ENGLISH EDITION

Higher property prices mean that the value of real estate tied to loans improves and this strengthens the asset side of the balance sheet for lenders. Commercial property prices have risen by 14 percent since lows seen in 2017, while apartment prices are up by 11 percent. Bank officials estimate that for every 1 percentage point rise in property prices, banks benefit by nearly 400 million euros.

A corridor for the transporting of natural gas to Europe will be created with the launching of the Trans Adriatic Pipeline (TAP) at the end of next year and its extension to the Greek-Bulgarian IGB pipeline by the summer of 2021 that will then be extended to Romania and Serbia. This has prompted countries such as Serbia to get in on the action as the country's President Aleksandar Vucic held a two-day visit to Athens this week.

A series of investments will decisively contribute to the modernization and upgrade of the Greek railways, so that they "soon reach European standards. TrainOSE will invest some 50 million euros in the immediate future, while another 10 million euros will allow passengers to book tickets online, as one does for airlines and ferries.

The improved Hercules proposal introduces a new legal form of state guarantees that allows the best part of the securitized asset to be turned into bonds equivalent to Greek government paper. The Hercules plan will be more useful to banks than initially thought, allowing them to reduce non-performing loans (NPLs) by more than 30 billion euros.

The survey was presented by Panagiotis Hasapis, executive vice-president of SEVE. He said 2018 was a landmark year for Greek exports as the value of exports surpassed the 33-billion-euros barrier while export of goods grew to 17.7 pct of Greek GDP in 2018 from 16.0 pct in 2017.

According to the vice president of the Hellenic Wind Energy Association, Socrates Konstandinidis, large investments need to be promoted in the field of wind energy. The inclusion of offshore wind parks in the country's energy plans is positive, he said, adding that the regulatory framework must be improved with an emphasis on how they will be included in the market and compensated for their services.

These measures also seek to strengthen the social inclusion of children through universal access to nursery services and to also achieve the widest possible integration of parents into the labor market.

The extension gives debtors an additional four months on top of the previous government’s December 31 deadline.

Greece's energy deals will feature heavily in next year's privatization program, along with the sale of a stake in the Athens International Airport and progress on Hellinikon, drawing strong interest from Greek and foreign investors. Deals on four important energy projects are seen reshaping the country's business map as the large amounts of capital involved are likely to draw big players from abroad.

The central bank noted that in order to strengthen financial stability an holistic solution to deal with the non-performing loans problem was needed and warned that "unless there is a turnaround of the existing situation, banks’ profits will not be easily changed given the limited room of cutting operating cost."