Financial crises

German rating agency Scope Ratings affirmed on Friday Greece's BBB- rating, while upgrading the Greek economy's outlook to positive.

House sale prices in Greece posted the third largest increase in the European Union in the first quarter of this year, Eurostat data showed on Thursday.

The increase reached 10.4%, behind only Poland and Bulgaria, where prices recorded an annual increase of 18% and 16% respectively.

Life in Greece, as in the rest of the world, has become very expensive. The problem is that in Greece wages have remained remarkably stagnant due to the last big economic crisis. 

The government is aware of the problem and is trying to find solutions, such as reducing social security contributions so that more money is left for an employee after a wage increase.

Several key macroeconomic data will be released this week, including current account, industrial production and unemployment rate.

It is hard to overstate how far Greece has come. Less than a decade ago, the country was teetering on the brink of default, with its economy having lost a quarter of its output, a soaring debt burden, and global investors deeming its markets uninvestable. In 2012, the country implemented the largest debt restructuring in history. In 2015, it introduced capital controls.

The combined net profit of Turkish banks amounted to 233.6 billion Turkish Liras in the January-May period, rising 23 percent from a year ago, according to data from the Banking Regulation and Supervision Agency (BDDK).

In May alone, banks posted a net income of 42.93 billion.

Despite an annual decline in revenues, the automotive industry once again topped the list of Türkiye's largest exporting sectors with shipments to foreign markets amounting to $2.6 billion in June.

The automotive sector's exports, which plunged 12.4 percent last month from a year ago, accounted for 14.1 percent of the country's export revenues.

On July 1, 1997, Bulgaria implemented a currency board system, known as the "currency board," in response to a severe economic crisis marked by hyperinflation and widespread social unrest. The crisis was precipitated under the government of the Bulgarian Socialist Party led by Zhan Videnov, which prioritized preserving jobs and maintaining state-owned enterprises, neglecting market reforms.

Any proposed reductions in the Tax are not an appropriate tool for solving the structural problem of high prices, says the House Budget Office in its quarterly report.

The Bank of Greece’s report on the real estate market presents a detailed analysis of the current situation. Over the past seven years, property prices have surged by 66.4%, and they are projected to increase by 10.4% in the first quarter of 2024. This growth rate is significantly higher than the rise in income.