DBRS maintained Greece’s credit rating at BBB

Macro/Political:

• DBRS maintained Greece’s credit rating at BBB with trend stable. According to the agency, the Stable trend reflects DBRS’s view that the risks to the credit rating are balanced, while economic and fiscal developments have remained favourable over the past year. Real GDP is estimated to have grown, driven by strong investment activity, rising private consumption, and record tourist arrivals.
  Fiscal developments benefited not only from cyclical tailwinds but also from structural reforms that improved tax compliance and, as a result, bolstered public revenues. Furthermore, according to the government’s Draft Budget 2026, the public debt ratio is projected to decline further to 138.2% of GDP by the end of 2026, based on expectations of continued strong nominal GDP growth, a sizeable primary surplus, and additional early repayments of outstanding government debt.
  While economic and fiscal tailwinds are likely to persist in 2026, the economic outlook remains exposed to important downside risks. In particular, an escalation of geopolitical tensions could affect the outlook, as it remains unclear whether the increased hostilities in the Middle East will result in a durable rise in global energy costs.
  Greece’s BBB credit rating is underpinned by the improved financial condition of the domestic banking sector, the country’s credible policy framework, and its membership in the EU and the euro area. However, Greece’s credit rating is still constrained by the relatively high public debt ratio, a comparatively low level of labour productivity, and the small size of its economy, which makes it more vulnerable to external shocks.
  The credit rating could face upward pressure if the public debt ratio declines broadly in line with expectations over the next one to two years and is projected to remain on a firm downward trajectory over the medium term, supported by strong fiscal performance or the continued implementation of reforms that boost investment.
  Conversely, the credit rating could face downward pressure if there is a prolonged weakening of fiscal discipline, the materialization of contingent liabilities that place the public debt ratio on a sustained upward path, a reversal of structural reforms, or a significant deterioration in Greece’s external position.
  Source: DBRS

• According to seasonally adjusted data released by Elstat, Greece’s GDP growth rate in 4Q25 is estimated at 0.8% (q-o-q) and 2.4% (y-o-y)in volume terms.
  Source: ELSTAT

• Greece will offer military means and personnel to bolster Bulgaria’s defences following a request by the neighbouring country, Greek Defence Minister Nikos Dendias said on Friday.
  Dendias said that a battery of air and missile Patriot defence system will be moved to northern Greece to cover a large part of Bulgaria, and EU and NATO country that borders Greece in the north.
  Source: Kathimerini

Macro/Political:

• French President Emmanuel Macron and Greek Prime Minister Kyriakos Mitsotakis will visit Cyprus today to meet with President Nikos Christodoulides, in a move seen as signalling support for Cyprus amid heightened tensions in the region.
  It is also important to note that the visit comes one week after the two countries decided to send military support aimed at protecting Cyprus from a possible attack from the east. According to government spokesman Konstantinos Letymbiotis, the visit is part of close coordination regarding developments in the region and the increased preventive measures being taken.
  Source: PhileNews