GREECE
Macro Political
• PDMA announced that the Bond auction scheduled for May 21, 2025, will not take place.
Source: PDMA
• Fitch revised Greece’s outlook to positive from stable and affirmed its rating at BBB-. According to the agency, the revision of the outlook reflects, among other factors, the large budget surplus recorded by Greece, the steep drop in public debt, the prudent and credible fiscal framework, the limited expenditure risks, the low financing risks, and the resilient economic growth. S&P forecasts that Greece’s growth will remain above 2% in 2025 and 2026, well above the eurozone growth forecast of 0.4%. The direct risks for Greece from the global trade war are small, as exports to the U.S. account for only 4% of total exports, well below the EU average. Nevertheless, a more severe shock to major EU economies could have substantial adverse effects on Greece.
Source: Fitch
