Economy of Greece
Unlike most of its eurozone counterparts, which appeared particularly nervous due to the raging international trade wars, Athinon Avenue demonstrated resilience on Friday, again edging higher, although this time turnover was in line with the weather in Athens, reminiscent of the dog days of summer. This resilience was also reflected in Greek bond yields, which dived to new historic lows.
Terna Energy Finance, the financing arm of Terna Energy, will launch a tender on Oct. 16 for a green bond loan of up to 150 million euros, it said on Monday.
The offer for the seven-year bond will end on Oct. 18, it said.
A source at Terna Energy said that about 90 million euros from the bond will be used to build a wind park in Greece and to buy one in the United States.
The banks index at Athinon Avenue enjoyed a second consecutive day of gains in excess of 4 percent on Friday, building not only on the advance of the Heracles plan for the securitization of bad loans, but also on the upward momentum observed in foreign stock markets. That also led to the benchmark attaining growth just shy of 2 percent.
In what was seen as a clear sign that Greece is regaining the confidence of international markets, investors on Wednesday bought its short-term debt at a loss.
According to the Public Debt Management Agency, Greece sold 13-week treasury bills at a yield of -0.02 percent, raising 487.5 million euros.
While the improvement of macroeconomic indicators and the gradual restoration of financial stability are necessary for increasing Greek economy's competitiveness, by themselves they are not enough, and high private debt and continuing distortions in the labor market and commodity markets are weighing heavily on Greek competitiveness, according to this year's competitiveness report by the World
Last week Prime Minister Kyriakos Mitsotakis made his first visit to the United Nations in New York with a clear message: Greece is open for business again.
As the UK lurches from one Brexit catastrophe to another, with no apparent end to the saga in sight, it could do worse than look back to where Greece was almost a decade ago.