Economy of Greece

ATHEX: Systemic risk sends bank stocks tumbling

International concerns over the credit system will no go away easily, and the  reacted with fear over the course of Deutsche Bank on Friday inflicting losses on almost all bank stocks in the eurozone. The Greek bourse was no exception, with the banks index suffering a major drop and the benchmark losing almost 3% in one day.

ATHEX: Benchmark slumps to 7-week low

Friday's session at the Greek bourse proved to be a bull trap, as after the halfway point the early gains swung to losses and the majority of stocks closed the week with a significant drop - in line with the fall of the Credit Suisse stock in Zurich - in what was the second straight week of prices shrinking at Athinon Avenue.

OTE announces financial support for employees

OTE Group on Monday announced a windfall financial support package worth 6.2 million euros for its workers, in an effort to provide some relief against a backdrop of current economic and geopolitical tensions that have hit consumers' available income.

In an announcement, OTE said the support would help mostly low-income workers, offering net financial support of up to €1,000.

Cyprus GDP and employment on the rise

Cyprus' gross domestic product andemployment increased during the fourth quarter of 2022 compared to the previous quarter, while in the eurozone GDP remained stable and employment rose and in the European Union GDP fell and employment went up, according to estimates released by Eurostat, the statistical service of the EU.

Growth beats forecast in 2022

The Greek economy outperformed the European Union average for a second year in succession in 2022, securing a growth rate of 5.9%, Hellenic Statistical Authority (ELSTAT) data showed on Tuesday. According to Eurostat's provisional data, the growth rate in the eurozone was 3.5% and in the European Union 3.6%.