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Debt
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EconomyMacroeconomy
Draft 2023 budget sees growth cooling to 2.1 pct, primary surplus at 0.7 pct The Finance Ministry tabled in Parliament on Monday the draft budget for 2023, in which Greece is seen growing by 2.1 pct in 2023 and securing a primary surplus of 0.7 pct of GDP, marginally below the stated commitments.
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Economy
Yields rise, but Greek debt still partly shielded from market headwinds In a global environment of rising sovereign bond yields as key central banks fight inflation with aggressive policy tightening, Greece is facing challenges not because it is a special case, but because the landscape appears to have shifted for the medium-term.
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EconomyMacroeconomy
Public debt records first marginal drop, to 394 bln, in Q2 as IMF repaid and bond activity limited Greece’s central government debt recorded a small drop of roughly 365 million euros in the second quarter of the year to 394.18 billion euros, after an increase of more than 6 billion euros in the first quarter, the Finance Ministry's (MoF) debt bulletin showed on Friday.
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EconomyProgramme
Exit from enhanced surveillance nears, but fiscal commitments bind Greece until 2060 Greece is a step away from exiting the enhanced surveillance regime, the monitoring regime that was introduced after the completion of its third bailout, which is due to expire on August 20.
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Economy
Reopening of 10-year bond issued in Jan sees yield double to 3.67 pct Greece’s debt managers continue to take cautious steps in the sovereign bond market after having to readjust their borrowing strategy following the uncertainty caused by the Ukraine conflict and the turbulence in the markets, which pushed the 10-year benchmark yield to 4.8 pct at the end of last month.
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Economy
Fitch leaves rating and outlook unchanged, underlines fiscal performance key to higher grade Fitch affirmed on Friday Greece’s ‘BB’ credit rating and kept the outlook positive, remaining one notch behind S&P and two notches from investment grade.
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EconomyMacroeconomy
High energy prices fuel uncertainty on fiscal front The 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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Economy
PBO urges continued fiscal discipline amid growing instability In 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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Economy Rising bond yields a concern, but not an immediate fiscal problem Greece’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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EconomyProgramme
Enhanced surveillance concludes, but more reforms and tougher fiscal targets lie ahead The 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.