European Stability Mechanism

Νational Economy and Finance Minister Kostis Hatzidakis on Tuesday announced the start of the process to establish a National Investment Fund within the context of the Growthfund, in which the Hellenic Corporation of Assets and Participations SA (HCAP) has collected significant government assets under a single institutional structure for their more efficient operation and exploitation.

The famous "cushion" of 37 billion euros will very soon start to "deflate" until it is reduced to around €12-13 billion, in about three years.

Finance Minister Christos Staikouras has presented the six priorities of the Greek economy amid a turbulent geopolitical landscape, persistent high inflation and tighter monetary policy.

The new head of the European Stability Mechanism, Pierre Gramegna, announced on Monday he will visit Greece in the next couple of weeks.

Greece has repaid its outstanding debts dating back to its financial crisis to the International Monetary Fund, two years ahead of schedule, the country's finance minister said on April 4.

Christos Staikouras hailed the payment as "a very positive development" that would mean significant savings in debt servicing costs.

The meeting between Greek Finance Minister Christos Staikouras and European Stability Mechanism (ESM) Managing Director Klaus Regling in Luxembourg, ahead of the Eurogroup meeting there on June 17 was "a very constructive meeting," an ESM statement said on Wednesday.

Greece ought to feel confident that it will comfortably overcome the absence of European Central Bank support, analysts tell Kathimerini, while noting that Frankfurt's emergency bond-buying program (PEPP) looks set to continue for now.

The Economist Events is holding its 16th Cyprus Summit on Tuesday, titled "Europe: Putting Solidarity to the Test - Cyprus: In Need of a New Growth Model?"

Greece has no need to tap the eurozone's pandemic credit line at present, Finance Minister Christos Staikouras said on Friday.

"Based on current data, Greece does not need to resort to the ESM's (European Stability Mechanism) credit lines since the government has made and continues to make prudent use of the country's own resources," he told an Economist conference.

During Friday's Eurogroup teleconference, Finance Minister Christos Staikouras is determined to press for swift decisions and efficient procedures so that support programs are immediately implemented in the eurozone.