GREECE
Macro Political
• On March 26, Greece will auction 26 Weeks T-Bills with maturity September 26, 2025. The amount to be auctioned is EUR 500mn.
Source: PDMA
CYPRUS
Macro Political
• DBRS upgraded Cyprus to A (low) from BBB (high), with the trend remaining positive. The upgrade and positive outlook reflect the sharp decrease in the public debt burden in recent years, as well as DBRS’s expectation that public debt metrics will continue to improve significantly in the coming years. The agency highlighted that the general government debt-to-GDP ratio dropped from 96.5% in December 2021 to 69.7% in September 2024, driven by large budgetary surpluses and strong nominal GDP growth. According to DBRS, economic growth is expected to continue benefiting from robust private consumption, rising service exports, and strong construction investment over the next few years. While the outlook, like that of other European Union countries, is exposed to downside risks, such as an escalation of geopolitical tensions or global trade disruptions, the Cypriot economy is less vulnerable to the direct impact of rising U.S. tariffs on EU goods imports, owing to the relatively small size of its manufacturing sector.
Cyprus’ A (low) rating is further supported by a stable political environment, the government’s sound fiscal policies in recent years, and a moderate interest burden.
Source: DBRS
