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Economy
Return to investment grade overshadowed by flood destruction The Greek authorities and particularly the government must have had different plans in response to Friday’s move by DBRS to upgrade Greece’s credit rating to investment grade, a rating that it lost 13 years ago as the debt crisis was unfolding and led to three successive adjustment programmes.
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EconomyMacroeconomy
New bonds drive up central government debt by 3 bln to 404.69 bln in Q2 Greece’s central government debt recorded a sizable rise of over 3 billion euros to 404.69 billion euros in Q2 2023, the Finance Ministry's (MoF) debt bulletin showed on Friday.
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Economy
Scope Ratings second to give Greece investment grade as attention turns to key players from Sep After the R&I rating agency of Japan, it was Scope Ratings from Germany on Friday that moved Greece up by one notch to ‘BBB-‘, which is within the investment grade category, with a stable outlook, although both of the agencies are not part of the four agencies that the ECB has endorsed for its policy decisions.
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EconomyMacroeconomy
New 15-yr issuance and bond switch smooth maturity profile further, although at steep yield Greece completed on Tuesday its third syndicated transaction of the year with a 3.5 billion euros 15-year bond with a coupon of 4.375 pct.
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Economy Bond re-opening with 4 pct yield completes debt strategy for year The PDMA took another cautious step on Wednesday by completing the debt strategy for the year with a small re-opening of the issuance that matures in January 2042, also rounding up the re-opening schedule for the second quarter.
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EconomyMacroeconomy
EC reports highlight tight fiscal path and economic challenges The European Commission published on Wednesday two key reports, one was in the context of the 2023 spring recommendations and the other was the second report of the post-enhanced surveillance period.
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EconomyMacroeconomy
Central debt records small rise to 401.53 bln in Q1 Greece’s central government debt recorded a rise of 1.3 billion euros to 401.53 billion euros in Q1 2023, the Finance Ministry's (MoF) debt bulletin showed on Friday.
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Economy
PDMA nears completion of annual debt strategy, taking another cautious step Greece’s debt managers have taken the next step in their borrowing strategy for this year by re-opening two bonds on Wednesday that fetched 400 million euros collectively.
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EconomyMacroeconomy
Stability Programme sees improved growth, primary surplus above 2 pct from 2024 Greece submitted to the European Council and the European Commission the latest Stability Programme of 2023, covering the 2024-2026 period, in line with the Council regulations.
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Economy S&P only ups outlook, waits for political clarity before rating move S&P left Greece’s rating unchanged at “BB+’, while it upped its outlook to positive from stable, one notch below investment grade.