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Economy

Staikouras: Markets Applauded Greece’s Economic Strategy

September 2, 2020

ATHENS — Greece set a new all-time low with an interest rate of 1.22 pct and a record demand of more than 18 billion euros with the reopening of a 10-year bond issue on Wednesday.

Finance Minister Christos Staikouras, commenting on the results of the Greek state’s new exit in capital markets, noted that Greece recorded another significant success in the field of capital markets, offering proof that markets acknowledged the government’s coherent economic plan and its efficient implementation to deal with the adverse economic and social consequences of the pandemic. He noted that markets also applauded the holistic strategy drafted by the government for the speedier possible economic recovery so that the country achieved a strong, sustainable and socially fair growth.

In the domestic electronic secondary bond market, the 10-year bond yield was 1.13 pct, unchanged from the previous day, with the yield spread between the 10-year Greek and German benchmark bonds rising slightly to 1.60 pct from 1.54 pct on Tuesday. The German Bund yielded 0.47 pct. Turnover was 40 million euros of which 6.0 million were buy orders.

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ATHENS - The growing use of Point-of-Service (POS) machines tying businesses directly to the tax department when transactions are made has helped cut deep into Greece’s shadow economy of using cash to avoid paying taxes.

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