Cyprus President Nikos Christodoulides announced financial support for those affected by the devastating fires.

Local Eye

Jul. 28, 2025

GREECE

Macro/Political: 

  • On July 30, Greece will auction 13-week T-bills maturing on October 31, 2025, for an amount of EUR 500mln.
    Source: pdma 
  • The annual growth rate of total credit extended to the domestic economy slightly decreased to 6.8% in June 2025, from 6.9% in the previous month. The annual growth rate of total deposits increased to 6.3% in from 5.1% in the previous month. The monthly net flow of total credit was positive by EUR 2,247mn in June 2025, compared with a positive net flow of EUR 298mn in the previous month. The monthly net flow of total deposits was positive by EUR 6,588mn compared with a positive net flow of EUR 1,525mn in May 2025.
    Source: BoG

CYPRUS

Markets:

  • Following the devastating fires in Limassol, Cyprus President Nikos Christodoulides delivered a televised address apologizing on behalf of the state for the government’s inadequate response at a critical moment. He announced 12 immediate measures to support those affected. These include the immediate disbursement of financial aid to community councils to cover emergency needs, temporary housing, coverage of basic necessities, psychological support in coordination with community leaders, and rent subsidies for displaced residents. President Christodoulides also announced full compensation for income loss over a one-year period for farmers and livestock breeders, along with plans to restore infrastructure and machinery for both professionals and small businesses. Financial assistance will be provided to families whose homes were destroyed or damaged: EUR 10,000 plus EUR 2,000 per dependent child for total destruction, and EUR 5,000 plus EUR 1,000 per child for partial damage. Vulnerable and low-income individuals will receive additional personalized support. Employees and self-employed individuals whose businesses were affected will receive monthly compensation for three months. He also confirmed that the vast majority of water and electricity services will be restored in the coming days. Furthermore, permanent residents and businesses in affected areas will be exempt from paying annual community fees and taxes, with the government covering the full cost.

 

  • Bank of Cyprus announced the completion of the acquisition of Ethniki Insurance Cyprus. The consideration for the Transaction is EUR 29.3mn paid in cash, reflecting price adjustments in accordance with the customary terms of the binding agreement. The capital impact of the Transaction is estimated at c.15 bps.
    Source: athexgroup.gr