We expect the Greek economy to grow around 8.9% in 2021 before slowing to 4.3% by 2022 ...Nevertheless, an outstanding high level of NPLs weighs on banking system profitability and Greek lenders’ capacities to fund a robust recovery. Piraeus, Alpha and the NationalBank of Greece have taken important actions recently in improving capital ratios.
Notwithstanding the significant progress achieved recently, the asset quality of the major Greek banks continues to be relatively weak when compared to the European average ... The profitability of the Greek banking system remains weak, ...
The first news item was an interview with Jamie Dimon, chairman and chief executive officer of JPMorgan Chase, the largest investment bank in the world ... Similarly, Dimon isn’t the only big banker of Greek descent; he just happens to be the head of the largest bank in the world.
Greek banks are waiting before taking the option of imposing negative interest rates on corporate deposits, in order to see how the inflation situation develops and the attitude of the EuropeanCentralBank on its key interest rates.
...Bank offshore wind farm project in UK waters. After previously securing orders for the Dogger Bank A and B phases, the Greek cable maker has now become the sole supplier of inter-array cables for massive 3.6-GW offshore wind development located off the north-east coast of England.
Greece’s new 10-year bond issue and the boost observed on foreign markets following statements that suggested the threat of a clash in Ukraine had diminished somewhat gave the Greek bourse an afternoon push that earned the benchmark some decent gains.
Greece received 11 billion euros of demand for a new 10-year bond sale on Wednesday, tapping the markets at a challenging time as the EuropeanCentralBank’s pandemic bond-buying stimulus scheme is set to end in March ... “The environment is different than last year as a result of higher inflation and policy change from central banks.”.
The Greek unemployment rate fell to 13.3% of the workforce in November 2021 from 16.1% in November 2020 and 13.4% in October 2021, Hellenic Statistical Authority said on Wednesday ... Greek clothing and textiles industry strongly recovers in 2021, report says ... Three Greek Americans Make Forbes’ 400 Wealthiest.
Our views on the Greek banking sector remain positive and we should expect rating upgrades from low levels in the near term ... of the sector will continue supporting the operating environment for Greek banks, despite risks from supply chain constraints and rising input costs.
A high amount of nonperforming loans, albeit recent improvements, weak quality and level of capital, and limited earnings prospects continue to restrain Greek banks’ creditworthiness ... Still, we expect Greek banks’ asset quality metrics to remain weaker than the European Union average.
Moody’s currently has a positive rating outlook for the four largest systemic Greek banks, in expectation of further improvements in their asset quality and underlying solvency ... Greek banks are currently aiming for an NPE ratio of around 5-6% by the end of 2022, while the average for large EU banks is closer to 2% as of June 2021.
In a report issued Friday, Fitch estimates that the Greek economy grew 8.3% in 2021, much faster than the 4.3% forecast in its previous rating review last July, although growth ... Greek banks are a big reason for the upgrade, “sharply reducing the level of non-performing loans...