GREECE
Macro/Political:
- Greece’s Minister of Environment and Energy, Mr. Stavros Papastavrou, held a series of meetings yesterday in Houston with senior executives from Chevron and ExxonMobil. More specifically, Mr. Papastavrou met with Chevron’s Vice President of Exploration, Mr. Kevin McLachlan, along with other members of the company’s senior management team. Discussions focused on Chevron’s growing interest in Greece’s hydrocarbons sector, as demonstrated by its application to participate in a fifth offshore block, with a 70% stake in Block 10 of the South Ionian Sea. Mr. Papastavrou subsequently met with ExxonMobil’s Head of Exploration Programs for Europe and North Africa. The meeting focused on developments in the Middle East and the increasingly important role of the Eastern Mediterranean in the hydrocarbons sector. The two sides also held detailed discussions on the progress of the exploratory drilling operation scheduled to take place in the Northwestern Ionian Sea in February 2027.
Source: Capital.gr
Markets:
- Lamda Development announced that the Company’s Board of Directors has approved the exercise of its right to early repayment of the principal amount of the EUR 320 mn common bond loan issued by the Company in 2020.
Source: Athens Euronext
- Premia Real Estate announced the exercise of its right to early redeem the EUR 100 mn common bond loan issued by the Company in 2022.
Source: Athens Euronext
CYPRUS
Macro/Political:
- According to the Strategic Framework of Fiscal Policy 2027-2029, published by the Ministry of Finance, the annual funding plan for 2026 anticipates a maximum total funding of EUR 1.49 billion. The primary source of funding will be the issuance of a government bond of up to EUR 1 billion under the Euro Medium Term Note programme in global public markets. The remaining funds will be secured through loans from the European Investment Bank and the European Development Bank, finally a small amount of EUR 100 mn from a local bond that will be issued. On the real economy side, based on the baseline macroeconomic scenario, GDP growth is expected to be around 2.7% in 2026, 2.9% in 2027, and 3% in 2028 and2029. The unemployment rate is projected to be 4.5% in the period of 2026-2029.
Furthermore, the fiscal balance is expected to be in surplus by EUR 900 mn (2.3% of GDP) in 2026. The primary balance is projected to reach a surplus of EUR 1.406 million (3.7% of GDP) in 2026.
Source: Gov.cy
