GREECE
Macro/Political:
• The Greek PDMA announced that Hellenic Republic will auction 52 Weeks T-Bills, on June 4, with Maturity June 5, 2026. The amount to be auction is EUR 500mn.
Source: PDMA
• The seasonally adjusted unemployment rate in April 2025 amounted to 8.3% compared to 10.8% in April 2024 and to the downwards revised 8.9% in March 2025.
Source: ELSTAT
• Total deposits placed by the private sector in April 2025 decreased by EUR 795mn compared with an increase of EUR 2,405mn in March 2025.The annual growth of total deposits decreased to 4.4% in April 2025 from 5.1% in March 2025.The annual growth rate of total credit extended to the domestic economy decreased to 7.3% in April 2025 from 7.1% in the previous month.
Souce: BoG
• Scope affirmed Greece’s credit rating at BBB, with a stable outlook. According to the agency, the rating reflects strong European institutional support, with the Eurosystem and the EU providing a monetary and policy backstop. This support strengthens fiscal fundamentals, which are bolstered by primary surpluses and improved revenue performance, enabling a sustained decline in the public debt ratio and supporting a favourable debt profile. Greece’s high share of long-term, low-interest debt, predominantly held by official sector creditors, along with its significant cash buffer, enhances the government’s debt servicing capacity and helps mitigate the impact of potential market volatility and interest rate shocks. On the other hand, rating challenges include a very high public debt stock, which remains a long-term vulnerability despite its declining trajectory. Persistent vulnerabilities in the banking sector, including moderate capital buffers, legacy asset quality concerns, and a strong sovereign bank nexus heighten financial sector exposure and increase government risk. Additionally, structural constraints on medium-term growth, such as weak productivity, adverse demographics, and limited economic diversification, continue to pose challenges.
Source: Scope
CYPRUS
Macro/Political:
• Preliminary data released by CyStat showed that the General Government fiscal balance for the period of January- April 2025 presented a surplus of EUR 646.8mn (1.8% of GDP) compared to a surplus of EUR 650.5mn (1.9% of GDP) in the same period of 2024. Primary balance recorded a surplus of EUR 739.3mn versus a surplus of EUR 606.1mn in the corresponding period of 2024. During Jan- April 2025 total expenditure increased by EUR 169mn (+5.4%) to EUR 3,316.3mn from EUR 3,147.5mn in the corresponding period of 2024. Total revenue increased by EUR 302mn (+6.7%) to EUR 12,844,8mn compared to EUR 3,147.5mn in the same period of 2024. Particularly, in April 2025 the General government fiscal balance presented a surplus of EUR 646.8mn (Primary balance showed a surplus of EUR 795.1mn).
Source: CyStat
• Total deposits in April 2025 recorded a net increase of EUR 492.9mn, compared with a net decrease of EUR 66.3mn in March 2025. The annual growth rate of total deposits stood at 7,6%, compared with 7.1% in March 2025. The outstanding amount of total deposits reached EUR 56.1bn. Total loans in April 2025 recorded a net increase of EUR 169.1mn, compared with a net increase of EUR 429.9mn in March 2025. The annual growth rate stood at 4.9%, compared with 3.1% in March 2025. The outstanding amount of total loans reached EUR 25,6bn in April 2025.
Source: CBC
