GREECE
Macro/Political:
- Greece will today auction 26 Weeks T-Bills with maturity December 28, 2026. The amount to be auctioned is EUR 400mn. PDMA announced the new bond auction calendar of the second half of 2026. The auction calendar is complementary to the 2026 funding program and aims to facilitate the operation of the GGBs secondary market.
- According to the calendar, the PDMA will proceed with bond auctions on the following dates:
July 15th 2026, September 16th 2026, October 14th 2026.
Source: PDMA
- A new poll conducted by Interview for POLITIC.gr shows New Democracy holding a clear lead with 28.1%, an increase of 2 percentage points compared with the previous month’s poll. E.L.A.S., the new party founded by former Prime Minister Alexis Tsipras, is in second place with 14.5%, also recording an increase of 1.7 percentage points. PASOK remained stable at 12.3%, while ELPIDA, the party founded by Maria Karystianou, fell to 5.4% from 7.5% in the previous month’s poll.
Source: Politic.gr
- In its Monetary Policy Report for 2025–2026, the Bank of Greece projects that Greece’s GDP will grow by 1.9% in 2026 and 2027, before strengthening slightly to 2% in 2028. Main drivers of economic activity are expected to be private consumption, investments and exports, despite heightened uncertainty in the global economic environment.
HICP Inflation it is projected to rise to 3.8%, in response to higher energy prices, before declining to 2.6% in 2027 and 2.3% in 2029 as pressures stemming from energy and food prices gradually ease.
The recent US-Iran agreement has raised expectations of an end to hostilities and further moderation in energy prices. This points to the possibility of more favourable developments in the Greek economy. Under this scenario, which assumes a faster decline in oil and natural gas prices, inflation would be slightly lower and economic activity somewhat stronger than currently projected. In particular, real GDP growth is projected at 2.0% in 2026 and 2.1% in both 2027 and 2028, while HICP inflation is projected at 3.7% in 2026, 2.5% in 2027 and 2.2% in 2028.
Source: BoG
Markets:
- Scope Ratings affirmed Alpha Bank’s credit rating at BBB with a Stable Outlook. According to the agency, the rating reflects the bank’s consistent business model, focused on wholesale and affluent retail customers, with lending activity concentrated on corporate clients. This may result in higher revenue and earnings cyclicality. Scope, views the operating environment as supportive, noting Greece’s declining public debt ratio and government deficit, driven by sustained economic growth, elevated inflation, and primary budget surpluses.
Scope also believes that Alpha Bank maintains a comfortable buffer above regulatory capital requirements and expects this to continue. The Stable Outlook reflects a balanced risk profile.
An upgrade could result from improved and sustained profitability, further reductions in balance-sheet risks, including NPLs and prudent growth in Greece and abroad, whether organic or acquisition driven. Conversely, weaker macroeconomic conditions that materially impair asset quality, or a significant deterioration in the group’s capital or liquidity position, could put downward pressure on the rating.
Source: Scope Ratings
