Fitch and S&P credit rating reviews of Greece and Cyprus economies is scheduled to be released today

Macro/Political: 

• Fitch credit rating review of the Greek economy is scheduled to be released today. The Agency currently holds Greece at BBB-, positive outlook.
  

• The EU Commission has reiterated its strong backing for the GSI. Commission spokesperson Anna-Kaisa Itkonen stated that they will do everything within their competencies to help the project move forward, adding that the EU remains committed to working closely with Greece and Cyprus. It is also important to note that this renewed support follows a meeting in Brussels on Wednesday between EU Energy Commissioner Dan Jorgensen and the energy ministers of Greece and Cyprus, Stavros Papastavrou and Giorgos Papanastasiou.
  Source: Kathimerini

• Representatives from the Directorate-General for Agriculture and Rural Development (DG Agri) of European Commission stated that lost subsidies, which were intended to Greek farmers, in 2024 amounted to EUR 150 mn. They also emphasized that implementing the action plan for the restructuring of OPEKEPE is unavoidable. Furthermore, DG Agri sent a strict message to the Greek government, noting that the 54-point action plan to be submitted for the restructuring of OPEKEPE must be thoroughly reviewed and implemented with great diligence. The government, they added, should be prepared to accept the public criticism that may arise on social media, as there is no other way to resolve the issue.
  Source: Naftemporiki print edition (14 November, pg.4)

Macro/Political:

• S&P credit rating review of the Cypriot economy is scheduled to be released today. The Agency currently holds Cyprus at A-, stable outlook.
  

• Yesterday, President of Cyprus Nicos Christodoulides announced an agreement in principle on the CoLA from the Presidential Palace, accompanied by the Ministers of Labour and Finance. According to the President, the agreement gradually raises the CoLA payment rate to 100% and links it to the minimum wage, extending coverage to nearly 55,000 low-income and other workers.
  Source: PhileNews