Update: 83 fires in 48 hours and the risk of private debt
In today's newsletter, we focus on the dozens of fires that broke out across the country and the arrests for arson. We also examine the critical state of private debt and developments in the banking and real estate sectors.
The Fire Service dealt with a total of 83 wildfires over the last 48 hours in various regions of Greece. Authorities proceeded with seven arrests of individuals accused of arson by negligence. Firefighting forces remain on standby, as these fires require the mobilization of strong ground and aerial resources.
In the economic sector, overdue private debt—meaning the debts of citizens and businesses that have not been paid on time—is characterized as a "time bomb." The level of these debts threatens the country's stability. At the same time, the four systemic banks (the country's largest banking groups) are entering a new path of growth, recording profits and proceeding with the distribution of funds to their shareholders.
Meanwhile, a significant change in property ownership is observed in coastal and rural Greece, as many areas pass into new hands through investments. Finally, tax policy on capital remains in focus, as businesses tend to adjust their moves according to the tax incentives provided by the state.
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