Greece
Federation of Euro-Asian Stock Exchanges
GDP is projected to expand by about 2% in 2020-21. Employment and real wage gains will support consumption, while improving financing conditions and confidence will boost business investment. Sluggish external demand will moderate export growth. This, and the gradual rise in imports, will mitigate improvements in the current account balance.
In spite of the adoption of expansionary fiscal measures in mid-2019, the primary budget surplus will remain high in 2019 at 3.8% of GDP. The 2020 budget, which includes large tax cuts along with measures to broaden the tax base and, to a lesser extent, rationalise spending, will support growth and lower the primary surplus to 3.5% of GDP. Ambitious reforms need to continue to raise employment durably, especially of women and the young, as well as investment and productivity growth. Exports are driving the recovery, buoyed by tourism receipts. Reform-induced gains in price competitiveness are supporting exports of goods, despite sluggish external demand. Rising business confidence, improving financial conditions and record-low lending rates are supporting business investment. Bank lending to non-financial corporations has been increasing since early 2019 and remaining capital controls were abolished in September 2019. Banks’ non-performing loans (NPLs) are gradually declining, though they remain high at 44% of gross loans.
The economy continues to create jobs thanks to past reforms and price competitiveness gains. The employment rate has risen above 57% - the highest level since 2010 - while the unemployment rate has dropped to below 17%. Rising employment is lifting household disposable income, but the rebuilding of private savings and households’ deleveraging are constraining private consumption growth. Ample slack in the economy and sluggish productivity growth keep wage increases and consumer price inflation low.
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
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