Bank of Greece

The balance of travel services in November 2022 showed a surplus of 180 million euros, up from a surplus of €154.8 million in November 2021, the Bank of Greece said in a report on Monday.

Bank of Greece Governor Yannis Stournaras met on Thursday with Andrea Enria, chair of the Supervisory Board of the European Central Bank's Single Supervisory Mechanism (SSM).

Enria met with Stournaras and other members of the Bank of Greece's administration, as well as with representatives of the managements of Greek banks and the Hellenic Bank Association.

Central banker Yannis Stournaras issued a fresh message to the government and the opposition to preserve fiscal stability ahead of the elections, so as not to jeopardize the country's course back to investment grade, and another to the social partners to prevent the creation of an upward price-wage spiral.

Loan arrangements were yesterday at the center of the meeting of Finance Minister Christos Staikouras with servicers. According to information, the two sides noted the progress that has been made, while they discussed their forecasts for the rest of 2023. The meeting was attended by the heads of the companies as well as Mr. Spyros Pantelias from the Bank of Greece.

The election risk is perhaps the greatest challenge for the course of Greek economy, fiscal stability and the conquest of investment grade, in a year when international uncertainties are running high.

What is the Bank of Greece's biggest concern? That reaching investment grade has drifted further away and that in an international environment full of uncertainties, there is only one certainty: That the time of abundant, cheap money has given way to an era of high interest rates and limited liquidity.

The management of Attica Bank is expected by mid-January to have finalized its plan to reduce the lender's bad loans - which amount to approximately 2.5 billion euros (approximately 65% of its portfolio) - in order to then launch the process to increase its share capital by a total of €490 million. 

The state budget showed a primary surplus in September for the second consecutive month, on a cash basis.

Bank of Greece governor Yannis Stournaras sees inflation in the Eurozone peaking this year, predicting a further decline in 2023 before retreating to near the ECB's 2% target next year. As he characteristically stated: "I am optimistic that the monster of inflation will have been defeated by the end of 2024″

Interest-free loans, subsidies and state aid are expected to be included in the government's new housing policy program, which is to be announced by Prime Minister Kyriakos Mitsotakis at the opening of the Thessaloniki International Fair - TIF.