(24 JANUARY 2018)DAILY MARKET BRIEF 2:Greece finally getting closer to financial independence

(24 JANUARY 2018)DAILY MARKET BRIEF 2:Greece finally getting closer to financial independence

24 January 2018, 14:27
Jiming Huang
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Receiving international loans since 2010 and more recently through the EU 2015 bailout (EUR 40.2 billion distributed out of EUR 86 billion made available) and on the verge of receiving additional EU financial assistance of EUR 6.7 billion in February, Greece has made significant efforts and implemented more than 110 reforms imposed by the European Commission. In turn, the Greek economy was able to stabilize and finally come up with positive growth numbers since 2017. Greece is giving clear signs of recovery on the market place: Q3 2017 Real GDP Y/Y increased by 1.30% in September 2017 (conclusive progression since the 0.10% in March 31st 2015), December CPI Y/Y +1.0% (January 2015 CPI Y/Y: -2.80%), Greece October 2017 unemployment rate is reduced by 5.1% since January 1st 2015 (estimated at 20.70%), S&P Global Ratings recently raised Greece’s rating from “B-“ to “B”. Investors remain positive that progress is up and running as Athens Stock Exchange General Index surged by 1.62% following EU Commission report with regard to extended financial support on Monday (+ 6.54% since beginning of the year).

Greece has still a long way to go but is on good track to restore financial independence by the end of the year (EU 2015 bailout planned to end in August 2018).

By Vincent Mivelaz



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