What’s new? After reviewing Q2/H1 results and several consumption data/indicators, we are skeptical about private spending capacity at current price levels. We find consumers have adjusted their purchases lower in volume terms. The post-Covid savings glut is exhausted, and fiscal support will be lower in 2024.
Conclusion. It seems corporates will have to choose between fewer sales or lower margins going forward. YTD volume spending data from super/hyper markets and shopping malls; electricity, fuels, and water consumption; demand for loans; retail trade… underline a common theme: volume growth is deteriorating.

The bank did not disclose important details that would allow us to assess the impact of its E7bn/29% of total NPE securitizations…contact@researchgreece.com

According to Greek mythology…

…or Much Ado About (almost) Nothing; Greece will get the money from the third tranche and the IMF will participate in the program without any money until debt relief measures are completely identified; this is where the ‘good’ news end (for Greece). Perfectly in line with what we expected…

Following a year of intensive negotiations between the Greek-Cypriot leader, Mr. Anastasiades, and the Turkish Cypriot leader, Mr.  Akinci, there seems to be ‘euphoria’ on a solution/settlement of the Cyprus issue. We believe the momentum … For a solution which goes to referendum to become effective … This note touches base on the issues of … In the meantime UN Secretary General Ban Ki-moon is meeting Tsipras tomorrow to discuss on Cyprus; earlier this month the president of Cyprus and Mr. Akinci announced they …to access this report contact@researchgreece.com