GREECE
Macro/Political:
- S&P affirmed Greece’s credit rating at BBB with a stable outlook. According to the agency, the country is expected to post a second consecutive overall budgetary surplus in 2025, enabling it to be one of the few developed market sovereigns to reduce government net debt in absolute terms for the second year in a row. Furthermore, while the agency believes that Greece’s external imbalances remain elevated, it considers that membership in the euro area and compliance with EU fiscal treaties provide protection against the risk of a balance of payments shock. The agency could downgrade Greece if budgetary performance shows a marked deterioration. Conversely, it could upgrade Greece if external imbalances materially and sustainably improve, such as through a reduction in the economy’s import reliance. S&P could also upgrade Greece in the event of a material reduction in the country’s external debt.
Source: S&P
- On Wednesday (22/10) Greece will auction 26 Weeks T-Bills with maturity April 24, 2026. The amount to be auctioned is EUR 500mn.
Source: PDMA
Markets:
- According to Naftemporiki, Alpha Bank is seeking new acquisitions in the bancassurance sector, both at the product factory level and in technology solutions, as well as in the asset and wealth management field, with greater emphasis on its offshore branch.
Source: Naftemporiki print edition (20th October , pg.12)
CYPRUS
Macro/Political:
- Turkish Cypriots have elected Tufan Erhürman as their new leader, defeating incumbent Ersin Tatar with about 62.8% of the vote. Erhürman, a pro-European and left-leaning politician, campaigned on resuming peace talks with Greek Cypriots under an UN-backed federal framework, aiming to reunify the island after decades of division. His opponent, Tatar, who received around 35.8%, had promoted a “two-state” solution supported by Turkey, a stance opposed by the European Union and Greek Cypriots. Analysts view Erhürman’s victory as a potential turning point that could revive diplomatic efforts and open a new chapter in the search for a lasting settlement.
Source: Guardian
- The arrivals of tourists reached 570,635 in September 2025 compared to 509,463 in September 2024, recording an increase of 12.0%. For the period of January – September 2025, arrivals of tourists totalled 3,604,790 compared to 3,268,090 in the corresponding period of 2024, recording an increase of 10.3%.
Source: CyStat
