European Central Bank

The Governing Council of the European Central Bank (ECB) decided to cut interest rates by 25 basis points for a third consecutive time.

In 2024, many businesses, especially small ones, were struggling with increased borrowing costs, making debt servicing a nightmare.

This is the fourth consecutive time Europe’s central bank has kept the interest rates unchanged after 10 increases in a row between July 2022 and September 2023

He added that recent data shows that the goal to keep inflation at 2% will be reached in the autumn

In this context, they emphasize that those who do not intend to explore their luck in alternative forms of savings/investment over the next two years and have surplus liquidity would do well to hurry and lock in their interest rates until 2026.

A positive reversal was recorded after the end of the COVID pandemic lockdowns as Greek households witnessed a substantial rise in wealth to €798.8 billion in the 2nd quarter of 2023, with property largely accounting for the wealth uptick

Financial sector debts have been on an upward trajectory since the third quarter of 2022, reaching 12.7% as a percentage of GDP in the second quarter of 2023

Average interest rates for consumer loans, which fluctuated between 4.64% and 5.69% in early 2022, have climbed to 7.28% and 8.59%, according to the latest European Central Bank (ECB) figures