Despite looming U.S. tariff concerns, American tourists are flocking to Greece in unprecedented numbers this summer, with 103 weekly direct flights scheduled—a 21-flight increase from last year. The Greek tourism industry is buzzing with optimism as U.S. travelers, undeterred by economic uncertainty, prioritize the allure of Greece’s islands and ancient sites. “American travelers are resilient,” says MMGY Global CEO Katie Briscoe, with 83% planning leisure trips in the next year. While long-term tariff impacts worry economists, Greece is set for a historic season of sun-soaked escapes.
Tag: Eurozone
Greece’s Economy and Finance Ministry has detailed a €1 billion support package aimed at easing the burden on low-income pensioners and renters, following Prime Minister Kyriakos Mitsotakis’ announcement. The measures include rent rebates, annual pension supplements, and a major boost to public investment, made possible by the country’s strong fiscal performance and return to a primary surplus.
Greece is poised to repay its first bailout loans a decade early, targeting full clearance by 2031, government officials revealed. With annual €5 billion installments, the nation aims to shed its status as the EU’s most indebted country, leveraging a €37 billion cash reserve and robust fiscal gains. Finance Minister Kyriakos Pierrakakis called the plan “realistic,” signaling Greece’s steady recovery from the 2009-2018 debt crisis that nearly upended the eurozone.
European Central Bank policymaker Yannis Stournaras warned that rising inflation driven by U.S. tariffs could delay the ECB’s plans to normalize monetary policy. While Greece may face limited direct impact, broader global trade disruptions could affect exports and investor confidence.
“Fitch Ratings has upgraded Greece’s four major banks, signaling confidence in the country’s economic rebound. National Bank of Greece and Eurobank now sit at ‘BBB-’ with a stable outlook, while Alpha Bank and Piraeus Bank rise to ‘BB+’ with a positive outlook. The decision, announced on April 1, 2025, reflects Greece’s improving financial landscape and its edge over the eurozone, driven by investment growth and EU recovery funds.”
The Bank of Greece (BoG) projects that Greece’s inflation will settle at 2.5% in 2025,…
Athens will honour the late former Prime Minister Costas Simitis by naming a street after him, Mayor Haris Doukas announced during the city council’s first meeting of the year. The tribute follows Simitis’ passing on 5 January and reflects his enduring legacy as a key figure in Greece’s modernisation and eurozone entry.
Greece held a state funeral for former Prime Minister Costas Simitis, the architect of the nation’s entry into the eurozone, who died at 88. Simitis served from 1996-2004 and oversaw significant modernization efforts, including securing the 2004 Athens Olympics and facilitating Cyprus’s EU membership.
Despite the growing trend of electronic payments, 50% of Greek consumers still prefer cash for daily transactions, the highest preference rate in the Eurozone. This is driven by factors like privacy, better expense control, and the immediate nature of cash transactions. While digital payments are increasing, cash remains crucial for many, especially vulnerable groups, raising concerns over tax evasion.
Greece has declared four days of national mourning following the death of former Prime Minister Costas Simitis. Simitis, who led the country from 1996 to 2004, is remembered for guiding Greece into the Eurozone and modernizing its political and economic landscape. Current Prime Minister Kyriakos Mitsotakis praised Simitis as a “noble political opponent” and a “catalyst in public life.” A state funeral will be held to honor his legacy.
Former Greek Prime Minister Kostas Simitis has passed away at the age of 88. Simitis, a key figure in modern Greek politics, led the country through significant economic reforms and its entry into the Eurozone. He served as Prime Minister from 1996 to 2004.
Greece has bucked the European trend of rising wages, with hourly labor costs decreasing by 2.9% in the third quarter of 2024. This contrasts sharply with the EU average of a 5.1% increase.
Greece has surprised Europe with its remarkable economic recovery, transforming from a debt-stricken nation to a model of fiscal stability within a decade. Once synonymous with financial turmoil, Greece is now outpacing Germany in economic growth and projecting a 3% budget surplus by year-end. While investor confidence soars, rising rents and inflation continue to strain ordinary citizens, highlighting the uneven impact of the country’s comeback.
The Greek economy is set to grow by over 2% annually through 2026, fueled by EU funds and employment gains, according to an OECD report. While highlighting Greece’s recovery from its debt crisis, the OECD urged further reforms to enhance investment, competitiveness, and tax policy. Prime Minister Kyriakos Mitsotakis emphasised the nation’s progress in job creation and rising wages, while pledging continued reforms under Greece’s stable government.
In her autobiography “Freedom: Memoirs 1954-2021,” former German Chancellor Angela Merkel reveals the intense and unexpected negotiations with Greek Prime Minister Alexis Tsipras during the 2010s debt crisis. As Greece teetered on the brink of financial collapse, Merkel recounts how Tsipras’s decision to put a bailout deal to a referendum left both her and then-French Prime Minister Francois Hollande momentarily speechless. Despite Greek voters initially rejecting the bailout terms, Merkel’s determination to keep Greece in the Eurozone led to renewed negotiations and a subsequent agreement that stabilized the nation’s economy.
Fitch Ratings has affirmed Greece’s sovereign credit rating at ‘BBB-‘ with a stable outlook, solidifying the country’s investment-grade status. While high public debt and a wide current account deficit remain challenges, Fitch cited Greece’s income per capita, governance indicators, and EU/Eurozone membership as supporting factors. Scope Ratings and Moody’s will issue their assessments later this year and early next year, respectively
Greece is revising its 2025 budget after unexpectedly strong financial results, including a €6.1 billion surplus through October, well above the projected deficit. This surplus is largely due to robust economic growth, higher-than-expected tax revenues, and successful efforts to combat tax evasion. The government also made significant progress in repaying its debt ahead of schedule, with plans to pay off €7.9 billion in loans by December. As a result, Greece’s debt-to-GDP ratio is set to fall to its lowest level since the debt crisis, paving the way for fiscal stability and potential tax cuts.
Greece will repay €5 billion in eurozone bailout loans by 2025, continuing its early repayment efforts as the economy recovers from its debt crisis. Prime Minister Kyriakos Mitsotakis also criticised the wide energy price disparities within the EU, calling the current market framework “unacceptable” and urging the creation of a bloc-wide energy regulator.
Greece’s economy is set for robust growth, outpacing the Eurozone and EU averages through 2026, according to the latest European Commission forecast. With GDP growth projected at 2.1% in 2024, 2.3% in 2025, and 2.2% in 2026, Greece’s economic expansion is supported by the Recovery and Resilience Plan. Additionally, inflation is expected to decline, and the public debt-to-GDP ratio is set to decrease to 140% by 2026.
The election of Donald Trump as U.S. President could negatively impact both American and European economies if his campaign promises are enacted, warned Yannis Stournaras, Governor of the Bank of Greece and ECB board member. Speaking at a public debt conference, Stournaras highlighted potential inflation and public debt rises in the U.S., alongside growth slowdowns and euro exchange rate fluctuations in Europe. He emphasized that the ECB’s monetary policy remains unchanged until more concrete policy details are revealed.