion euros in the first quarter of 2022 to 394.55 billion euros, from 388.34 billion euros in the final quarter of last year, the Finance Ministry's (MoF) debt bulletin showed on Thursday.
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Incorporating impact of Ukraine war, EC revises growth forecast down to 3.5 pct
EconomyMacroeconomyIn its spring forecasts, published on Monday, the European Commission incorporated the impact of the conflict in Ukraine on the growth outlook for the eurozone, with the Greek growth rate for this year now revised down to 3.5 pct, from the 4.9 pct included in the winter forecast published in February.
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Updated Stability Programme reflects impact of crisis as growth revised to 3.1 pct, rising in 2023
EconomyMacroeconomyThe Greek authorities submitted to Brussels last week the Stability Programme for the 2022-2025 period, in which the impact of the cost-of-living crisis and the fallout from the conflict in Ukraine are reflected.
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Reopening of 7-year bond affirms tougher conditions on sovereign debt market
EconomyAmid the uncertain times of the Ukraine conflict and the inflationary pressures globally, but after Greece’s upgrade by S&P last week to one notch from investment grade and the recent prepayment of IMF loans by the government, the PDMA saw a window of opportunity to dip back into the bond market.
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Greece's fiscal path becoming clearer; sizeable adjustment lies ahead
EconomyMacroeconomyAfter two years of fiscal relaxation across the eurozone thanks to the activation of the escape clause, allowing fiscal rules to be eased so governments could cushion the blow of the pandemic, Greece’s future fiscal path started to take shape over the last few days.
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BoG: Growth could be 2 pts lower than expected, inflation may reach 7 pct
EconomyIn the governor’s annual report released on Thursday, the Bank of Greece (BoG) assesses the impact of the Ukraine conflict on Greek macro data, with the baseline scenario of growth now lower by one percentage point and inflation notably higher.