Sovereign default

The Greek economy registered strong growth of 2.1% in the first quarter on an annual basis, while the government has set the target for the whole of 2024 at 2.5% and the European Commission estimates growth at 2.2%.

Cyprus' real GDP grew by an annual 3.5% in the first quarter of 2024, and by 3.4% in seasonally adjusted terms, with the construction sector recording the highest both annual and quarterly percentage gains, according to data released by the Statistical Service of Cyprus.

On Tuesday Prime Minister Mitsotakis highlighted to German Chanellor Olaf Scholz that Greece has the fastest rate of debt reduction in the world. From around 206% of GDP in 2020, Greek debt is expected to decline this year to around 160% of GDP, and this downward trajectory is expected to continue throughout the decade.

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100 million interest payment seems certain to be missed.

Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors.

 Conference organizers, tour operators seek protection in the event that the country goes bankrupt

By Stathis Kousounis

After the drachma clauses seen in tourism contracts, foreign tour operators are now forcing hoteliers in Greece to sign contracts with a Greek default clause.

Official accounts point to positive negotiations between Greece and its international creditors from the European Commission, European Central Bank and International Monetary Fund.

Since the end of the Cold War, the number of sovereign states in the international system has increased, and state borders have changed significantly

By Nikos Chrysoloras

Greece’s credit rating will be increased one level by Fitch Ratings, which cited an improving economic and fiscal outlook for the country that sparked Europe’s sovereign debt crisis.

Greece is planning to announce a sale of five-year notes via banks on Wednesday, according to two people familiar with the matter, as the country that sparked Europe’s sovereign debt crisis returns from a bond-market exile.