European debt crisis

Greece achieved the second highest growth rate in the eurozone in the fourth quarter of 2022, compared to the same period in 2021, according to data published by Eurostat on Wednesday.

Cyprus' gross domestic product (GDP) grew by 5.6% in real terms in 2022, according to a provisional estimate published by the country's statistical service CyStat on Wednesday.

This compares with a provisionally estimated average eurozone GDP growth of 3.5% and European Union GDP growth of 3.6% in 2022.

The European Financial Stability Facility (EFSF) decided on Thursday to reduce to zero the step-up margin accrued by Greece for the period between June 17 and December 31, 2022, as part of the medium-term debt relief measures agreed for the country in 2018.

The value of this eighth reduction amounts to 122.5 million euros, it said in a statement.

The Eurozone economy will avoid recession this winter after growing by 0.1% in the fourth quarter of 2022, according to official data from the European Union's Statistics Agency.

The figure was lower than the 0.3% growth recorded in the third quarter of 2022, but better than economists' forecasts for a contraction.

Skroutz is taking another step toward becoming the "Greek Amazon," as its online shopping platform, Skroutz Marketplace, is now able to ship products to all eurozone countries. It will soon have an English version too.

At a single stroke on Tuesday, the Public Debt Management Agency managed to beat the volatility and pressures expected to be caused by the continued tightening of European Central Bank monetary policy and the national elections, and to cover 50% of the 2023 loan program with its first market foray of the year.

Christos Staikouras was named Finance Minister of the Year 2023 for Europe by The Banker magazine of the Financial Times group, whose awards celebrate the officials that have best managed to stimulate growth and stabilize their economy.

The European Central Bank confirmed on Thursday that it would end a long-running scheme to pour billions of euros into the Eurozone economy on July 1st by buying bonds and signaled a series of interest rate hikes as early as next month as it fights persistently high inflation.

The American rating agency Standard & Poor's upgraded Greece's credit rating from grade BB to BB +, with a stable outlook, bringing the country just one step from the investment grade.

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.