Citigroup

Citigroup has launched its new monthly report on the global economy, upgrading its forecast for growth in Greece in 2021 to 5.3% (from 4.1% previously). However, it limited its forecast for GDP growth in 2022 to 5% (from 6.5% previously), .

In the next few weeks Greece is set to tap the bond markets for the first time in 2021, and some very positive messages are coming from international firms regarding Greek notes.

Just yesterday in our editorial we noted that rays of light are already beginning to shine through the darkness of a pandemic that for nearly a year has overshadowed everything.

One such optimistic sign is the news of a 100mn euro investment by the Greek Systems Sunlight Company (photo) to develop environmentally-friendly lithium-ion battery technology.

PM Zdravko Krivokapic with ministers after the government session in Podgorica. Photo: Government of Montenegro

On Wednesday, the Ministry of Finance and Social Care clarified that the country took the loan from BofA Securities, Citigroup, Erste and the Société General group, adding that it will be repaid over seven years at 2.95 per cent interest.

The Turkish Central Bank's reserves are adequate to meet short-term needs, the treasury and finance minister has said, highlighting that its gross reserves stood at $53 billion as of April 24.

"Our country has kept its current account balance [stable] and it is not in financial need from any channel," Berat Albayrak told daily Sabah on May 4.

Greece will return to the investment grade group of countries as early as this summer, according to estimates by Citigroup, which expects Fitch Ratings to give the country a two-notch upgrade on July 24, when the agency's next assessment of the Greek economy is scheduled to take place.

Greece will return to the investment grade group of countries as early as this summer, according to estimates by Citigroup, that projects Fitch Ratings to perform a double-notch upgrading on July 24 at the agency's next assessment of the Greek economy.

Greek bonds have evolved into the perfect refuge for investors amid concerns in the global economy, and into a focus of attention regarding their improvement prospects, leading to the pursuit of Greek returns. Many investors who missed out on last year's rally have noticed the positive outlook and are rushing to jump on the bandwagon ahead of further credit rating upgrades and inclusion in the

Despite the exceptional performance of Greek bonds during 2019, Societe Generale and Citigroup analysts believe that Greek yields will fall even further this year. They note that rating agencies' cautious moves to date will be succeeded by several upgrades, starting with Fitch Ratings on January 24.

Citigroup has affirmed its neutral stance on the Greek credit sector after the publication of local banks' second-quarter financial results, thereby making no change to the target prices it had announced in its previous report in early August.