GREECE
Macro/Political:
- Preliminary data released by the MoF showed that the State Budget balance on a modified cash basis for January – September 2025 presented a surplus of EUR 2,308mn, against a target of a deficit of EUR 1,581mn and a surplus of EUR 1,568 mn for the same period of 2024. The State Budget Primary Balance amounted to a surplus of EUR 9,355 mn, against the primary surplus target of EUR 5,209mn and a primary surplus of EUR 8,735mn in the same period of last year. It is noted that an amount of EUR 2,073mn which refers to the time differentiation of payments from ordinary budget and an amount of EUR 650mn which refers to the time differentiation of military procurement, do not affect the outcome in fiscal terms.
For January – September 2025, State Budget net revenues amounted to EUR 54,565mn, showing an increase of EUR 460 mn or 0.9% against the target. State Budget expenditures amounted to EUR 52,257mn, EUR 3,429mn lower than the target.
Source: Ministry of Finance
- In its Fiscal Monitor Report – October 2025 the IMF forecasts that Greece’s general government overall balance to be 0% of GDP in 2025 and in deficit by 0.8% of GDP in 2026. Primary Balance is expected to be in surplus by 3.2% of GDP in 2025 and 2.3% of GDP in 2026. According to the IMF, the country’s debt to GDP ratio is expected to fall to 146.7% in 2025, and 141.9% in 2026.
Source: IMF
Markets:
- Moody’s upgraded Intralot’s credit rating to B2 from Caa1, while maintaining a stable outlook. According to the agency, the upgrade reflects Intralot’s improved business profile and strengthened liquidity following the completion of the BII acquisition. Moody’s noted that Intralot’s credit profile benefits from a significant increase in scale and the contribution from BII’s established position in the UK online gaming market.
The company also benefits from broader product and service diversification across the gaming sector, with a presence in both business to consumer (B2C) and business to business (B2B) segments. Following the completion of the acquisition, the agency expects Intralot’s, Moody’s-adjusted gross leverage to be around 4.3x on a pro forma basis for 2025, and forecasts solid revenue growth from 2026 onwards, supported by expansion in both B2C and B2B activities.
The stable outlook reflects Moody’s expectation that Intralot will deliver continued revenue and EBITDA growth from 2026 onwards, driven by the performance of both its B2C and B2B operations.
Source: Moody’s
- Metlen won the tender for LNG supply at the Alexandroupolis terminal in January 2026, supplying the Bulgarian state distributor Bulgaraz.
Source: Bloomberg
- Public Power Corporation will proceed with the issuance of a EUR 775mn 5NC2 green bond. IPT mid-high 4%s.
Source: Bloomberg
- Eurobank will announce 9M25 financial results on Thursday ,30 October 2025.
Source: ATHEX
CYPRUS
Macro/Political:
- In its Fiscal Monitor Report – October 2025 the IMF forecasts that Cyprus’s general government overall balance will present a surplus of 3.4% of GDP in 2025 and 3.2% of GDP in 2026. Primary Balance is expected to be in surplus of 4.7% of GDP in 2025 and 4.4% of GDP in 2026. According to the IMF, the country’s debt to GDP ratio is expected to fall to 57.7% in 2025, and 53.7% in 2026.
Source: IMF
- In June 2025, the number of building permits authorized by the municipal authorities in Cyprus stood at 635 compared to 1528 in June 2024. During the period January – June 2025, 3.399 building permits were issued compared to 4.782 in the corresponding period of the previous year, recording an increase of 28.9%. The total value of these permits decreased by 15.2% and the total area by 12.4%. The number of dwelling units recorded a decrease of 13.1%.
Source: CyStat
