Energy dependence on Russia is a vulnerability for the economies of some European countries and, accordingly, for their banking systems, Moody’s warns. The Chamber identifies six European countries that are most affected by Russian gas and are at risk of winter energy rationing: Hungary, Slovakia, Italy, Czech Republic, Austria and Germany. In an unfavorable scenario of a complete cessation of Russian gas supplies, the banking systems of these countries will be the first to experience an increase in NPLs, in particular due to the impact on the industrial and manufacturing sectors. However, negative effects will be transmitted through cross-border supply chains and trade relations to other EU countries. and thus NPEs will increase outside of these six countries and across much of the eurozone, Moody’s stresses.

They run to pay taxes and debts

Are we in a hurry to pay taxes and debts ahead of time? Apparently, this is the result of the data presented yesterday by the Minister of Finance Kristos Staikouras on Real FM. He specifically said that until yesterday, 60% of the entire ENFIA amount had been paid, with a deadline of February 2023, while in the refundable advance, every second paid the entire debt in one go to win a 15% discount. And all this, according to him, without reducing deposits.

HSBC raises the bar for banks

The target share prices of four systemically important banks were raised by HSBC, which noted in its report the strong results recorded in the first half of the year. “Greek banks surprised us with stronger lending growth, faster bond repricing and strong fee and commission income in the second quarter,” HSBC said. He notes that in terms of valuation, the most promising results came from Piraeus, as strong growth in core income ahead of forecasts and good capital formation make the price-to-book ratio of 0.24 “extremely attractive.”

Self-criticism for tough measures

A dose of self-criticism in yesterday’s statement by Finance Commissioner Paolo Gentiloni on Greece’s exit from heightened surveillance. “Solutions were often found at unreasonably high costs, both socially and economically,” he said of Europe’s response to the Greek debt crisis. However, he argues that the strong collective European response to the pandemic (see Recovery Fund) showed that Europe has learned from this crisis, while calling for “show the same solidarity and unity” now that our economies are entering a turbulent period. .

September pensions

The payment of basic and supplementary pensions for September begins on Friday and ends next week, with payment planning for the period August 22-26 providing for the payment of 646.3 million pensions to more than 1.2 million recipients. From e-EFKA, 39 million will be paid out to 189,000 Supplemental Benefit recipients for September on Thursday 25 August. A day later, on Friday 26/8, 555 million will be paid in basic and supplementary September pensions to 975 thousand retirees from OAEE, OGA, NAT, ETAA, ETAT, ETAP-MME and PPC. An additional 17 million will be paid out to 730 beneficiaries after lump sum decisions are made. At the same time, DYPA (t. OAED) will pay 11 million 28,000 unemployment benefit recipients, 9 million 15,000 beneficiaries under subsidized employment programs, 800,000 euros 900 mothers for subsidized maternity leave, as well as 1 million per 2000 program beneficiaries public benefit.