GREEK ECONOMY

The state budget recorded a primary deficit of 799 million euros in the four-month period, significantly down from budget target for a primary deficit of 2.453 billion and a deifict of 6.201 billion in the corresponding period in 2021.

There is already a significant slowdown in European economies. Southern European countries appear to be in a better position at the moment, mainly due to tourism. However, it won’t be long before the effects of the recession on the major European countries spread to the south.

The European Commission stressed that despite the better than expected result in 2021, fiscal risks remain significant. Greek FinMin Christos Staikouras welcomes EU Commission's spring forecasts report.

What the bank's CEO Chr. Megalou said on the new business plan, the creation of a new digital bank, the dividend distribution, the economy, and the impact of the crisis in Ukraine.

Strong credit expansion, rising interest rates, and further cost - cutting banks are expected to boost profitability for the next 5 years. The ultimate goal is to distribute a dividend to shareholders.

Referring to the course of the Greek economy, the Finance Minister pointed out that the recovery of 2021 was strong "covering the losses of 2020", the composition of GDP improved, as there was a significant increase in both investment and exports.

The Greek economy is expected to grow by 3.5% this year despite the war in Ukraine, the International Monetary Fund (IMF) said its staff concluding statement of the 2022 Article IV consultation mission released on Friday.

Greece has "40 billion euros set aside, and has the ability to plan its borrowing in a way that controls the rise of interest rates. Beyond that, achieving investment grade is an absolutely feasible target for 2023", Mitsotakis said.

Finance Μinister said that in this environment of increased challenges, mainly the huge increase in energy costs, the Greek government is already doing, and will continue to do, its best to reduce the negative consequences.

"The Greek economy, in the midst of an adverse environment, recovered strongly in 2021 covering almost all the losses of 2020," stated Minister of Finance Christos Staikouras and Development Minister Adonis Georgiadis in an joint statement on Friday.