Economy of Greece

The ties between the business world and Greek universities are being strengthened by the participation of CEOs and presidents of large companies operating in Greece in the advisory board of the postgraduate program in business administration of the University of Athens.

Mytilineos on Monday announced the acquisition of a 15% equity stake in Clara Energy's Rosedale Green Hydrogen project in Australia.

The widely anticipated upgrading of Greece's outlook to "Positive" by Standard & Poor's on Friday was taken in the traders' stride in Monday's bourse session, with many of them engaging in some profit taking that focused on banks and construction companies. Turnover posted a considerable decline though.

Standard & Poor's refrained from granting investment grade to the Greek economy on Friday, but showed it intends to do so in its next rating action, as it upgraded Greece's outlook from "Stable" to "Positive," in a move largely expected by markets.

The Greek bourse benchmark completed on Friday its fifth straight week of gains, with price growth for bank and construction stocks and pressure on refineries.

The Hellenic Financial Stability Fund (HFSF), Thrivest and Pancreta Bank pledged to participate in a share capital increase plan by Attica Bank worth up to 393 million euros as part of a merger deal, Attica Bank said in an announcement. 

Passenger traffic at the 14 largest airports outside of Athens - operated by Fraport Greece - showed a slight decrease in the first quarter of this year compared to the corresponding period in 2019.

The reopening of a 10-year Greek bond issue was more than five times oversubscribed during an auction held on Wednesday. 

The Public Debt Management Authority said that bids totaled 1.7 billion euros, significantly up from the €300 million asked. 

Tax revenue significantly surpassed targets in the first quarter of 2023, the Finance Ministry said on Wednesday.

In a report on the budget execution on an amended cash basis for January-March, the ministry said that tax revenue totaled €13.68 billion in the three-month period, up 12.4% from budget targets, helping the state budget to record a primary surplus of around €3 billion.

The Technical University of Crete's School of Architecture has drafted a proposal for the redevelopment of the Holy Trinity (Agia Triada) Tzagaroli Monastery, one of the most splendid monastic complexes of the Cretan Renaissance which stretches back to the 17th century. The proposal also envisages its conversion into a Patriarchal Research Foundation.