S&P and the big Fund, the “aggressive” marketing of Attica Bank, the “black sheep” of Hatzidakis, the foul of the ECB, the late hirings, the gambling of the Greeks – Economic Post –

I read with great interest the new programs of Attica Bank with the interest rate reaching 3%, from 10,000 euros in fact. Amazing, if you compare it to the programs of other banks. And above all, what interest rate do they give on deposits.

But there is also the “fine print”. The ones that will make the difference.

In short, Attica Bank gives this interest rate for capital, i.e. term money, which is “fresh”.

You know what that means right? We’re going to see a lot of shifting… deposits.

Supplies

Of course, the 4 systemic ones don’t seem to understand much about competition.

Their movements are small… and not for everyone.

I don’t know if you have noticed that the Minister of Economy, Kostis Hatzidakis, wherever he is and wherever he stands, talks about bank supplies.

But he also throws his… sponses. Because 3 out of 4 have reduced trading commissions.

He doesn’t tell us who the fourth one is though…

Expectations are high

But to stay on the subject of the banks, there is a rumor in the market that the dividends and bonuses that the authorities have allowed to the banks for the 2023 financial year will hardly remain at the same level in 2024.

There is I would say a…creeping concern that we are heading into difficult times for the industry.

Cause; But of course the assessment is that eventually the European Central Bank will proceed with more aggressive interest rate reductions in order to save the bloc from stagnation. I would say recession, if I can correctly interpret the “soft” data that our Anglo-Saxon friends also say.

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The foul…

By the way, let me tell you that yesterday, during the meeting of the ECB on interest rates, the decision came out in almost all the languages ​​of the Eurozone immediately.

And I say almost, because the Greek translation was missing for too long…

Ok, I’m not saying… a few people in the block speak Greek, but I remind the competent services of the monetary authority, that 23 languages ​​are officially spoken!

Also, I remind the University, as well as those of the Board of Directors, that they sent an announcement in English.

Of course Lagarde’s speech that followed was never translated (at least until late last night).

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Now… throw the little bird

I read with great interest the positions advertised in the State and the wider Public Sector and I really wonder…

For example, the Waste Energy and Water Regulatory Authority has announced that it will hire 68 people, specialized scientific staff.

Also, a few days ago it was announced that the Competition Commission will hire 50 people, also specialized staff.

So let me understand… we went through energy crisis, inflation, accuracy and all the “suffering ills” with the two main principles understaffed?

The two authorities that are essentially tasked with “smoothing out” even the effects of accuracy on the consumer’s pocket?

Accuracy remains

So, let’s not look for why in the Eurozone inflation fell to 1.7% in September and in Greece it was 3.1%.

At least with recruitment the government apparently admits there is a problem.

That the “long arm” of the state… is not so “long”. Since he has no staff.

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Responsibilities

And since we’re talking about responsibilities, maybe it’s time to talk a little about what’s going on at the Railway?

Is it possible that every three or so we have an incident where by chance we do not mourn victims?

However, just to inform you, the latest case with the suburban train that almost entered the Metro track, possibly sets in motion a faster departure of the Italians from the Hellenic Train.

But in any case, it also puts the relevant Minister in the spotlight.

Because there is also a competent Minister in the railway…

It is not possible for trains to run “dangerously” and not have responsibilities…

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The S&P rating

Today the government is waiting for the S&P assessment. After all, he already has positive prospects for us.

Hence, an upgrade could be possible. Anyway, I would… play it!

In practice…

Now of course to tell the truth, if the upgrade comes, its effect on the front of the country’s borrowing conditions will be small.

How much lower should the interest rate be with which Greece borrows? It is currently around 3.1%.

Besides, we also have the cash cushion – mammoth…

Really why so high?

True, the financial staff has not explained why it accumulates so much money in its Fund. It reached 45 billion… not even the SYRIZA government had collected so much from the market. If you mean me…

Nothing else, but difficult accounting these things go back into the economy, while it makes me think a lot.

What is the government afraid of when our economy is doing well, while the funds of the Recovery Fund are given for the next two years.

Let alone that we now borrow cheaper from Italy as well. Which with all its problems remains the third largest economy in the Eurozone.

Repayments…

Of course, to be fair, 8 billion of that will go to repayments. But still 38 billion is too much.
It’s clear that we don’t feel safe… or are they not letting Greece off the hook?

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Stagnation

The grumblings remain in the Greek stock market, which does not say to “disengage” from the swampy waters of 1,400 – 1,450 units.

What’s worse for the small investors he has, as the levels of patience and tolerance are not the same as those of the “big ones”.

Although there is… money. But it cannot become “fuel” for a market that has the guarantees (corporate profitability, valuations, economic environment) to deliver good returns.

And when I say good, I clearly mean much better than those offered in deposit accounts.

Instead, one finds, the “money” is funneled into gambling…

The easy and fast…

The column has mentioned it again, but as the turnover of gambling in Greece is moving, we should talk about a worrying phenomenon.

And let me explain: according to the Gaming Supervision Committee (EEEP), in the 8 months of January-August, the turnover of legal games of chance in Greece amounted to 28.3 billion euros.

That is, a 14% increase compared to the corresponding period of 2023.

And as everything shows… it will break the barrier of 40 billion.

That is… 20% of the country’s GDP.

That is, I wonder if a small part of them were invested in the Greek stock market at what level it would be.

Let me make a footnote here, in relation to what I was telling you about the Authorities, to tell you that the Games Committee has 47 staff members.