Greece has a disadvantage but also an advantage in this crisis, stressed the Deputy Minister of Finance Theodoros Skylakakis at the Greek Cypriot investment conference of the Economist in London.
As he characteristically said: “Greece, due to its high dependence on Russian gas, will be more affected than the European average, but – due to its geographical location – has already implemented and launched the investments that other European countries will be forced to make in the field of defense .” At the same time, he pointed to the advantages of Greece the favorable conditions for the development of Renewable Energy Sources.
Referring to the Greek debt, he acknowledged that it is particularly high as a percentage of GDP, however, he stressed that most of it is planned to be repaid at pre-agreed fixed interest rates. He also expressed optimism that Greece’s return to primary surpluses will be accompanied by limited goals that will not hinder growth.
He described the investment gap as the biggest challenge for Greece, which has almost half the investment as a percentage of GDP compared to the Eurozone average. He added, however, that Greece recorded a large increase in investment in both 2020 and 2021, when a record high of 45 billion euros was recorded.
Latest News
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight