GREECE
Macro/Political:
- Fitch Ratings has placed Greece, Cyprus and Portugal under the microscope to explain how three economies that were at the heart of the eurozone debt crisis managed to secure three rating upgrades since 2022. According to the agency, Greece’s debt reduction stands out even among the three countries examined by Fitch. Public debt fell from around 209% of GDP in 2020 to 146% in 2025, marking the largest absolute decline from the pandemic peak. Fitch forecasts a further reduction to around 125% by 2029. The agency noted that growth was the main driver of the debt reduction, supported by a major turnaround in the labour market, a boost from tourism and, of course, the RRF, as Greece has the largest allocation of RRF funds in the EU as a share of GDP. Finally, the agency noted that Greece’s main area of weakness is its current account deficit, which has remained above 5% since the pandemic, while the net international investment position stands at around -137% of GDP, among the weakest in the eurozone. Fitch highlighted that further improvement for Greece will require continued fiscal discipline, sustained primary surpluses, further debt reduction and, critically, evidence that the country can achieve a higher potential growth rate. Fitch forecasts average Greek economic growth of 1.8% in 2026–2027. This is above the 1.3% it forecasts for the eurozone, but clearly below the performance recorded during 2021–2025. That is precisely what makes the next phase more difficult.
Source: Fitch Ratings
- Turkish sources told Kathimerini that Ankara does not oppose submarine cable projects or international connectivity infrastructure. However, they said that when research or cable-laying activities are planned in maritime areas where Turkey claims sovereign rights and jurisdiction, the flag state of the vessels should communicate with Turkey through diplomatic channels before work begins to ensure coordination and avoid conflicts. The sources said that Turkey considers this approach consistent with international law and state practice. Turkish officials are waiting to see whether Greece will pursue what Ankara describes as a cooperative approach or proceed with surveys and cable installation without coordination. Political analysts believe that Turkey could react again if vessels appear for the GSI project without prior coordination.
Source: Kathimerini
Markets:
- Motor Oil sales turnover increased in 1H26 increased to EUR 7.52 bn (+42.89% y-o-y). While EBITDA stood at EUR 1.047 bn posted an increase of 170.27% compared to the 1H25. Earnings after tax stood at EUR 689.3 mn compared to EUR 163.4 m in 1H25 representing an increase of 321.85%.
Source: Motor Oil
