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Economy

Budget: The Government’s 2023 Borrowing Plan at around 7 Bln Euros

November 22, 2022

ATHENS – The 2023 budget foresees limited borrowing from the markets for the Greek state. The issue of green bonds, as well as those intended for the financing of sustainable development, will be attempted next year, however, depending on the conditions prevailing in the markets.

The loan strategy for 2023 is expected to be limited, in terms of the total amount of issues, i.e. at levels similar to those of 2022 (around 7 billion euros).

This choice is based both on the high cash reserves of the Greek state, combined with the increased disbursements to the state from the financing schemes that have already been decided at a European level to deal with the pandemic and the energy crisis, as well as the relatively limited financing needs for 2023.

FinMin Staikouras: Greece demonstrating higher resilience than the European average

Greece is growing strongly in 2022 amidst difficult circumstances, demonstrating higher resilience than the European average, Finance Minister Christos Staikouras said on Tuesday in the context of the 5th Athens Investment Forum, entitled: “Sustainable development and digital transformation”, held at the Athens Concert Hall and co-organised by the Technical Chamber of Greece (TEE) and Vertical Solutions.

According to the minister, based on the most conservative estimates, Greece has reached growth rates of 5.6%, while it may exceed 6%, a rate twice the European average.

Forecasts speak of strong growth in 2023 as well, estimated at 1.8%, three times the European average.

Staikouras referred to the increase in consumption, while this year, as he said, a new historical record in investments and exports is expected. In fact, according to the European Commission, Greece is expected to be the champion among all member-states in exports until 2024, having already reached 41% of GDP.

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