Although the Greek authorities did not underestimate the wave of price hikes that started swelling in the summer, it is becoming evident in official data releases that inflation will be far-reaching and most likely will last for longer than the government had hoped or planned for.
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.
At the peak of the Greek financial crisis, Greek banks had accumulated over 100 billion euros of bad loans. At the time, almost half of their outstanding loan amounts fell into this category, with borrowers falling behind on their repayments or deemed as being unlikely to pay.
The number of enterprises in Greece that closed last year fell by more than a fifth last year, while the number of new start-ups was virtually unchanged from the year before, according to data from the Hellenic Statistical Authority.
Greece is pulling out the stops to make the country as attractive a place as possible for rich or footloose individuals to put down roots.
The fourth survey by the Hellenic Federation of Enterprises (SEV) on business expectations suggests that Greek firms have been seriously impacted by the Covid-19 crisis and, although, they would like more support, they are hopeful of recovering soon.
A survey by Ernst & Young (EY) following up from their Attractiveness Survey Europe 2020 earlier in the year has found that investment interest in Greece for the post-pandemic period remains steady.
The European Investment Bank has released its annual investment survey, showing that for the first time since the survey started five years ago, investment sentiment has largely turned negative across the European Union.
Announcing the establishment by Microsoft of a regional cloud computing hub in Greece, Prime Minister Kyriakos Mitsotakis said that his government was focussing on “the digital transformation of government and the economy” as a critical step in achieving “Greece’s leap into the future, placing Greeks among the winners of the 4th industrial revolution”.
The European Travel Commission (ETC) has examined tourism trends in the light of the second coronavirus wave and found that arrivals in Europe in the first eight months of the year were down by 68 percent compared to 2019.