His publishing activity will start with 7 billion euros. Greek State in 2023 – and at €8 billion if the green bond issuance takes place – far less than borrowing needs, thanks also to an increase in funds expected to flow into economy in the new year, with very little use of high cash reserves planned. Greece, unlike most of the Eurozone countries, which are increasing their publishing activity by about 30% in 2023 compared to this year – due to reduced support for EKT and the start of quantitative tightening – will again “moderately” and at the same levels move to those 2022.

According to the funding strategy published public debt management organizationThe country’s borrowing needs for 2023 are about 15.4 billion euros, of which 7.2 billion euros for debt repayment, 4.7 billion euros for interest payments, 0.8 billion euros for early repayment and 4.5 billion euros for other liabilities, and the primary surplus will be 1.7 euros. billion.

The “gap” of around €8.4bn (after at least €7bn has been raised in the markets) will be covered by part of the inflow from the Recovery Fund, as well as other capital inflows that are “carried over” from 2022. (€4.2bn), privatization proceeds (€2bn) and through the use of €2.2bn from cash reserves, while debt is expected to rise marginally, by around €800m to around €355m. .7 billion euros.

ODDIX in the new year will again move “moderately” and at the same levels as in 2022.

Thus, cash reserves from about 30.6 billion euros this year will increase to about 28 billion euros in 2023. If the Greek state continues issuing green bonds to raise approximately 1 billion euros, which was delayed in 2022 due to uncertainty and extreme volatility in the markets, then the reduction in cash reserves will be less and issuing activity will “grow” to about 8 billion euros.

As emphasized by ODDIX, the financial strategy will focus on continued presence in international debt markets, accompanied by a reduction in the debt-to-GDP ratio, proactive debt portfolio management and maintaining a significant cash reserve.

Greece’s gross financing needs remained at around 15% of GDP in 2022, close to the Eurozone average, and will remain well below 15% thereafter. At the same time, it is assumed that the cost of servicing debt (weighted average annual interest rate) will shift to 1.2% and remain stable at these levels in 2023-2026, and from 2027 it will increase to an average of 2.7%. and further (until 2060), since ODDIX in its calculations takes into account the activation of Hercules guarantees, as well as primary surpluses, which, on average, will move 2.1% of GDP over a specific period, which will be equal to the amount of interest coverage on the debt.

It is worth noting that thanks to portfolio management and cash management strategies in recent years, Greece has managed not only to compensate, but also to overcompensate for interest rate risk.