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Debt
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Economy
Greek bond yields edge up as PEPP winds down The Greek authorities, as well as the markets, had hoped that Greece will continue to enjoy some sort of support from the ECB once the current asset purchase programme, PEPP, concludes in March next year but this looks unlikely.
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EconomyMacroeconomy
Greece takes next steps, including bond swap, to enhance debt profile over coming years This week started with two developments that intend to further smooth out Greece’s debt obligations in the coming years.
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EconomyMacroeconomy
Budget primary deficit to Oct confirmed at 7.18 bln, improving from 9.07 bln last year The budget primary balance landed at a deficit of 7.18 billion euros up to October 2021, compared with a deficit of 9.07 billion in the same period last year, the final Finance Ministry (MoF) budget execution data showed on Monday.
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EconomyProgramme
Latest EC review clears path towards end of enhanced surveillance process in 2022 The European Commission published on Wednesday the latest report as part of Greece’s enhanced surveillance, moving the country one step closer to the completion of the post-programme framework.
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EconomyMacroeconomy
Amidst Covid and inflation uncertainty, 2022 budget looks forward to solid growth Amidst growing concerns about the impact of the latest pandemic wave and ongoing pressures on the inflation front, led by energy prices, the Finance Ministry tabled a revised final budget for 2022 in which most macro variables and assumptions are improved compared to the draft tabled at the start of October.
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EconomyMacroeconomy
EC sees strong recovery in 2021, solid growth in coming years underpinned by RRF The European Commission continued to revise upwards its estimates for Greek growth in 2021, moving up to 7.1 pct in the autumn forecasts released on Thursday, from 4.3 pct growth seen in the summer forecasts in July.
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EconomyFeatures
Discussion over PEPP, SGP draw attention to rising yields The Greek sovereign debt market has enjoyed a buoyant period, largely thanks to the participation of the GGBs in the ECB’s emergency asset purchase of the pandemic codenamed PEPP, which pushed borrowing costs for the Greek state to historic lows.
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EconomyMacroeconomy
IMF maintains cautious view on public finances, sees debt declining slowly Within the context of its Fiscal Monitor, the International Monetary Fund released its latest fiscal estimates for Greece, taking a traditionally more conservative view on the country’s public finances.
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EconomyMacroeconomy
Debt strategy for 2022 set to continue along this year's steady path, assisted by PEPP Following two years during which the pandemic forced the Greek authorities to provide extensive support packages that pushed up the debt both in nominal terms and as a percentage of GDP, the draft 2022 budget anticipates the debt-to-GDP ratio resuming a downward path.
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EconomyMacroeconomy
FinMin tables recovery budget, foreseeing across-the-board improvement in key numbers The Finance Ministry submitted to Parliament on Monday the draft budget for 2022 in which Greece is seen leaving behind the impact of the pandemic.