GREECE
Macro/Political:
• The Greek PDMA announced that during the 52W T-Bills auction of EUR 500mn which took place yesterday, the total bids reached EUR 854mn and the amount finally accepted was EUR 600mn at a uniform yield of 1.84% (vs 2.15 % in the previous 52W T-Bills auction in March 2025).
Source: PDMA
• According to analysts at S&P during yesterday’s webinar discussing credit trends in Greece and Cyprus, the decrease in the Greek government’s cash reserves (which currently stand at ~ EUR 40bn) due to early repayments of GLF loans, will not affect the country’s credit rating. This is because the reduction does not worsen the debt to GDP trajectory, which the agency expects to reach 114% by 2028.
Source: Capital.gr
• In April 2025, the weighted average interest rate on new deposits
remained unchanged at 0.38%, while the corresponding rate on new loans increased to 4.80%. The interest rate spread between new deposits and loans decreased at 4.42 percentage points.
Source: BoG
• In the European Commission’s 2025 country report, the EU Commission noted that real GDP growth in Greece continues to outpace the EU average. Furthermore, thanks to strong growth and policy action, Greece is addressing some long-standing vulnerabilities in its high levels of public and external debt, non-performing loans, and unemployment. Looking ahead, the Greek economy is expected to preserve its resilience. Notably, even though marked improvements have been made, challenges remain. Greece’s public debt ratio is falling but remains high, and persistent current account deficits make it difficult for the country to reduce external debt. The NPL ratio of Greek banks has declined, but the high stock of loans held by servicers continues to weigh on the economy.
Source: European Comission
• In May 2025, the Athens International airport’s passenger traffic amounted to 3.1 million, 2.9% higher than May 2024. During the first five months of 2025, the airport’s passenger traffic reached 11.62 million, above the 2024 levels by 8.5%.
Source: ATHEX
Markets:
• Metlen announced that it has signed a non-binding agreement to enter the process of the acquisition of a 75% stake in the energy trading business of Most Energy JSC, whilst renewable assets and BESS projects of Most Energy are not part of the acquisition. The agreement is part of METLEN’s wider strategic plan, which aims to the expansion of its high-consuming industrial and commercial customers (B2B) portfolio, as well as of the supply of energy in SE Europe.
Source: ATHEX
CYPRUS
Macro/Political:
• According to seasonally adjusted data released by CyStat, in May 2025 the number of registered unemployed persons in Cyprus decreased slightly to 9,708 compared to 9,729 in April 2025 and 10,642 in May 2024.
Source: CyStat
• In the European Commission’s 2025 country report, the EU Commission noted that economic growth in Cyprus remains strong, despite a fragile international environment. Growth is expected to remain strong in the coming years, the fiscal situation and outlook to remain robust, and the net expenditure growth is projected above the path recommended by the council. The commission also noted that Cyprus’s tax system is characterised by strong reliance on corporate taxation, which plays an outsized role in the public revenue collection. Vulnerabilities relating to external and private debt remain but are steadily receding, while government debt is rapidly falling.
Source: European Comission
