The result of the elections was a vote of confidence in the government and we believe that the next elections will lead to a stable government, something that the country needs for the coming years, noted Christos Megalou, CEO of Piraeus Bank in an interview he gave earlier to Bloomberg TV in London.
As the bank states in its announcement, Mr. Megalou added that it is a government that has so far implemented a series of policies that have significantly increased the growth rate of the economy, exports and Foreign Direct Investments.
“Our estimate is that in 2023 Greece will grow at a rate of around 3.5%, which we estimate is twice the European average, and we see a stable growth for the next few years at the limit of 3%. This will be supported by more Foreign Direct Investment, further fixed capital formation and a big boost to exports, the growth of which has been significant in recent years.”
Disinvestment of the HFSF
To a question about the disinvestment of the Hellenic Financial Stability Fund by Greek banks, the managing director of Piraeus Bank replied that there is a policy that requires this to happen by 2025, and that the HFSF is working towards this goal. Among other things, Mr. Megalou mentioned that Piraeus Bank will have managed to significantly reduce non-performing loans from 54% to 5% “and we are determined and focused on reaching the European average soon.
Net interest margin
Mr. Megalou estimated that “on the one hand we have the net interest margin increasing and on the other, depositors will demand a higher return for their money and this is something we are working on. We believe the net interest margin will be around 2.3%-2.4%, which is a very good margin for a European bank. Greece in April recorded inflation of 3% for the year, which is a remarkable figure. Nevertheless, we expect the ECB to raise interest rates towards the 3.75% mark, but we still do not believe this will significantly impact our portfolios. We remain vigilant and ready to help our customers if needed.”
Latest News
Number of Turkish Visitors to Greek Islands up 10-Fold After 7-Day Express Visa
More than 20,000 Turkish tourists flocked to the eastern Aegean isles during a nine-day religious period in the neighboring country
Greece to Protect 198 ‘Untouchable Beaches’
These beaches, numbering 198 across the country, fall within the Natura 2000 network and will be off-limits for concession and, by extension, for the placement of umbrellas, sunbeds, etc.
BoG: Feb. Current Account Deficit up by 1.8bln
At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).
Greece Becoming a ‘Refuge’ for German Pensioners
The government's policies to attract foreign property buyers to boot the economy is working, reports German newspaper Handelsblatt
Iran Activates Air Defense System- Reports of Attack by Israel
An Iranian official said explosions reported by Iran's media were the result of the activation of the country's air defense system, yet media reports attribute them to a drone attack by Israel
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%