Bank of Greece

The central government primary balance had a surplus of roughly 1.5 billion euros in the first half of 2023, up from a deficit of €3.8 billion in the same period in 2022, according to figures on the central government's net borrowing requirements on a cash basis, released by the Bank of Greece on Wednesday.

Greece will start selling stakes in its four largest banks this fall, sector officials and bankers said on Monday, marking the latest milestone in the country's recovery from the financial meltdown it suffered starting in 2009.

The governor of the Bank of Greece, Yannis Stournaras, described the recovery of investment grade as a big challenge for the Greek government at the moment, stating however that he is confident that it will happen this year and will bring more direct foreign investments.

The Greek banking system is healthy and has credibility but needs to be alert as challenges to financial stability remain high, Bank of Greece Governor Yannis Stournaras said on Tuesday.

Greece on Tuesday raised 3.5 billion euros in cash and bonds from a new 15-year bond issue, its debt agency said, marking the nation's first bond sale since June's national election.

Investor demand topped 13 billion euros and the final pricing was set at mid-swaps plus 125 basis points, a yield of about 4.42%, the Public Debt Management Agency said in a filing.

It appears there is no end to food price hikes, as in just one month, June, increases of 2.1% were recorded compared to May 2023. Therefore, although the general consumer price index fell below 2% in June to 1.8%, so-called food inflation jumped to 12.2%.

FinForum 2023, the conference to examine developments in the Greek and international banking sector, is to be held this Tuesday at the King George Hotel, Syntagma Square, Athens, with the participation of representatives from Fitch Ratings and Standard & Poor's.

Speakers will include Infrastructure Minister Christos Staikouras and Bank of Greece Governor Yannis Stournaras.

The formation of a government in Greece with a comfortable majority in parliament will strengthen the country's economic stability, help the implementation of reforms and see Greece's sovereign bonds return to investment grade very soon, benefitting the national economy further, analysts told Xinhua.

The inflation rate in Greece decreased to 1.8% in June from 2.8% in May and 12.1% in June 2022, according to the Hellenic Statistical Authority (ELSTAT). In their monthly report, ELSTAT attributed this decline solely to a significant drop in electricity, natural gas, and oil prices.

The new Finance Minister, Kostis Hatzidakis, and the Governor of the Bank of Greece, Yannis Stournaras, had a first meeting Tuesday to discuss policy, focusing on fiscal policy, banks and private debt.

The two officials met for about 90 minutes and then told reporters they had a "shared understanding" about the state of the economy, as well as a shred optimism about its prospects.