In 2022, Lamda Development's investment portfolio value exceeded 3.0 billion euros, while revenue from house and commercial property exceeded 220 million euros. Athanasiou said that this year Lamda Development will launch the signing of purchase contracts for condos on the beachfront. Lamda Development said its retail EBITDA totaled 68.6 million euros in 2022, up 51% from 2021, a new record. The portfolio value GAV on the Ellinikon project was 1.95 billion euros, up 159 million from a year earlier, while net asset value was 1.36 billion euros, or 7.78 euros per share, down 5.0 million euros from 2021.

The news is a further sign of Greece's economic rebound following the 2010-18 crisis in which the economy shrank by a quarter, unemployment soared, street protests raged and the country nearly fell out of the eurozone. After years of relative stability, investors have come back. The state recently sold its stake in three major banks, raising more than 2 billion euros ($2.17 billion). The latest sale, of a 27% stake in Piraeus Bank, was oversubscribed eight times. "We had very significant interest expressed by many investors and that's why we are aiming at finishing this process by the end of this year," Finance Minister Kostis Hatzidakis said in an interview. Under an agreement with creditors, Greece has until the end of 2025 to complete the sales but decided to move faster. Its remaining 18.4% participation in National Bank (NBGr.AT), opens new tab, the country's largest lender, and 72% in the smaller Attica Bank (BOAr.AT), opens new tab, will be sold this year, he said. "We found that there was no reason to delay, to drag our feet." RECORD SALES Greece last year regained investment grade status after 13 years in the "junk" category caused by its overwhelming debt load, and started the process of divesting from the bailed out banks. U.S. stocks ended mostly down on Friday, but the S&P 500 registered its biggest weekly percentage gain of 2024. It remains the eurozone's most indebted nation, but Prime Minister Kyriakos Mitsotakis' centre-right government, which won a second term last year, has overseen a period of recovery. The government expects to raise 7.1 billion euros from 10 privatisations that have been concluded or will be taking place in the last 8 months, a record sum that Hatzidakis says will cover its 2024 budget target of 5.7 billion euros. The government last month sold 30% of Athens International Airport in an initial public offering for 790 million euros. This year it expects to raise about 4.6 billion euros from concession deals for two toll roads and plans to sell stakes in ports and marinas on the island of Crete and in central Greece. "We are determined to continue more or less the same way, pressing ahead with all necessary structural reforms just to transmit the message that this country has became a business friendly country," Hatzidakis said. Greece's economy expanded by 2% last year, slightly lower than the Finance Ministry's projection but still way above the eurozone's average of 0.4%. It expects growth of 2.9% this year, buoyed by tourism, increased investments and domestic demand. As investors flock in, Greece will raise the investment threshold for golden visas to foreigners who invest in real estate in major cities and popular islands to 800,000 euros from 500,000 euros, Hatzidakis said. "An amendment (on the issue) will be tabled to the parliament probably this week," he said. ($1 = 0.9224 euros)

The program has attracted investors in several popular Greek areas, where it has contributed to raided real estate prices. The requirements for new investors are part of measures the government has initiated to alleviate the difficulties of Greeks, especially younger couples, in finding affordable housing. New measures include a three-tier approach on investment reqauirements, based on the geographic location and on those who wish to invest on historically registered buildings. As National Economy & Finance Minister Kostis Hatzidakis has announced previously, the following will go into effect as of March 31: - In the regions of Attica and Thessaloniki, on Myconos, Santorini and islands with over 3,100 residents, a buyer interested in acquiring a five-year residence permit must invest 800,000 euros for a single property at a minimum. In the rest of Greece, the minimum will be set at 400,000 euros. In all cases, the total should involve a single property of at least 120 square meters in surface area. Joint ownership of a single property is also possible. - For buyers wishing to change use of a building into residences, the minimum investment will be set at 250,000 euros. The change into residences must have been completed before the application for the Golden Visa. In addition, the same minimum is set for buying a historically registered building, to encourage investment in a sector where several current owners cannot finance restoration, leading to the building's gradual demise. - Golden Visas may be renewed for another 5 years as long as the buyers retain ownership and, in the case of registered buildings, have completed the restoration before renewal. The residence permit of someone who sells the property is revoked and the new buyer becomes eligible for one. - Investors may rent out the properties, but short-term leasing is forbidden. If a building is turned into residences, using the renovated residences as business offices is also forbidden. Violation of any of these terms incurs a fine of 50,000 euros and the residence permit is revoked. - Non-EU buyers may also acquire a residence permit through a long-term contract related to a tourist residence or timesharing agreement, with pricing related to the location (e.g. 800,000 euros in Attica Region, 400,000 euros elsewhere, etc.) Greece's Golden Visa program was the most popular globally in 2023, according to real estate officials. Migration Ministry data also shows record demand in 2023 (10,214 applications for initial visa-related acquisitions or renewals). A total of 5,701 permits for Golden Visa were granted Jan.-Dec. 2023 (4,231 were first-time investors and 1,470 were renewals), based on applications made from 2018 to December 2023. Assessments showed that investments reached at least 1 billion euros in the year, with 4,231 being issued for a minimum purchase of 250,000 euros. Currently, 8,800 applications are pending.

The yield was 2.85%, unchanged from the previous reopening of the bond in February, it said. Bids reached a total of 929 million euros and the settlement date is March 27.

This was stated by the Ministry of Economy and Finance regarding the rating agency's announcement last Friday, maintaining the credit rating of the Greek economy at Ba1 with stable prospects, without assigning an investment rating. According to the Ministry, Moody's is “ the last agency from which we expect the investment grade, already awarded to the Greek economy by Standard and Poor's, Fitch, DBRS, R&I, and Scope”.

According to the rating agency, the challenges for the Greek economy include a big current accounts deficit, while the size of the tourism and shipping sectors make the economy vulnerable to external shocks and any improvements to economic resilience by expanding the export base will take time. A continuation of economic policies and commitment to fiscal consolidation combined with the successful implementation of the remaining reforms, especially to the judicial system, which will lead to greater resilience to external shocks and a faster improvement in fiscal strength and processing of NPLs than in Moody's baseline scenario would support a higher rating, Moody's said. Further improvements in the banking sector, reducing profitability variation and bringing asset quality and capitalisation closer to the euro area average, would also be credit positive. Factors leading to a rating downgrade would be a reversal of the economic policy of recent years or indications that the reforms of previous years are not producing the anticipated impetus to growth and the country's fiscal position, weighing on business sentiment and investment. A sustained, material deterioration of the government's fiscal position in combination with a sharp deterioration of the banking sector's health would trigger a negative rating action. An escalation in the geopolitical situation in Europe involving NATO would also likely lead to downward pressure on the rating. Regarding the decision to keep the country's rating unchanged, Moody's said this was based on reforms that had led to visible improvements in the institutions and governance, stronger investments and a health banking sector. At the same time, it noted, the debt to GDP ratio remained very high, though this was offset by a favourable debt structuring and big cash buffer, while the Greek economy had successfully withstood the energy crisis, while significant funds from the European Union and private investments will support growth in the coming years. In related news, the markets “rate” Greek bonds in the “A” category, 5 notches higher than their current average rating of “BBB-” that is in the lowest category of the investment grade, as the Bank of Greece pointed out on Friday. As it states in a note on the Greek economy, Greece’s credit rating has followed an upward path for a long time, almost continuously since 2015, as a result of which it will regain investment grade in 2023 and now has an average rating of “BBB-“. . According to the rating agencies’ reports, further upgrades of the Greek Government may result from the maintenance of strong economic performance, prudent fiscal policies, the continuation of structural reforms that strengthen the competitiveness of the Greek economy and the further reduction of the stock of nonperforming loans of Greek banks, approaching the EU average. It is worth noting that according to the 2023 results of the four systemic banks, the nonperforming exposures ratio stood at just 4.1% on average, from 6% in 2022. According to the BoG’s calculation model, the markets, however, price Greek government bonds more favorably than the rating agencies. In particular, the market-implied rating for Greek bonds is within the range of the ‘A’ rating category, it points out. What is certain is that the yields of Greek government bonds move close to or lower than the yields of bond countries that have a much higher rating than Greece. Greek bonds of all maturities have long had yields significantly (and permanently) lower than those of Italian bonds. For example, the spread of the Greek 10-year against the corresponding Italian one moves to -30 basis points and the 5-year to -32 bp.   At the same time, Greek bond yields are approaching or – in some durations – moving below those of Spanish bonds, which are rated by all rating agencies as “A”. The Greek 10-year yield stands at 3.24% and just 17 bp. higher than the Spanish 10-year bond, while in the 5- and 30-year maturities the Greek bonds have lower yields. The Greek 5-year is yielding 2.88%, while the Spanish is at 2.91%, and the yield on the Greek 30-year is 3.73% compared to the Spanish 30-year’s 3.76%. As the BoG notes, Greek bond yields have fallen over the past two weeks, in line with broader developments in eurozone government bonds, as investors’ expectations for a rate cut by the Fed and the ECB in June strengthened, following a downward trend revision of the ECB’s forecasts for inflation rates in the eurozone and the release of US data on inflation and wages.

Additionally, it's been disclosed that concerning the quintessential Lenten staple, lagana (traditional Lenten bread), Minister of Development Kostas Skrekas has advocated for the price of lagana to remain consistent with last year's rates. Specifically, the price of small lagana (350g) is proposed to range from 1.8 to 2 euros while the price of large lagana (750g) is suggested to be between 2.8 and 3.5 euros.

George Gerapetritis stressed at the Hellenic Parliament that the whole process has already begun. “There are regular meetings. We coordinate so that we have results that will be as positive as possible both for the Greek economy and for the further deepening of relations between the two peoples” said.

The prime minister also referred to those responsible for the recent phenomena of violence, saying they must be held to account, referring to the targeting of members of the LGBTQI community in Thessaloniki at the weekend. He noted that there had been "an overall mobilisation of society, which says that this not who we are." "Responsibilities must be attributed, arrests have been made, we have a stricter anti-racist law...much more must also be done," he said. The prime minister referred to the government's actions to prevent and crack down on bullying in schools, the presence of police in neighbourhoods and action taken against sports fan violence, while noting that crime statistics in recent years showed a gradual reduction in crime. Questioned about the Tempi train crash and whether the trains were perhaps carrying substances that had never been revealed, or whether the crash site had been "filled in", the prime minister said: "This is a very unpleasant discussion. I am obliged to reply. The last thing we want is for public dialogue to become a victim of fake news. The final word belongs to justice. It is only to be expected that the opposition will seek political gains but justice will provide the answers and it is significant that it sought the opinion of a second expert. To cover up what, exactly, I wonder...the ground had to be stabilised in order to possibly find people in the wreckage," he explained. Mitsotakis expressed "sorrow and rage" at those talking of a bulldozing of the site, expressed his utmost respect for the families of the victims and repeated that he was waiting for the findings of the second expert and that only justice can provide answers regarding what happened. "I know that all of this is without foundation. The fire department has said that all of these were operational actions. I am truly sorry. I am sorry that in this environment...political leaders are trying to build careers," he added, expressing conviction that justice will be swift. The prime minister concluded by urging those who believed there was criminal liability on the part of political figures to seek an ad hoc parliamentary investigation on specific charges. "At this time, the railway is as safe as it can be, while carrying the problems of decades that cannot be solved overnight," he said in response to questions. Government addressing high cost of living by raising salaries Mitsotakis said that the high cost of living was now the foremost problem facing Greek households, to which the government was replying by increasing salaries. He said the goal was for the average salary to reach 1500 euros a month and for the basic wage to be 950 euros per month by 2027. The prime minister noted that wages have already increased and that this is a structural answer, in addition to other measures to lower prices. He pointed out that the latest measures have brought results with respect to detergents, infant formula and sundry other products, while violations incur fines that must be paid. The prime minister ruled out an Easter benefit and also referred to the start of afternoon surgeries, which he said would be free, as well as improvements to infrastructure and other measures designed to improve healthcare. In other parts of the interview, Mitsotakis referred to the law allowing the founding of non-state, non-profit university branches and pointed out that only Greece and Cuba "have a state monopoly on tertiary education," adding that the government had implemented a "choice of freedom" and will also proceed to change article 16 of the Constitution when this possible, which would allow even more to be done. Regarding the upcoming European elections, Mitsotakis noted that this would be a vote on Greece's position in Europe during the next European cycle. "We are the party of Europe. We put Greece in Europe and we kept it there. The next European cycle will deal with many significant issues. Who will go to Brussels to negotiate?" he said. Asked whether he was concerned about the far right, he noted that it "always had a distinct electoral presence with various party formations in our country," and said there was a difference between the "responsible patriot" and those "selling their patriotism without having specific policies to back it up." Regarding relations with Turkiye, the prime minister pointed to the lack of violations in the past year and said that he intended to visit Ankara in May, noting that even if there was no agreement on the "major thorns" they could "agree to disagree in a civilised way", while adding that Greece will continue to strengthen its deterrent capability. Talking about Fredi Beleri, he said that Athens will insist as there was no final ruling and noted that "this manner has affected Greek-Albanian relations." Questioned about the attack during his visit to Odesa, Mitsotakis said that he "had not understood exactly what happened" while repeating that Greece stands with Ukraine and that "no one can change borders through the use of force". He expressed confidence that relations with the United States are "so strong that they will not be derailed", regardless of whether Joe Biden or Donald Trump win the upcoming US elections and concluded by expressing hope that Greek teams Olympiacos and Panathinaikos will be in the final four of the EuroLeague basketball championship.

The Lent Basket, which is an extension of the Household Basket, includes the basic food staples households will use during the 40-day fast leading to Greek Orthodox Easter, with lower prices of goods consumed during the period of Lent. The three categories of food include: Halva, fasting dips (without meat and dairy ingredients), and frozen seafood (at least two products). It is reminded that for the product categories included in the "household basket," retailers must send the Ministry of Development the relevant list of products every week, including at least one product from each product category included in the "household basket."  Where provided, retailers must include in the list sent to the ministry at least one branded product. Businesses that do not offer branded products to the consumer in the respective category are exempt from this obligation. Consumers can check retailers' prices before shopping on the ministry's platform, https://e-katanalotis.gov.gr/ .

Core operating profit rose by an annual 69.4% in 2023 to 1.47 billion euros, Eurobank said. It will reach 1.6 billion euros ($1.75 billion) in 2026, up from 1.5 billion euros this year, the bank said. "In a lower interest rates environment, Eurobank aims to generate resilient returns to shareholders, which will be further enhanced by the full integration of Hellenic Bank in Cyprus," it said in a statement. The payout ratio will gradually increase to about 50% of profits in 2026, from about 25% this year, Eurobank added. Greek banks have been working to reduce a pile of non-performing credit, the legacy of a decade-long financial crisis that shrank the economy by a quarter. The non-performing exposure ratio was 3.5% at the end of 2023, down from 5.2% in 2022. Net interest income came in at 2.17 billion euros last year, a 47% annual rise, on the back of high interest rates in the euro zone and a recovering Greek economy. ($1 = 0.9151 euros)  

In the new plan, reference is made for the first time to the new large-scale international connections with Germany (Green Aegean Interconnector) via the Adriatic and Saudi Arabia (Saudi Greek Interconnection) that the Operator is studying, while the most mature plans for the connections with Cyprus-Israel and Egypt are also included, projects that are included in the planning for the promotion of Greece as a transmission and supply channel in Europe with "green" energy. The design for the Green Aegean Interconnector concerns a total transmission capacity of 3 GW with further development in the second year to 6-9 GW. The proposed route of the project, which has an initial estimated budget of 8.1 billion euros, includes an undersea passage from Greece through the Adriatic to Slovenia, and then via an overland route to Austria and southern Germany. Discussions are ongoing with the involved Transmission System Operators who have expressed their willingness to work together to mature the project. With reference to the Greece-Saudi Arabia interconnection project, the establishment of the special purpose company Saudi Greek Interconnection by IPTO and the Saudi Arabian Transmission System Operator National Grid is highlighted as a first step for the maturation of the project, with the preparation of commercial viability studies of the interconnection project to transport clean energy from North Africa and the Middle East to Europe. For the Greece-Egypt GREGY electrical interconnection, IPTO in collaboration with the project promoter (ELICA) and the Transmission System Operator of Egypt, contributes to the maturation of the project with the next step being the preparation of feasibility studies in terms of the optimal technical solution. In addition, IPTO is also considering its investment participation in the project, based on the MoU it signed in 2023 with ELICA, regarding the initiation of exclusive discussions for the evaluation of the Operator's entry into the share capital of the SPV that develops the interconnection between Greece and Egypt.