Money

Premium production by insurance companies operating in Greece grew 6.8% in the first quarter of 2023, compared with the same period last year, the Association of Insurance Companies of Greece said in a report.

The Greek economy has made significant progress since the previous decade's major debt crisis, which was the result of reckless fiscal policy and loss of competitiveness.

The Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high, a group of business economists predict in a survey released Monday.

Almost eight out of 10 borrowers (78%) who purchased a home with a loan in 2022 chose a fixed interest rate of at least five years.

The percentage among those who chose a long-term interest rate - i.e. more than 10 years - was also high, at 63%, opting for the long-term commitment to the uncertainty created by the persistence of inflation.

The Central Bank's Monetary Policy Committee (MPC) will meet for the fifth time this year on May 25 to decide about the key interest rate.

Analysts expect the monetary authority to keep its policy rate - one-week repo auction rate - unchanged at 8.5 percent as it did last month.

The Central Bank has canceled a previous decision that introduced limits on cash advance withdrawals from credit cards and overdraft accounts.

The bank announced the decision regarding cash advances at the start of the week.

As of Thursday all small and medium-sized businesses have access to up to 75% cheaper loans compared to the average interest rate applying today, which is between 7% and 9%, through the three new funds launched by the Hellenic Development Bank (HDB), becoming available by all commercial banks.

Third-country property investors aspiring to obtain a Golden Visa made purchases in Greece worth at least 1.57 billion euros between March 2022 and March 2023.

The post-pandemic financial climate has also paved the way for growth opportunities for investors. According to experts, the recession in Europe has caused investments to change hands, especially in the tourism sector, and Turkish companies are among those looking for hotels in this environment.

The growing use of plastic money by Greek consumers for transactions in brick-and-mortar stores or e-commerce is strengthening the appetite of certain people for intercepting card details and embezzling larger amounts.