Government debt

Briefing the press on Friday, government spokesperson Pavlos Marinakis spoke about the state of the Greek economy, which he described as "very resilient."

We were very late in succeeding, but, even now it is recognized that the sacrifices and reforms made in the last 10 years in Greece following the country's debt crisis have had a positive effect. That is why two international rating agencies have recently removed Greek bonds from the "junk" category and upgraded them to investment status.

European Central Bank (ECB) President Christine Lagarde on Wednesday praised the return of Greece's economy to health and the resilience of the Greeks following its debt crisis more than ten years ago.

In its latest report on Greece, UK bank HSBC notes the change that has taken place in the country's economic model, with heavier emphasis placed on exports and investments, calling it a major reform story.

The economy's prospects are far better and more sustainable than in the past, HSBC's report notes.

The Public Debt Management Agency announced last week that it will auction 13-week treasury bills in book entry form to the amount of 625 million euros, this Wednesday. 

The issue will mature on November 3 and the settlement date will be this Friday.

Greece has rebounded since the 2009-2018 financial crisis that saw real GDP decline by 25 percent. Modest growth began to return in 2019 and unemployment dropped from its crisis peak of 35 percent in 2013 to 12 percent in 2022, the State Department said in the 2023 Investment Climate Statements.

With inflation driving up costs, global debts are nearing record highs at $305 trillion - around $45 trillion higher than pre-pandemic levels. Moreover, a worldwide recession has been warned for 2023 at the World Economic Forum earlier this year in the face of rising debt vulnerabilities.

The National Economy and Finance Ministry is preparing the draft budget for 2024 based on a number of pillars, with the aim of submitting it to Parliament in the first week of October. Its target will be an increase in state revenue.

Private debt in Greece remains stable and lies below the European Union average, Deputy Finance Minister Haris Theocharis said in Parliament on Friday.

The Public Debt Management Agency is launching a two-pronged attack on Greece's national debt.