Economy

The management teams of Greece's four systemic banks received a very positive welcome from the representatives of international institutional portfolios at the three-day European banking roadshow organized last week by Goldman Sachs in Paris, sources have indicated. 

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%.

Inflation expectations for the end of 2023 increased from 37.12 percent in May to 38.55 percent in June, the Central Bank's Survey of Market Participants showed on June 16.

The 12-month ahead expectations also rose from 29.8 percent to 30.65 percent.

The government is considering revising the medium-term program in September, Vice President Cevdet Yılmaz has said.

The revised program will provide a framework for fiscal and monetary policies and include structural reforms, Yılmaz said in an interview with private broadcaster CNN Türk.

In Washington they paused; in Frankfurt they hiked; and in Beijing, they cut.

Central bankers in three of the world's key economic regions have unveiled divergent monetary policies this week as they each contend with their own challenges.

The Greek stock market rebounded after Thursday's respite to post a fresh nine-year high on Friday with the help of most blue chips, though not banks. The June triple witching sent turnover soaring, along with the upcoming rebalancing of the indexes.

The New Democracy party, which is poised to win the June 25 election, is planning for a more flexible pension reduction regime for retirees who still want to work, with the aim of legalizing their employment, but also of staffing businesses that are unable to fill job vacancies with experienced employees.

The European Commission is preparing to create a digital euro, it became clear from a draft law seen yesterday by DPA.

Consumers in Eurozone countries will be able to pay with the digital euro in a variety of ways, for example through their smartphones or smartwatches.

This payment method differs from paying by debit or credit card, DPA notes.

The banking market is witnessing a trend of conversion of mortgage loans that were contracted with a floating interest rate into a long-term fixed interest rate (mainly five years), as the persistence of inflation at high levels continues to make borrowers nervous about the evolution of interest rates after the end of the freeze that banks have implemented.

Foreign investors and Türkiye watchers are keeping a close eye on the steps the new economic team will take in the period ahead.

There are expectations that portfolio inflows in to the country may increase depending on the messages sent out by those at the helm of the economy management.