Credit

Reducing the ratio of debt-to-gross domestic product at the fastest rate in Europe, achieving higher positions in the rating agencies' scales and further reducing the cost of servicing the country's borrowing, are the three main objectives set by the financial staff for the crucial issue of managing the Greek debt.

In nine years, when Greece enters 2033, it will be faced with a problem going back to its bailout past: The public debt will suddenly be burdened with an extra 25 billion euros, or 8% of the then GDP, as the interest on loans from 2013, which has been frozen for almost two decades as part of debt relief arrangements with its European lenders, will be added to it.

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. In comparison to the previous quarter ending in June, NPLs saw a reduction of €95 million.

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic says Serbia's banking sector is stable, highly liquid and profitable.

The Public Debt Management Agency announced it will auction 52-week treasury bills on Wednesday to the amount of 375 million euros, in book entry form, with maturity on December 6, 2024.

The settlement date is this Friday.

Bulgaria has achieved a significant milestone in its fiscal management by successfully raising an external debt of 2.3 billion euros through two separate issues on international markets. This strategic financial move not only indicates Bulgaria's solid standing in the global financial landscape but also plays a pivotal role in covering old debts and managing the national deficit.

The Banking Regulation and Supervision Agency (BDDK) has announced a decision to tighten the conditions for some housing loans as part of the measures aimed at strengthening macro-financial stability.

The loan-to-value ratio has been tightened by 75 percent and set at 22.5 percent from a previous 90 percent for those who want to buy a second home.

Individuals and businesses who are due a tax rebate but owe money to the Unified Social Security Fund (EFKA) will see their rebates offset with their debts, may no longer be able to submit their statements to EFKA online and may be prosecuted. 

All these moves are part of the social security debt collection center's plan to crack down on debt and prevent its further accumulation. 

It is widely expected that Greek debt will finally return to investment grade for the first time since 2010. Some minor credit rating agencies have already gone ahead with the upgrade, though none of the "big four" - DBRS, Fitch, Moody's and Standard & Poor's - have done so yet.

The online platform where businesses can apply for loans with subsidized interest has opened.

On the platform, called "Know Your Customer," interested businesses can apply for loans ranging from €10,000 to €1.5 million from the Business Liquidity Fund, which was reactivated by the Hellenic Development Bank.