Jefferies characterizes the Greek economy as “leading by” in its report on the prospects of the European economy, in which special reference is made to the inflationary shock.
Especially for Greece, the investnent firm states that “it is at the top and sets an example”
Challenge for the future
Looking ahead, the biggest challenge is the energy shock caused by the Russian invasion of Ukraine. As Jefferies reports, the country has made significant progress in its energy transition, with the Greek electricity system running entirely on “clean” renewable energy for the first time earlier this month.
It points out that Greece has been a supporter of the cap on gas prices within the EU and windfalls. To date, it has enacted policies that have allocated funds to reduce energy taxes, transfers to vulnerable groups and business support that are planned to amount to around 5.7% of GDP (€10.5 billion, source: Bruegel ).
Bullish on stocks
As concerns stocks, Jefferies notes that while the equity market is bathing in positive earnings revisions, the market has begun to look a tad expensive versus bonds. Equally, some of the macro factors are still quite imbalanced. We retain a Bullish rating on Greece.
Ο πέμπτος τραπεζικός πόλος, τα «μπινελίκια» του… αέρα, τα ακίνητα της Κλουκίνας Λάππας και ο 13ος μισθός
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