In successive exams the economy

Of Tasos Dasopoulos

2022 starts with a busy schedule for the financial staff, as in addition to the headache of the pandemic and high inflation, the other steps will have to be taken, which will return the economy to normal.

In this direction, the first exit to the markets in 2022 is being prepared, a few weeks after the announcement for support of the Greek bonds by the ECB. Issuance can be a matter of 24 hours and can be done before the Fitch evaluation. The new edition, like the 2021 editions, is not linked to any expenses that will have to be covered, as according to the Minister of Finance, the cash resources still exceed 36 billion euros.

However, it will be done in the context of a broader strategy, which combines in this case, the need for Greece’s continued presence in the markets, the excessive liquidity that exists at the beginning of the year and the time gap before issues from the major Eurozone economies begin. , but also the EU’s own publications, which will raise funds from the markets, with the aim of financing the Recovery Fund.

The 13th evaluation

In addition to entering the markets, the officials of YPOIK will start from tomorrow, the technical contacts for the 13th evaluation in a regime of enhanced supervision. This assessment is not related to the disbursement of the two remaining installments of the Greek bond profits (ANFA’s SNP’s) held by the ECB and the other central banks. However, it is considered critical, as it is expected to prescribe the course of Greece, up to the exit from the regime of enhanced supervision.

Topics to be discussed at the evaluation, which will be completed with the heads of the institutions’ groups on the 25th of the month, will again be the performance of the tools for settling non-performing loans, the reduction of overdue public debts to individuals and the delayed changes in public health. , insurance and justice.

Due to the exit path from the enhanced supervision, emphasis will be given this time to the end of 2021 but also to the prospects for 2022. In particular, the growth rate of last year will be examined, which is expected to reach or even exceed 8% and the permanent characteristics, which are expected to affect this year’s development as well. For this reason, this emphasis is expected to be given to the readiness and course of the Recovery Fund, which is the main development tool for this year. Also, the support measures that YPOIK intends to implement this year and the targets for deficits and debt will be discussed in detail.

Fitch rating

The last examination that is scheduled for this week, is the first assessment of the debt of the Greek economy for 2022. The foot in the evaluations will be the house of Fitch, which has classified the economy in grade BB, from January 2021 In the last In its note on the Greek economy, Fitch sets three conditions for upgrading the economy.

The steady return of debt to a downward trend after the shock of Covid-19, the continuing improvement of the quality of assets in systemic banks and the acceleration of the growth dynamics of the economy in the medium term.

Friday’s assessment will be the first of three the house has planned for 2022. The second is scheduled for July 8th and the third on October 21st.