Greek PM Kyriakos Mitsotakis is set to meet Turkish President Tayyip Erdogan today.

Local Eye

Sep. 23, 2025

GREECE

Macro/Political:

  • Greek PM Kyriakos Mitsotakis is set to meet Turkish President Tayyip Erdogan in New York today, at a time when bilateral relations are not in the best condition in more than two years and expectations for the talks remain low. Both sides seem determined to preserve what Athens has described as the “calm waters” of the past 26 months, although tensions have recently resurfaced. Less than 10 days ago, Turkey announced plans to send the research vessel Piri Reis into the central Aegean, accompanied by Navtex notices reiterating Ankara’s view that the eastern Aegean islands must remain demilitarized. Mitsotakis is also expected to raise the issue of the Greece–Cyprus electricity interconnection, which has been complicated by disagreements between Athens and Nicosia as well as European involvement. In addition, he is likely to address Turkey’s participation in the EU’s defense initiative, SAFE, linking Greek support for Ankara’s involvement to Turkey’s withdrawal of its casus belli against Greece.
    Source: Kathimerini

 

  • Based on provisional data, the balance of travel services in July 2025 posted a surplus of EUR 4,197.7mn, up from a surplus of EUR 3,659.6 mn in July 2024. Travel receipts rose by 15% (y-o-y) to EUR 4,523.9 mn, while travel payments also increased by 26.1% (y-o-y) to EUR 344.3mn. In January-July 2025, the balance of travel services showed a surplus of EUR 10,171.5mn, up from a surplus of EUR 9.241.1mn in the same period of 2024.
    Source: BoG

 

  • BoG Governor, Yannis Stournaras, in an interview on Monday morning, stated that despite a very unstable global macroeconomic environment, Greece has, for the first time in years, delivered a positive surprise. Over the past few years, the country has managed to reduce its public debt-to-GDP ratio by an average of 10% per year. However, Mr. Stournaras emphasized that investment in Greece remains at a low level, which in turn reflects the country’s low productivity. He warned that any significant increase in wages under these conditions would be catastrophic for the economy, given that productivity is still very weak.
    Source: Euro2Day

 

Markets:

  • Fitch and S&P assigned a ‘B’ issue rating to Intralot S.A.’s proposed EUR 850mn senior secured notes.
    Source: Fitch

 

  • Eurobank S.A. has concluded an agreement with Deutsche Bank and BNP Paribas for a EUR 200 mn tap issue of its existing EUR 500 mn Fixed Rate Senior Preferred Notes due 2028 (ISIN: XS3110850347). The new issuance was priced at 99.817%, corresponding to a yield of 2.978%.
    Source: ATHEX

CYPRUS

Macro/ Political:

  • Cyprus President Nikos Christodoulides held his first meeting in New York with Javier La Rosa, Chevron’s new President of Base Assets and Emerging Countries, to discuss the development of the “Aphrodite” gas field. Government spokespersons said the talks reaffirmed the close cooperation between Cyprus and Chevron, noting that the company’s presence in the island’s Exclusive Economic Zone reflects strong confidence in Cyprus. The discussions focused on project timelines, with the government stressing its priority on strict adherence to schedules. All deadlines, officials confirmed, are currently being met.
    Source: Gov.cy