Greece’s state budget balance posted a surplus of EUR 1,878 mn

Macro/Political:

Preliminary data released by the MoF showed that the State Budget balance on a modified cash basis for January – April 2026 presented a surplus of EUR 1,878 mn, against a target of a deficit of EUR 909 mn and a surplus of EUR 1,850 for the same period of 2025. The State Budget Primary Balance amounted to a surplus of EUR 5,175mn, against the primary surplus target of EUR 2,298 mn and a primary surplus of EUR 5,148 mn in the same period of last year. It is noted that EUR 197 mn relating to time differentiation of payments of defence programs, an amount of EUR 593 mn relating to time differentiation of investment payments and an amount of EUR 249 mn relating to time differentiation of capital and current transfers to General Government entities, which do not affect the General Government’s result in fiscal terms, as well as, an amount of EUR 135 mn from the 2nd instalment of the price for granting the license to operate a casino in Elliniko, which is fiscally recorded during the concession years, an amount of EUR 884 mn of the early RRF revenues and an amount of EUR 461 mn of the early PIB revenues, the over execution in the primary balance on a modified cash basis.
For January –April 2026, State Budget net revenues amounted to EUR 25,165mn, showing an increase of EUR 2,100mn against the target. State Budget expenditures amounted to EUR 23,287mn, EUR 686 mn lower than the target.
Source: Ministry of Finance

Markets:

Metlen announced that the Interministerial Committee for Strategic Investments of the Hellenic Republic has approved a new strategic investment by the Company involving the development of gallium production capacity in Greece, together with the expansion of the nearby bauxite mines and alumina refinery. The total investment of approximately EUR 300 mn has been designated as a project of strategic importance in the field of critical raw materials.
Source: Athens Euronext

PPC announced that the EGM authorized an increase in the Company’s nominal share capital by an amount not exceeding EUR 915.8 mn, through a cash payment and the issuance of new ordinary, registered, voting dematerialized shares, each with a nominal value of EUR 2.48.
Source: Athens Euronext

Markets:

Fitch affirmed the AAA rating with a stable outlook on Bank of Cyprus’s EUR 650 million outstanding covered bonds. The rating action follows the periodic review of the programme and reflects the implementation of Fitch’s updated Covered Bonds Criteria published on May 11.
The covered bonds could be downgraded if Cyprus’s IDR and the relevant country cap are downgraded by one or more notches, if Bank of Cyprus’s long-term IDR is downgraded by three notches or more, or if the committed OC falls below the AAA break-even OC of 11.5%.
Source: Fitch Ratings