Pressures on the bond market escalated today, with the result that the yield on the Greek 10-year bond reached the highest level since 2019.
The jump in inflation to 7.5% in the euro area (and in our country at 9.5%) in April, is estimated to inevitably lead the ECB to raise its interest rates over the summer. The next crucial date of the ECB’s Board meeting is June 7-8.
Following these, the forecasts of the Ministry of Finance for the return to the primary surpluses from 2023, as well as the course of de-escalation of the Public Debt, failed to change the trend that had been created.
According to these forecasts, the debt will de-escalate in the coming years to reach below 150% of GDP in 2025, when in previous years it had even exceeded the psychological limit of 200%. This is because the Greek economy will be constantly growing, resulting in a reduction in the debt-to-GDP ratio.
Specifically, the financial staff forecasts a debt of 180.2% of GDP in 2022, 168.6% in 2023, 155.2% in 2024 and 146.5% in 2025.
In the domestic bond market and more specifically in HDAT, transactions of 244 million euros were recorded, of which 62 million euros related to purchase orders. The yield on the 10-year bond stood at 3.41% from 3.08%, compared to 0.89% of the corresponding German bond, resulting in a margin of 2.52% from 2.28%.
In the foreign exchange market, the euro strengthened slightly against the dollar as it hovered in the early afternoon at $ 1.0531 from the level of 1.0523 $ that the market opened.
The indicative price for the euro / dollar exchange rate. announced by the ECB stood at $ 1.0540.
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