S&P has revised the outlook for three Greek systemic banks from stable to positive.

Macro/Political:

Greece will today auction 13 Weeks T-Bills with maturity May 4, 2026. The amount to be auctioned is EUR 400mn.
Source: PDMA

Markets:

S&P Global Ratings revised the outlook for three Greek systemic banks, Eurobank, NBG, and Piraeus Bank, from stable to positive, while affirming their existing credit ratings. According to the agency, Greece’s economic growth, combined with the steady strengthening of the private sector and the ongoing decline in NPLs, could further reduce credit risks for local banks over the next 12–18 months.
The agency also noted that Greek banks have made significant progress in improving their capitalization and enhancing the resilience of their business models. While credit conditions in Greece still pose higher risks for domestic banks compared with peers in other jurisdictions, but these continue to improve.
Over the past decade, Greek households and corporates have undertaken substantial balance-sheet repairs. Corporates are now benefiting from stronger liquidity buffers and robust growth in gross operating surplus, while households are supported by historically low unemployment and rising disposable income.
Greece’s economic outlook is expected to support banks’ asset quality, with S&P projecting average GDP growth of 2.2% for 2026–2027, driven by investment and private consumption. The agency concluded that these improvements in the Greek economy could allow banks operating in the country to benefit from lower credit risks and stronger earnings capacity.
Source: S&P

Macro/Political:

The President of Cyprus, Mr Nikos Christodoulides, will today meet with the Turkish Cypriot leader, Mr Tufan Erhurman, in the presence of the UN Secretary-General’s Personal Envoy, Mrs Maria Angela Holguin. Mrs Holguin held separate meetings with the two leaders yesterday, and today she is expected to attempt to bridge their differences through a discussion on methodology.
In statements made yesterday following her meeting with Mr Christodoulides, Mrs Holguin said that so far there has not been sufficient progress, noting that without progress on confidence building measures (CBMs), it becomes very difficult to convene an expanded meeting on the Cyprus issue.
Source: StockWatch

The European Commission has recently begun to highlight geopolitical involvement as one of the main causes behind the stalling of the Greece–Cyprus electricity interconnector, which the Commission has already funded with EUR 657 mn. More specifically, Dan Jorgensen, speaking to the Cyprus News Agency in the context of Cyprus’s presidency of the EU Council, made the first official acknowledgment by the Commission that geopolitical tensions have burdened the Greece-Cyprus electricity connection with additional costs and delays.
Source:StockWatch