Financial crises

The Greek economy has made significant progress since the previous decade's major debt crisis, which was the result of reckless fiscal policy and loss of competitiveness.

Ratings agencies expect the government to be formed after the second polls to follow the path of reforms and pro-growth policies, along the Greek debt sustainability path already drawn. However, they point out that the challenges Athens will face are significant and extend beyond the economic front.

The foreign exchange position of the corporate sector has improved with the liraization of their balance sheets, while the share of the Turkish Lira in households' financial balance has increased significantly, in this way financial resilience indicators of firms and households remain strong, the Central Bank's governor Şahap Kavcıoğlu has said in the bank's biannual Financial Stability Report.

The end-year inflation expectations in the Central Bank's latest survey of market participants eased from 37.77 in April to 37.17 percent in May.

The annual consumer price inflation further slowed to 43.68 percent in April from 50.5 percent in the previous month, with the CPI advancing 2.39 percent monthly.

Türkiye's Central Bank has kept its inflation projections for end-2023 and end-2024 unchanged at 22.3 percent and 8.8 percent, respectively.

Falling for a sixth consecutive month, Türkiye's annual consumer inflation rate slowed to a 16-month low of 43.68 percent in April, according to official data released yesterday.

April's figure, announced by the Turkish Statistical Institute (TÜİK), was down from 50.51 percent in March.
The inflation rate was 69.97 percent in April 2022.

Greece has not yet obtained investment grade because, obviously, the elections are coming up, the director of the economic office of the prime minister, Alex Patelis, said at the Delphi Economic Forum this week.

More than 14,000 applications from young people and young couples have already been submitted for My Home, a new program of cheap loans for acquiring a first residence, with an interest rate corresponding to a quarter of the normal market interest rate.

Retail sales volume has increased by 21.5 percent in February from the same month of last year, data from the Turkish Statistical Institute (TÜİK) have shown.

This was lower than the 34 percent year-on-year increase in retail sales in January. Strong earthquakes hit several provinces in Türkiye's south in early February, which devastated businesses and killed more than 50,000 people.

The International Monetary Fund's (IMF) executive board has announced a $5.4 billion disbursement to Argentina, part of a $44 billion loan program as the South American nation faces a severe economic panorama.

Argentina is the target of the largest assistance program currently under IMF implementation.