News in brief

American Ties 

During a visit to the White House on Oct. 17 by Prime Minister Alexis Tsipras, Presi dent Donald Trump said American busi nesses are ready to invest in Greece, a sign that the U.S. sees Greece increasingly as a vital strategic partner in the eastern Mediterranean. Recently, U.S. .rm Calam os Investments agreed to buy Greece s biggest insurer for $1 billion, and U.S. oil giant ExxonMobil is part of a consortium looking for oil in Greece. American inves tors have also shown recent interest in Greece s tourism and food sector. During his U.S. trip, Mr. Tsipras spoke in Chicago about economic and security coopera tion between the two countries, and also visited a technology hub there. 

During a visit to the White House on Oct. 17 by Prime Minister Alexis Tsipras, Presi dent Donald Trump said American busi nesses are ready to invest in Greece, a sign that the U.S. sees Greece increasingly as a vital strategic partner in the eastern Mediterranean. Recently, U.S. .rm Calam os Investments agreed to buy Greece s biggest insurer for $1 billion, and U.S. oil giant ExxonMobil is part of a consortium looking for oil in Greece. American inves tors have also shown recent interest in Greece s tourism and food sector. During his U.S. trip, Mr. Tsipras spoke in Chicago about economic and security coopera tion between the two countries, and also visited a technology hub there. 

Private equity 

Greek economic prospects are looking up, say leading U.S. private equity .rms Blackrock and Hayman Capital. In a recent report, Blackrock described Greece as “resurgent” and foresees a surge in investor interest. In con.rmation of the above, CVC Capital Partners acquired the 70% of Greek private health care company Metropolitan Hospital Group, about € 80 m. 

Greek Budget 

Greece s draft 2018 budget sees the economy growing by a robust 2.4% next year, and with a primary surplus topping 3.5% of GDP. This summer, Greece formally exited the European Union’s excessive de.cit procedure after surpass ing budget targets, and in late October the European Stability Mechanism approved an €800 million disbursement to the country. The IMF sees the Greek economy growing 2.6% next year. 

Greek Banks 

Two major Greek lenders – National Bank of Greece and Eurobank – have each issued three year covered bonds follow ing the country s return to debt markets this summer. The €750 million issue by NBG, and the €500 million issue by Euro bank, were both highly oversubscribed and priced to yield 2.9% and 2.98% respectively. The strong demand and low yields re.ect growing con.dence in the Greek economy. 

Hellenikon 

Central Archaeological Council has cleared the development of the old Athens airport at Hellenikon, after setting aside select areas of the site for archaeo logical research. The project, along the waterfront south of Athens, represents Greece’s biggest development project. 

Economic Indicators 

Greece s economic sentiment index climbed above 100 points in September, its highest level in almost three years. Manufacturing activity, also in September, hit a nine year high. 

Mediterranean Resorts 

Athens will host the next Mediterranean Resort and Hotel Real Estate Forum in October 2018. Enterprise Greece, with the support of the Ministry of Tourism, won the bid to bring one of Europe s most important investment fora to Greece. 

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