Shipping provided the one bright spot in Greece’s trade balance in May, with transportation contributing 2.16 billion in receipts, compared to 1.44 billion the same month last year, an increase of 50 pct
The uncertainty of the Ukraine conflict, which is being felt primarily through the energy crisis and the swelling inflation wave, has been reflected for months in sentiment surveys and is now gradually filtering through in hard data, sending the first recessionary signals.
One unicorn does not a Silicon Valley make: positive news on startup front also highlights limitations
Record investments in Greek startups and a number of headline-grabbing exits – including Greece’s first “unicorn” – have generated a lot of interest in the space which the government views as a national success story. A closer look at the numbers reveals positive trends over recent years, however it also highlights the need for some perspective around a subject that is often susceptible to hype.
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.