Greek Government Warns Banks Over Fees, Threatens State Intervention
The Greek government has issued a stern warning to banks, threatening state intervention unless they decrease the fees they impose on clients for various banking services.
The Greek government has issued a stern warning to banks, threatening state intervention unless they decrease the fees they impose on clients for various banking services.
The European Central Bank is expected to approve a request by Greek banks to resume the payment of dividends after 16 years, four bankers told Reuters on Wednesday, a further sign of the sector’s rebound.
Fitch cited Greece's ratings reflect income per capita levels and governance indicators that are well above the 'BBB' median, as well as policy credibility supported by EU and eurozone membership
Greece's GDP is expected to grow from 2.0% in 2023 to 2.3% in 2024 and 2.6% in 2025, the European Bank for Reconstruction and Development (EBRD) said in a report on Wednesday.
The initital budget of the Public Investment Programme for 2023 was raised by 800 million euros with supplementary budgets to deal with increased needs for the restoration of damages from natural disasters.
Based on The Economist's analysis, grounded in five economic and financial indicators (inflation, "inflation breadth," GDP, employment, and stock market performance), Greece maintains its lead in economic performance among 35 primarily affluent nations for the current year
Greece's GDP grew 1.9% in the first quarter and 2.6% in the second quarter of the year compared with the same periods in 2022, and by 0.1% and 1.1% on a quarterly basis, the independent statistics service ELSTAT said on Wednesday.
The Greek economy is projected to grow by 2.4% this year and 2% in 2024 rising again to 2.4% in 2025, the OECD said in its economic survey report released on Wednesday.
The prime minister said the EU Commission's autumn forecast placed Greece 3rd among the 27 EU member-states in terms of growth, which will remain above the Eurozone average until 2025, accompanied by a reduction in the deficit and debt, higher employment and a gradual decline in inflation.
Referring to the Greek economy and Greek state bonds in particular, the ECB's president noted that these were now eligible to participate in ECB's repurchase programmes - which have been frozen - with the exception of the PEP programme in which Greek bonds participated already. The board meeting did not discuss the future of the programme, she noted.
Standard & Poor’s upgraded Greece’s credit rating to “BBB-” on Friday, taking the country out of “junk status” and into investment grade for the first time after 13 years, on the country’s improved budgetary position, as it noted.
Stournaras said he expected the inflation rate to fell to 3.8% in 2024 (from 4.3% in 2023 and 9.3% in 2022), reflecting strong inflationary pressures on food prices, non-energy industrial goods and services.
The city, he underlined, has "never experienced such a multidimensional intervention in the past, in terms of the projects set to take place in the city today."
The Finance Ministry has set three main priorities for the autumn, with the recovery of the investment grade rating by the end of the year being the most important one.