Greek Daily News 14/02/2024

ECONOMY

-The meeting between representatives of the panhellenic committee of protesting farmers and the prime minister Kyriakos Mitsotakis on Tuesday did not bear the fruits the two sides were expecting. Farmers’ representatives told media that their demands have not been met and announced that their blockades, protest actions and demonstrations will continue. The Greek farmers have been conducting road blockades for the past 3 weeks demanding cheaper fuel oil and subsidies for lost income due to extreme weather, among other things.

-Supermarket representatives expect a decrease in sales volume in the first half of 2024 (-1.3%) compared to the corresponding half of 2023, reflecting the impact of price increases on demand, a survey of FMCG held by the Consumer Goods Retail Research Institute (IELKA) reveals.

-Greek banks are responsible for the majority of tourism business financing, with a portfolio of 10 billion euros, which is close to 14% of total loans, Theodore Tzouros, senior general manager, Chief Corporate & Investment Banking of Piraeus Bank told the International Hospitality Forum 2024 organized by the Hellenic Chamber of Hotels. In 2023, investments of 3 billion euros were implemented in the hotel industry, he said.

-The Bank of Greece, in cooperation with lenders, is establishing limits on mortgage amounts in relation to the commercial value of the property and the monthly installment to be paid by the new borrowers. The new limits will be “imposed” by a relevant decision of the Bank of Greece to be issued in mid-March and will be implemented from the start of 2025, Kathimerini reported.

CAPITAL MARKETS

Greece plans to raise 400 million euros from markets on Wednesday (Feb. 14) through the re-issuance of two bonds. The Public Debt Management Authority will auction the reopening of a bond maturing on June 15, 2028, seeking to raise 200 million euros, and the reopening of a bond maturing on June 15, 2033, seeking to raise 200 million euros, AMNA reported.

SHIPPING

-Greek shipowners are investing 13.6 billion US dollars for 52 new LNG carriers, according to data shared with Naftemporiki by Veson Nautical.

-The cruise season for the city of Thessaloniki opened earlier this year with the arrival of Celebrity Infinity which docked again at the port of the city on Tuesday (Feb. 13), at 10:00.