European Stability Mechanism

Investments in the green and digital transition will be the "key" to a successful development path for Greece on its own terms, in order to fill the productive "gap," according to the managing director of the European Stability Mechanism (ESM), Pierre Gramegna, in view of the imminent completion of the Recovery and Resilience Facility (RRF).

"More immigration is necessary. Existing projections already assume substantial immigration, which, however, is insufficient to reverse aggregate aging." This bold statement was made recently by Rolf Strauch, chief economist of the European Stability Mechanism, in his latest report on demographics and financial stability.

Political instability is hindering Bulgaria's progress toward joining the Eurozone, according to an analysis by the rating agency Scope Ratings. The Berlin-based agency has maintained Bulgaria's credit rating at BBB+ with a positive outlook in both local and foreign currency.

The Bulgarian Ministry of Finance anticipates that the country will achieve the inflation benchmark required for Eurozone membership by the year's end. Following this achievement, Bulgaria plans to formally request the European Commission (EC) and the European Central Bank (ECB) to prepare an extraordinary convergence report, as stated by the Ministry of Finance.

The Greek government and the European institutions responsible for banking supervision and financial stability, such as the Single Supervisory Mechanism and the European Stability Mechanism, co-shape the provisions for the reforms promoted by the Ministry of National Economy and Finance in the Superfund, the Hellenic Financial Stability Fund (HFSF) and the state asset utilization fund (TAIPED).

Νational Economy and Finance Minister Kostis Hatzidakis on Tuesday announced the start of the process to establish a National Investment Fund within the context of the Growthfund, in which the Hellenic Corporation of Assets and Participations SA (HCAP) has collected significant government assets under a single institutional structure for their more efficient operation and exploitation.

The famous "cushion" of 37 billion euros will very soon start to "deflate" until it is reduced to around €12-13 billion, in about three years.

Finance Minister Christos Staikouras has presented the six priorities of the Greek economy amid a turbulent geopolitical landscape, persistent high inflation and tighter monetary policy.

The new head of the European Stability Mechanism, Pierre Gramegna, announced on Monday he will visit Greece in the next couple of weeks.

Greece has repaid its outstanding debts dating back to its financial crisis to the International Monetary Fund, two years ahead of schedule, the country's finance minister said on April 4.

Christos Staikouras hailed the payment as "a very positive development" that would mean significant savings in debt servicing costs.