GREECE
Macro Political
• Preliminary data released by the MoF showed that the State Budget balance on a modified cash basis for January – March 2025 presented a surplus of EUR 1,605mn, against a target of a deficit of EUR 2,364mn and a deficit of EUR 44mn for the same period of 2024. The State Budget Primary Balance amounted to a surplus of EUR 4,493mn, against the primary surplus target of EUR 616mn and a primary surplus of EUR 2,987mn in the same period of last year. It is noted that an amount of EUR 1,423mn which refers to the time differentiation of payments from ordinary budget and an amount of EUR 696mn which refers to the time differentiation of PIB payments, do not affect the outcome in fiscal terms.
For January – March 2025, State Budget net revenues amounted to EUR 17,691mn, showing an increase of EUR 1,816mn or 11.44% against the target. State Budget expenditures amounted to EUR 16,086mn, EUR 2,152mn lower than the target.
Source: Ministry of Economy and Finance
• Greece will today proceed with an auction for the re-opening of the GGB 3.875% with maturity March 12, 2029 (ISIN GR0124035693). The amount to be auctioned is up to EUR 200mn.
Source: PDMA
CYPRUS
Macro Political
• Hellenic Bank announced that it has signed a pre-settlement agreement with the Cyprus Asset Management Company Limited (“KEDIPES”) for the buyback by KEDIPES of a portfolio of non-performing exposures (“NPEs”), the termination of the Asset Protection Scheme (“APS”) which was granted in 2018 as part of the acquisition of a loan portfolio of the former Cyprus Cooperative Bank (“CCB”), (“APS”) and the settlement of disputes arising from the agreement to acquire certain assets and liabilities of CCB.
Through the Transaction, a) KEDIPES buys back NPEs of Net Book Value of EUR 192mn (with reference date 30 September 2024) at a consideration of EUR 180mn in cash, b) KEDIPES pays the Bank an amount of EUR 17,5mn for the termination of the APS, and c) KEDIPES pays the Bank an amount of EUR 10 mln for the settlement of disputes arising from the agreement to acquire certain assets and liabilities of CCB.
Source: Hellenic Bank
