Greece state budget balance presented a deficit of EUR 416mn.

Macro/Political:

• Preliminary data released by the MoF showed that the State Budget balance on a modified cash basis for January – June 2025 presented a deficit of EUR 416mn, against a target of a deficit of EUR 2,795mn and a deficit of EUR 2,256mn for the same period of 2024. The State Budget Primary Balance amounted to a surplus of EUR 4,667mn, against the primary surplus target of EUR 2,235mn and a primary surplus of EUR 2,905mn in the same period of last year. It is noted that an amount of EUR 792mn which refers to the time differentiation of payments from ordinary budget and an amount of EUR 510mn which refers to the time differentiation of military procurement, do not affect the outcome in fiscal terms.
  For January – June 2025, State Budget net revenues amounted to EUR 34,385mn, showing an increase of EUR 488mn or 1.4% against the target. State Budget expenditures amounted to EUR 34,801mn, EUR 1,891mn lower than the target.
  Source: Ministry of Finance

• Alternate Minister of National Economy and Finance Nikos Papathanasis said on a Tuesday press conference, that Greece is set to submit its sixth request for a tranche of EUR 2.1 bn from the Recovery Fund’s subsidy component in the following days. Papathanasis, also stated that funds that will be allocated until the end of 2026 totalling EUR 31.5 bn. He also pointed out that the Public Investment Programme is the highest in the last 15 years, while the Recovery Fund exceeded the absorption target by 3% in the first six months and overall, the programme covered the target by 98%.
  Source: Bloomberg

Markets:

• Alpha Bank will proceed with the issuance of a EUR 500 mn 11NC6 Tier 2 bond. Initial Price Target at MS +225bps area.
  Source: Bloomberg