Bank of Greece

Extreme weather, extreme cost

The cost Greece pays due to extreme weather phenomena is now 50 times more compared to 2013, and these are costs paid by the state, the citizens, and large and small businesses. The latter indeed paid a heavy price in 2023, especially in areas affected by extreme weather events, such as Thessaly.

Greece now on ‘right path,’ says Stournaras

Bank of Greece governor Yannis Stournaras has confessed that he can now "sleep at night, without worrying about fiscal instability" because Greece is on the "right path" in terms of the economy.

"If the government manages to maintain the primary surplus at 2% while making the necessary reforms, we have nothing to fear," he told the Delphi Economic Forum.

Sustainability of debt guaranteed till 2030

The sustainability of Greece's public debt is guaranteed at least until 2030, according to the Bank of Greece (BoG).

The evolution of public debt and gross financing needs in various adverse scenarios shows limited deviations from the basic scenario of the Bank of Greece until the beginning of 2030, as stated in its annual report.

Sectors guilty of greedflation

The pandemic and the energy crisis gave Greek companies an opportunity to significantly increase their profit margins.

The phenomenon of profit inflation or "greedflation" was seen internationally in the period 2021-2022, but it assumed large dimensions in Greece due to the country comparatively small market, which is prone to a lack of sufficient competition.

BoG chief sees signs of stagnation, calls for ‘fiscal prudence’

Bank of Greece Governor Yannis Stournaras on Monday stressed Greece's need to continue the reforms and warned against complacency.

Addressing the general assembly of the central bank Stournaras spoke of a major challenge of reform fatigue, while citing data showing stagnation and a slight decline in the country's competitiveness over the past year.

ATHEX: Rebound for index above 1,400 points

The Greek stock market rebounded on Monday, following last week's decline, with most stocks securing significant gains, led by banks.

As a result the benchmark regained the 1,400-point level, ending the day not far from the session's high. The report by the Bank of Greece, which undercut the government's growth estimate, did not seem to affect the mood of the market.

Lion’s share of foreign investment in realty

Real estate was a huge draw, again, for foreign investors in 2023, accounting for almost 1 out of every 2 euros that flowed into Greece.

The Bank of Greece reported that in 2023, capital inflows from abroad reached a record high of 2.133 billion euros for the second consecutive year, compared to 1.975 billion euros in 2022, but also 1.17 billion euros in 2021.