PDMA does not intend to issue a new bond until September.

Macro/Political:

• Kathimerini reported that the PDMA does not intend to issue another bond until September, as it takes the time to monitor the markets on the trade front and the global economy more generally, while also accounting for the significant contraction recorded in the spread of Greek bonds with German Bunds. According to the source, the PDMA will postpone schedule bond reissue of next Wednesday the July 16^th and return with the reissues on September 17. As there are no pressing needs on the lending front, with cash reserves being maintained at a high level and close to EUR 40 bn.
  Source: Kathimerini

• The trade balance in May 2025 presented a deficit of EUR 2,291.8mn compared to a deficit of EUR 3,350mn in May 2024, recording a drop of 31.6%. The total value of imports amounted to EUR 6,469.2mn (-14.7% y-o-y) while the total value of exports was EUR 4,177.4mn (-1.3% y-o-y). The deficit of the trade balance, for the 5-month period from January to May 2025 amounted to EUR 13,406.8mn in comparison with EUR 14,401.8mn for the corresponding period of the year 2024, recording a decrease of 6.9%.
  Source: ELSTAT

• Greece and Cyprus held a video conference yesterday regarding the Cyprus-Crete electricity interconnection (GSI), with the participation of both countries’ energy regulators and officials from the European Commission. According to reports, the meeting once again highlighted ongoing disagreements and the difficulty of reaching a consensus between the two regulatory authorities. The main points of contention were the audit mechanism and Cyprus’s payment schedule. Despite these disagreements, Cypriot representatives stated that the payment issue would be resolved. However, Greek officials emphasized that the project can only proceed normally with a clear and firm commitment from Cyprus.
  Source: Capital.gr