Economy of Greece

Markets are expecting Greece to regain investment grade soon after Sunday's general election, provided that a strong government comes out of the process. When Greek bonds emerge from the "junk status" they have been at for more than 12 years, they will not be the only ones to benefit.

The Greek stock market ended the pre-election period with moderate gains as traders chose to position themselves carefully in certain blue chips at the conclusion of a week of small losses for the benchmark at Athinon Avenue.

The benchmark at Athinon Avenue gave up on Thursday all the gains it had collected on Wednesday, as banks led the profit-taking activity by investors, although a number of blue chips, such as Mytilineos, maintained their upward course for another day.

Profit-taking by investors continued at the Greek stock market on Tuesday, although unlike on Monday the decline of the benchmark was contained toward the end of the session, in spite of the steady drop by bank stocks.

There appears to be no end to the legal saga involving troubled Greek jewelry company Folli Follie as the trial that had been scheduled to resume on Monday was again postponed until September 14.

The Greek economy will be upgraded by credit rating agencies to investment-grade level following the national elections on June 25, Bank of Greece Governor Yannis Stournaras asserted on Monday.

A legal provision on deferred taxation, for the third time in the last two years, has been triggered by Attica Bank recording a 386.6-million-euro loss for 2022, leading to a new increase in the percentage controlled by bank rescue fund HFSF in Attica's share capital, from the current 69.5% to almost 72%.

Italian group Grimaldi, which controls 100% of Minoan Lines, bid 80 million euros for 67% of the Iraklio Port Authority and is acquiring a second Greek port of international interest.

The financial offer of the Italian group values the entire share capital of the largest port of Crete at €120 million.

Athens Stock Exchange Group (HELEX) is organizing a series of international roadshows to promote listed medium-capitalization companies to European institutional investors for the first time.

The first roasdshow will be held on Tuesday (13 June) in Geneva, to be followed by roadshows in Paris (June 22) and Frankfurt (October 31). 

Greek tourism is heading for a new record for travel receipts this year despite the decline in the growth rate of bookings from Germany for holidays in Greece in the third quarter. Last year, travel receipts reached 17.7 billion euros, while the record belongs to 2019, with €18.2 billion. The challenge for this year is to exceed €18.5 billion.