Latest news with #KyriakosPierrakakis
Yahoo
01-08-2025
- Business
- Yahoo
Euronext launches offer for the Greek stock exchange: Here's what it means
Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, described the acquisition of the Athens Stock Exchange by the European stock market group Euronext as 'one of the largest foreign investments in recent years". "For the Greek economy as a whole, this is a decisive step forward," Pierrakakis said from the floor of the Parliament. The announcement of the all-share deal came on Thursday, with the offer worth €412.8 million. The deal will exchange 20 Athens Exchange ordinary shares, valued at €7.14 each, for one new Euronext share, worth €142.70 based on a 30 July closing price. "[This investment] strengthens our credibility and upgrades the country's position on the European and international economic map," continued Pierrakakis. "We will examine the details of the agreement and follow the progress of its implementation. Overall, this is a highly positive development, and undoubtedly a major opportunity for the country as a whole." And the acquisition of the Athens Stock Exchange was not only welcomed with satisfaction by Greece's Minister of Finance. Euronext CEO Stéphane Boujnah commented that "Euronext aims to expand its geographical footprint in Greece and to create a financial centre of Southeast Europe through the Athens Stock Exchange". Boujnah added: "Greece has experienced strong economic growth in recent years, supported by increasing investment, the cultivation of international confidence and strong economic indicators. This is the right time, the proper moment to invest in Greece." What it means for Greek businesses The integration of the Greek stock exchange into Euronext's European family opens a new gateway to financing for Greek companies, at a critical time when international competition is increasing and global trade is being redefined. Euronext is the largest liquidity pool in Europe, managing around 25% of total cash equity trading activity. It operates capital markets in major financial centres such as Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. It brings the following to Greece: Access to a wider investment base Membership of a pan-European group offers Greek businesses direct exposure to a much larger network of international investors, both institutional and private. This translates into increased liquidity for their shares and greater chances of success in future capital raises or bond issuances. Know-how and digital tools Euronext has well-developed digital platforms, trading tools and compliance infrastructure that will support the technological modernisation of the Greek stock exchange. This will help more firms and investors to participate in the ecosystem. Enhancing credibility and prestige Participation in a network with a strong European presence could act as a "seal of credibility" for listed Greek companies, making them more attractive to foreign investors. Related Greek government cautious on new EU-US trade deal reached with Trump Greek unions speak out after government pushes for 13-hour workday Easier access for SMEs Euronext's focus on small and medium-sized enterprises (SMEs), through initiatives such as the 'Euronext Growth' programme, could lead to the development of simpler and less expensive listing procedures for Greek SMEs. Interconnection with other capital ecosystems Through Euronext, Greek companies will gain access to alternative financing tools such as green bonds, ESG ratings, dividend reinvestment programmes. What it means for the Greek economy The acquisition of the Greek stock exchange comes at an important juncture for the Greek economy, which continues to record significant GDP growth (2.3% in 2024), yet faces serious challenges. The main challenges include the completion of the Resilience and Recovery Fund, the looming recession threatening the European economy, and the need to change the country's production model, with less reliance on services such as tourism. Greek businesses need sources of funding in order to develop beyond the Greek market, which is small and showing signs of fatigue in terms of domestic consumption. Furthermore, despite the impressive increase in foreign direct investment over the last five years, the country still suffers from a large investment gap, hindering the modernisation of the Greek economy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-08-2025
- Business
- Yahoo
Greek government cautious on new EU-US trade deal reached with Trump
The Greek government appears hesitant and cautious in commenting on the EU-US trade deal on tariffs reached between Ursula von der Leyen and Donald Trump. Greek Finance Minister Kyriakos Pierrakakis, speaking in the parliament, outlined the government's thoughts on this burning issue. He noted that it puts an end to months of uncertainty following Trump's election and the "back and forth" with the tariffs, and that is a positive thing. He stressed, however, that the government is studying the agreement to see how it can better manage the problems that will arise in areas of Greece's commercial interest. "The agreement puts an end to months of uncertainty regarding the status of perhaps the most important bilateral trade relationship in the global economy. It secures transatlantic unity and prevents a trade war with a chain of negative effects on international trade and on international distribution and production chains," Pierrakakis outlined. "The agreement also strengthens the energy security of the European economy for the foreseeable future. From this perspective, the development is positive." "As you know, as a matter of principle, Greece supports free trade based on stable rules. The agreement provides for the application of tariffs of 15% on European exports to the US, with some asterisks," Pierrakakis continued. "Based on the principled position I have described to you, the Greek government would like a lower tariff rate, ideally zero for all transatlantic trade flows. On the other hand, the announced tariff rate is lower than what was scheduled to be applied on 1 August." "The government is closely following the relevant consultations and, to the extent that the framework of the agreement will allow, possibilities will be explored that could help to better address issues related to products of particular interest to our country." Related Von der Leyen and Trump strike EU-US trade deal with 15% tariff for the bloc US-EU trade deal wards off tariff escalation but threatens growth 'Ending intra-European tariffs' The Greek finance minister also raised another issue, which concerns Europe itself. He said there are still intra-EU barriers that act as tariffs and should be eliminated. "If we really want a strong, competitive and single European economy, we have to tear down the last invisible walls that still prevent the free movement of goods and services within the Union," Pierrakakis said. "It is not possible that, decades after the Single Market was established, there are still regulatory or administrative barriers that in practice act as intra-European 'tariffs'." "In manufacturing there are equivalent internal tariffs of 45% and in services the equivalent is 110%. This is what the International Monetary Fund has documented, and Mario Draghi has mentioned it in his column," he explained. "So, what needs to be conquered and achieved is to remove the barriers, especially between the European economies. And of course we as a country should also be able to systematically address more and more markets, such as India and the Middle Eastern markets, for our exports." 'A defining development' The president of the Hellenic Chamber of Commerce and Industry, Yannis Bratakos noted that the agreement is a defining development for global trade as things are now more predictable. On the other hand, he stressed that it creates serious challenges for Greek and European production. "The recent agreement between the United States and the European Union, which includes a new tariff framework, is a decisive development for transatlantic cooperation and the global economy," Bratakos said. "The new tariff framework resulting from the agreement creates conditions of greater predictability, but at the same time incorporates challenges for specific sectors of European production." Related Oil prices rise on EU-US trade deal and Trump comments on Ukraine Bratakos continued: "The exemption of strategic sectors, such as aeronautics, generic medicines, chemicals and certain agricultural goods, is a positive development." "However, the imposition of uniform tariffs on high-value-added products - including pharmaceutical, industrial and agri-food exports - may hurt the competitiveness of companies that support critical shares of the Greek economy." "Particular attention is needed to protect iconic Greek products, such as olive oil, feta and wines, which risk being burdened by the new regime. In this environment, the need for constant monitoring of developments and effective participation in the shaping of European decisions becomes crucial," Bratakos explained. "At the same time, the strengthening of energy cooperation with the US, through increased imports of LNG and investment in infrastructure, opens up new opportunities for Greece, especially in the fields of logistics, shipbuilding and regional energy interconnection." "The Athens Chamber of Commerce and Industry calls on the Greek government to ensure, within the framework of the European institutions, that the final implementation of the agreement will not disrupt the competitiveness of Greek exports and will not increase the dependence of specific sectors on third markets." "It is time for our country to invest concretely and more actively in interconnection with the US and at the same time to broaden its export prospects to alternative markets. The Hellenic Business Association (EBEA) will continue to support this national effort with informed interventions, services to its members and the continuous promotion of Greek entrepreneurship abroad". Related Educated but still unemployed: How does unemployment vary among university graduates across Europe? Spain's economy grows 0.7% as it continues to outshine eurozone peers Hopes of 'manageable' situation The port of Piraeus is a very large trade hub, the main seaport of Athens and plays a key role in the commercial and industrial traffic of Greece and Europe. "We want to believe that the agreement to impose tariffs at the 15% level is a manageable situation and we hope that it will not create losses in US-EU bilateral trade," President of the Piraeus Chamber of Commerce and Industry, Vassilis Korkidis said. "In international trade, any agreement is always better than no agreement and the unilateral imposition of measures and countermeasures. The fact that it was agreed to impose a 15% general tariff on all products including cars is an element that restores balance to US-European trade relations and seems to satisfy both parties," Korkidis explained. "However, the tariffs on steel and aluminium remain at 50%, and it is not clear whether pharmaceuticals and semiconductors will eventually be subject to separate tariffs." "The agreement also provides that the EU will buy US military equipment and energy worth a total of $750 billion, while making significant investments of $600 billion." "The European side calls it an 'all-inclusive' trade agreement between the two major trading partners that brings stability. Regardless of the details and exceptions, it is significant that after months of negotiations, the agreement was reached less than a week before the August 1 deadline and the imposition of higher tariffs that would have had serious repercussions," he said. "We want to believe that the agreement to impose tariffs at the 15% level is a manageable situation and we hope that it will not create losses in US-EU bilateral trade," Korkidis concluded. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
01-08-2025
- Business
- Yahoo
Euronext launches offer for the Greek stock exchange: Here's what it means
Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, described the acquisition of the Athens Stock Exchange by the European stock market group Euronext as 'one of the largest foreign investments in recent years". "For the Greek economy as a whole, this is a decisive step forward," Pierrakakis said from the floor of the Parliament. The announcement of the all-share deal came on Thursday, with the offer worth €412.8 million. "This is one of the largest foreign investments in recent years," continued Pierrakakis. "It strengthens our credibility and upgrades the country's position on the European and international economic map. We will examine the details of the agreement and follow the progress of its implementation. Overall, this is a highly positive development, and undoubtedly a major opportunity for the country as a whole." What it means for Greek businesses The integration of the Greek stock exchange into Euronext's European family opens a new gateway to financing for Greek companies, at a critical time when international competition is increasing and global trade is being redefined. Euronext is the largest liquidity pool in Europe, managing around 25% of total cash equity trading activity. It operates capital markets in major financial centres such as Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. It brings the following to Greece: Access to a wider investment base Membership of a pan-European group offers Greek businesses direct exposure to a much larger network of international investors, both institutional and private. This translates into increased liquidity for their shares and greater chances of success in future capital raises or bond issuances. Know-how and digital tools Euronext has well-developed digital platforms, trading tools and compliance infrastructure that will support the technological modernisation of the Greek stock exchange. This will help more firms and investors to participate in the ecosystem. Enhancing credibility and prestige Participation in a network with a strong European presence could act as a "seal of credibility" for listed Greek companies, making them more attractive to foreign investors. Related Greek government cautious on new EU-US trade deal reached with Trump Greek unions speak out after government pushes for 13-hour workday Easier access for SMEs Euronext's focus on small and medium-sized enterprises (SMEs), through initiatives such as the 'Euronext Growth' programme, could lead to the development of simpler and less expensive listing procedures for Greek SMEs. Interconnection with other capital ecosystems Through Euronext, Greek companies will gain access to alternative financing tools such as green bonds, ESG ratings, dividend reinvestment programmes. What it means for the Greek economy The acquisition of the Greek stock exchange comes at an important juncture for the Greek economy, which continues to record significant GDP growth (2.3% in 2024), yet faces serious challenges. The main challenges include the completion of the Resilience and Recovery Fund, the looming recession threatening the European economy, and the need to change the country's production model, with less reliance on services such as tourism. Greek businesses need sources of funding in order to develop beyond the Greek market, which is small and showing signs of fatigue in terms of domestic consumption. Furthermore, despite the impressive increase in foreign direct investment over the last five years, the country still suffers from a large investment gap, hindering the modernisation of the Greek economy. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Euronews
01-08-2025
- Business
- Euronews
Euronext bids for the Greek stock exchange: Here's what it means
Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, described the acquisition of the Athens Stock Exchange by the European stock market group Euronext as 'one of the largest foreign investments in recent years". "For the Greek economy as a whole, this is a decisive step forward," Pierrakakis said from the floor of the Parliament. The announcement of the all-share deal came on Thursday, with the offer worth €412.8 million. "This is one of the largest foreign investments in recent years," continued Pierrakakis. "It strengthens our credibility and upgrades the country's position on the European and international economic map. We will examine the details of the agreement and follow the progress of its implementation. Overall, this is a highly positive development, and undoubtedly a major opportunity for the country as a whole." What it means for Greek businesses The integration of the Greek stock exchange into Euronext's European family opens a new gateway to financing for Greek companies, at a critical time when international competition is increasing and global trade is being redefined. Euronext is the largest liquidity pool in Europe, managing around 25% of total cash equity trading activity. It operates capital markets in major financial centres such as Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. It brings the following to Greece: Access to a wider investment base Membership of a pan-European group offers Greek businesses direct exposure to a much larger network of international investors, both institutional and private. This translates into increased liquidity for their shares and greater chances of success in future capital raises or bond issuances. Know-how and digital tools Euronext has well-developed digital platforms, trading tools and compliance infrastructure that will support the technological modernisation of the Greek stock exchange. This will help more firms and investors to participate in the ecosystem. Enhancing credibility and prestige Participation in a network with a strong European presence could act as a "seal of credibility" for listed Greek companies, making them more attractive to foreign investors. Easier access for SMEs Euronext's focus on small and medium-sized enterprises (SMEs), through initiatives such as the 'Euronext Growth' programme, could lead to the development of simpler and less expensive listing procedures for Greek SMEs. Interconnection with other capital ecosystems Through Euronext, Greek companies will gain access to alternative financing tools such as green bonds, ESG ratings, dividend reinvestment programmes. What it means for the Greek economy The acquisition of the Greek stock exchange comes at an important juncture for the Greek economy, which continues to record significant GDP growth (2.3% in 2024), yet faces serious challenges. The main challenges include the completion of the Resilience and Recovery Fund, the looming recession threatening the European economy, and the need to change the country's production model, with less reliance on services such as tourism. Greek businesses need sources of funding in order to develop beyond the Greek market, which is small and showing signs of fatigue in terms of domestic consumption. Furthermore, despite the impressive increase in foreign direct investment over the last five years, the country still suffers from a large investment gap, hindering the modernisation of the Greek economy.
Time of India
12-07-2025
- Business
- Time of India
Stellar comeback: After a lost decade and near bankruptcy in the 2010s, Greece set to become debt-free by 2029
Greece is on track to leave behind one of the most painful financial crises in European history and shake off its status as the EU's most indebted country by 2029, revealed the country's finance minister, Kyriakos Pierrakakis , as per a report. Will Greece Escape Its Debt Crisis by 2029? During the 140th anniversary gala of the French-Hellenic Chamber of Commerce and Industry, Pierrakakis shared a message of hope and resilience to an audience of political leaders, diplomats, and business figures, which also included French Ambassador to Greece Laurence Auer, according to a Tovima report. Stronger Economy After a 'Difficult Adventure' The finance minister, who was also the event's keynote speaker, pointed out that he was optimistic about the course of the Greek economy and also spoke about his recent participation in the Eurogroup and ECOFIN meetings, as per the Tovima report. He highlighted that the European country's economy was in the strongest position of its recent history after overcoming a 'difficult economic adventure,' as reported by Tovima. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click here for more information Undo The government official emphasised that, 'We have, as a matter of fact, now succeeded in achieving much stronger and significantly improved economic performance—this constitutes the most solid foundation for everything we can accomplish as we look toward the future,' as quoted in the report. ALSO READ: Jeff Bezos shocks the internet with surprise hair comeback after a decade of baldness Live Events Is Greece Growing Faster Than the Rest of the EU? Pierrakakis even revealed that, 'By 2029, Greece is expected—based on GDP terms—not to be the most indebted country in Europe," as quoted in the Tovima report. The official even shared the country's estimated growth rate, as he said, "We are projecting growth of 2.3%, which is multiple times higher than the European average," as quoted in the report. What Lessons Did Greece Learn From Its 'Lost Decade'? The finance minister pointed out that, "Of course, this path follows a lost decade for Greece. It comes after immense hardship, after losing a quarter of our GDP, after unbearable social costs, and after a tremendous effort by the Greek people to overcome an extremely difficult period,' as quoted by the Tovima report. While he was addressing the French Ambassador, Laurence Auer, Pierrakakis referred to 'a major national and economic outcome in the field of defense—both in our defense cooperation with France and in the defense procurements: the Rafale jets and the Belharra frigates,' as quoted in the Tovima report. ALSO READ: Billionaire Lufthansa CEO's wife Vivian Alexandra Spohr in serious problem after running down babysitter FAQs Will Greece stop being the most indebted EU country? If current projections hold, yes, by 2029, Greece is expected to no longer top the EU's debt list. Is Greece fully recovered? Not entirely, but the trajectory is upward, and confidence is growing both domestically and in Europe, as per the report.
