Greece Plans to Repay EUR 13bn of Debt Ahead of Schedule in 2026, Bloomberg Sources Say

Macro/Political:

• Preliminary data released by the MoF showed that the State Budget balance on a modified cash basis for January – July 2026 presented a deficit of EUR 389mn, against a target of a deficit of EU1,323mn and a deficit of EUR 2,168mn for the same period of 2025. The State Budget Primary Balance amounted to a surplus of EUR 5,725mn, against the primary surplus target of EUR 4,417mn and a primary surplus of EUR 7,939mn in the same period of last year. It is noted that an amount of EUR 510 mn relating to time differentiation of PIB payments and an amount of EUR 406 mn relating to time differentiation of 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.
  For January – July 2026, State Budget net revenues amounted to EUR 45,207mn, showing an increase of EUR 1,975mn against the target. State Budget expenditures amounted to EUR 34,801mn, EUR 1,891mn lower than the target.
  Source: Ministry of Finance

• According to an article cited by Bloomberg, Greece plans to repay about EUR 13bn of debt ahead of schedule in 2026 as it seeks to lower its stock of borrowing below that of Italy by year-end. Repayments will include about EUR 2.5bn of loans from the ESM and EUR 2.2bn of bonds maturing in 2027, a person familiar with the matter said, speaking on condition of anonymity as there is no final decision yet. Finally, the person added that Greece will also reduce its Treasury bill stock by EUR 1.2bn by December 31
  Source: Bloomberg

• R&I maintained Greece’s credit rating at BBB however, it changed the outlook from stable to positive. According to the agency, thanks to structural reforms aimed at securing tax revenues, the primary balance remained in substantial surplus and the government debt ratio declined further. Furthermore, financial sector stability has strengthened, reflecting progress in reducing NPEs. According to the agency, all these factors contributed to the change in the outlook. R&I also added that the rating will be upgraded if it confirms that efforts towards economic revitalization and fiscal consolidation will continue under the new administration formed after the scheduled July 2027 election.

  Furthermore, R&I expects Greek economic growth to remain solid at 2%, as there are likely to be no major changes in the key growth drivers in 2026. However, GDP growth is likely to moderate compared with the previous year, as rising inflation amid heightened tensions in the Middle East, among other factors, weighs on the economy. For 2027 and beyond, R&I believes that the country will sustain economic growth in the high-1% range. The agency added that Greece is facing overtourism, while the government is trying to diversify the country’s sources of revenue by attracting and nurturing new industries, an area that R&I will monitor closely.
  Source: R&I

Markets:

• Bally’s Intralot announced its preliminary results for 1H26. Group revenue reached EUR 544.2mn in 1H26 (+199% y-o-y). Furthermore, adjusted EBITDA in 1H26 stood at EUR 184.8mn, with margin reaching 37.4%.
  Source: Euronext Athens

Macro/Political:

• President Christodoulides, Greek PM Mitsotakis and French President Emmanuel Macron have agreed on the next steps needed to relaunch the Cyprus Greece electricity interconnector, holding phone calls in the days following the signing ceremony at Maximos Mansion, according to Phileleftheros information. More specifically, the talks focused on speeding up the next decisive steps to be taken by GSI, under its new shareholder structure and under the leadership of French company Meridiam, and by French firm Nexans, which holds the contract for building and laying the cable, currently valued at EUR 1.4 bn. Furthermore, according to the article, information indicates strongly that all three leaders agree the project cannot truly restart until maritime surveys resume, carried out by a specialised company, to complete bathymetric mapping and choose the final route for the cable connecting Kofinou to Korakia, and by extension linking Cyprus’s electricity grid to the European grid.
  Source: PhileNews