Economic history

International rating agencies harbor serious concerns over the consequences of the government's pre-election announcements on the Greek economy, suggesting that the handout talk is likely to impede efforts to help Greece get back to investment-grade status.

Investors' bids on a new Greek 10-year bond issue exceeded 11.3 billion euros, with the yield set at 3.9 pct, sources said on Tuesday.

Earlier in the day, in an announcement to the Athens Stock Exchange, Greek authorities said that bids exceeded 10 billion euros.

Greece will issue a 10-year bond in the coming days to raise about 2 billion euros, bankers told Reuters on Monday, after a two-notch ratings upgrade from Moody's late last week.

It will be the second debt sale since Greece exited its third international bailout in August and the first 10-year bond after a decade. [Reuters]

Greece may attempt a second bond sale next month, its second since it emerged from an international bailout program last August, sources close to the matter said on Tuesday.
Athens aims to raise 5 billion to 7 billion euros from bond markets this year to finance part of its debt needs, according to its first annual borrowing programme since a debt crisis in 2010.

Greece is no longer a European Union laggard in terms of the increase in property prices, as the rapid rise of short-term rentals and the Golden Visa program for non-EU buyers have put the local market firmly on the growth path.

Greek private sector bank deposits rose in December by about 3 billion euros, central bank data showed on Monday, reversing a fall in the two previous months.

Private sector bank deposits had risen for eight straight months before a dip in October and November.

Greece's largest public sector union staged a 24-hour walkout on Wednesday, demanding wage and pension increases from a government still bound to keeping expenditure in check by its lenders.

The strike by the ADEDY union is the first major strike since Greece exited its bailout program in August.

Total credit in Greece's banking system contracted 1.8 percent year-on-year in September after a 2.3 percent decline in the previous month, Bank of Greece data showed on Tuesday.

Credit extended to the government fell 5.6 percent after decreasing by 7.1 percent in August, the central bank said.

Athens and its creditors are seeking a compromise solution over the issue of pension cuts, a well-informed European source has revealed to Kathimerini, while eurozone officials say the debate on the cuts remains open following Friday's Euro Working Group.

The government and its creditors discussed the country's fiscal situation and outlook and the implementation of the strategy to reduce the banks' non-performing loans in their first meeting after the completion of Greece's rescue packages last August, the institutions said in a joint statement on Friday.