Greece
Federation of Euro-Asian Stock Exchanges
The recovery of the Greek economy resumed in 2018. On August 20, Greece successfully concluded the European Stability Mechanism (ESM) economic adjustment programme.
Exports have grown strongly, led by tourism and non-oil goods. Industrial production has picked up, and confidence indicators have improved. Employment growth, while solid, has moderated, but unemployment continues to fall and a rising share of new jobs are full-time. Wages are rising and private consumption is growing after prolonged stagnation.
The main characteristics of the Greek economy are summarized in the points below:
> Economic turnaround
o Return of GDP growth: Growth 1.9% in 2018 and at 2.2% on average over 2019-2022 according to the Medium-Term Fiscal Strategy of the Greek government 2019-2022
o Industrial production on a growth path: Industrial Production Index increase of 9% over 2015-17
o Unemployment rate decreasing: From 24.9% (2015) to 19.5% (May 2018)
> Reform effort fueling long-term growth
o Restored fiscal sustainability: Greece recorded a primary surplus of 4.2% of GDP in 2017
o Addressed banking vulnerabilities in terms of capital adequacy and governance with a confirmation through ECB’s stress-test in 2018
> Strong official support
o EU institutions hold 70%+ of government debt and contribute to the very long weighted average maturity of the portfolio (18.2 years as end of June 2018)
o Debt relief is implemented with EU creditors to ensure long-term sustainability and contain interest rate risk
o Pipeline of projects in the context of the EIB’s EFSI with €2.6bn of financing approved and €10bn of additional investment expected
> Strategic position as infrastructure hub
o Entry gate to EU for Asian goods with more potential to be unlocked after investments in ports
o More potential to be unlocked after investments in ports to connect ports to Central Europe by high quality road/railroad networks
o Privatizations and license auctions of airports to unlock growth potential in tourism arrivals
> ATHEX provides investor access to many economic sectors with significant liquidity.
> Companies listed on ATHEX, reap the benefits of the ATHEX ecosystem i.e. raising funds, widening their investors base, participating in ATHEX indices, enhancing their visibility, boosting their corporate collaborations, etc.
The Corporate Bonds Market continues to present a significant increase by new issues and in terms of trading activity. The recovery of the Greek economy resumed in 2018. On August 20, Greece successfully concluded the European Stability Mechanism (ESM) economic adjustment programme.
Exports have grown strongly, led by tourism and non-oil goods. Industrial production has picked up, and confidence indicators have improved. Employment growth, while solid, has moderated, but unemployment continues to fall and a rising share of new jobs are full-time. Wages are rising and private consumption is growing after prolonged stagnation.
The main characteristics of the Greek economy are summarized in the points below:
> Economic turnaround
o Return of GDP growth: Growth 1.9% in 2018 and at 2.2% on average over 2019-2022 according to the Medium-Term Fiscal Strategy of the Greek government 2019-2022
o Industrial production on a growth path: Industrial Production Index increase of 9% over 2015-17
o Unemployment rate decreasing: From 24.9% (2015) to 19.5% (May 2018)
> Reform effort fueling long-term growth
o Restored fiscal sustainability: Greece recorded a primary surplus of 4.2% of GDP in 2017
o Addressed banking vulnerabilities in terms of capital adequacy and governance with a confirmation through ECB’s stress-test in 2018
> Strong official support
o EU institutions hold 70%+ of government debt and contribute to the very long weighted average maturity of the portfolio (18.2 years as end of June 2018)
o Debt relief is implemented with EU creditors to ensure long-term sustainability and contain interest rate risk
o Pipeline of projects in the context of the EIB’s EFSI with €2.6bn of financing approved and €10bn of additional investment expected
> Strategic position as infrastructure hub
o Entry gate to EU for Asian goods with more potential to be unlocked after investments in ports
o More potential to be unlocked after investments in ports to connect ports to Central Europe by high quality road/railroad networks
o Privatizations and license auctions of airports to unlock growth potential in tourism arrivals
> ATHEX provides investor access to many economic sectors with significant liquidity.
> Companies listed on ATHEX, reap the benefits of the ATHEX ecosystem i.e. raising funds, widening their investors base, participating in ATHEX indices, enhancing their visibility, boosting their corporate collaborations, etc.
The Corporate Bonds Market continues to present a significant increase by new issues and in terms of trading activity.
Economic Development and Outlook
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DIVIDEND RECORD DATE/EX-DATE
The dividend record date is defined, at the earliest, on the second day after the date of the GSM where the decision for dividend distribution is voted.
The ex-date is defined as the previous day of the record date.
IS THE CSD RESPONSIBLE FOR DIVIDEND PAYMENTS DISTRIBUTION TO SHAREHOLDERS?
The issuer receives from the CSD the Registry of the Record date and the payment is performed by the Payment Bank that has been selected by the issuer.
PAYMENTS OF DIVIDENDS, COUPONS, UNUSED RIGHTS ETC.
The payment is performed by the Paying Bank. The data to the Payment Bank (i.e. the amount per ATHEXCSD Operator) is provided by ATHEXCSD at the same time that the Registry is provided to the Issuers.
CAPITAL INCREASE WITH RIGHTS
When a listed company raises capital, all existing shareholders are granted subscription rights.
Each existing share entitles to one right. Each right can be used for subscription of such amount of shares so the shareholder can retain their pre increase stake in case all rights are used up.
RECORD DATE/EX-DATE
The record date is defined, at the earliest, on the second day after the date of the GSM decision. The ex-date is defined the previous day of the record date.
Rights are traded on the exchange within a timeframe defined in the prospectus (minimum and maximum number of days apply).
STOCK SPLITS / REVERSE STOCK SPLITS
The stock split/reverse stock split procedures are automated and performed by the CSD.
IS TRADING/SETTLEMENT SUSPENDED IN CASE OF CORPORATE EVENTS AND IF YES, FOR HOW LONG?
In case of reverse stock splits the trading is suspended for 3 (trading) days.
IS THERE AN AUTOMATIC ORDER DELETION AT THE END OF DIVIDEND RECORD DATE?
No, orders placed in the trading system are not affected at all by corporate actions.
ARE OTHER CORPORATE EVENTS POSSIBLE?
IPOs, other types of capital increases/decreases like stock options, conversions, mergers, warrants exercise, etc