Piraeus Bank S.a. · ATHEX:TPEIR
Piraeus Bank — Investor Presentation (December 2024)
69 slides from Piraeus Bank's investor presentation, December 2024
Slide 1: Greece's Economic Growth: Challenges and Opportunities
Greece’s Economic Growth: Challenges and Opportunities December 2024 Economic Research & Investment Strategy /# Piraeus
Slide 2: Table of Contents
Table of Contents HM HM HM HM HM HM HM // Piraeus NOB WN = Macroeconomic Outlook Inflation & Labour Market Investments & Funding Resources Banking Sector Developments Competitiveness Real Estate Public Finance Slide 2 of 69
Slide 3: Greek economic growth: challenges and opportunities (Greek text)
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Slide 4: Greece's Economic Growth: Challenges and Opportunities
Greece’s Economic Growth: Challenges and Opportunities In 2024, the Greek economy continued its growth trajectory despite uncertainties in the international environment. In the first nine months of 2024, real GDP increased by 2.3% year-on-year, a rate significantly higher than the Eurozone average (
Slide 5: 1. Macroeconomic Outlook
1. Macroeconomic Outlook // Piraeus Slide 5 of 69
Slide 6: Economic Outlook
Economic Outlook Piraeus Bank forecasts Economic Outlook 2023a 2024 2025 2026 2027 2028 Real GDP (% change) 2.3 2.2 24 24 2.0 1.9 Inflation (CPI, % change) 5) 2.5 2.5 24 24 24 Unemployment rate (% of labour force) 11.1 10.8 10.6 10.5 10.4 10.3 Non-residential real estate prices (% change) © 6.0 5) 4
Slide 7: A Bird's Eye View of the Greek Economy
ing but the distance to pre-crisis peak remains GDP is recover! 2023 €39.9bn 2023 €85.5bn Public Consumption on an upward trend Real GDP (€ bn, 2020 prices) 240 | 230 | Private Consumption back at above average levels A Bird’s Eye View of the Greek Economy daunting 2023 €197.0bn Imports burdens the
Slide 8: The European South is leading the EU recovery
The European “South” is leading the EU recovery Economic Sentiment Tracer of Greece Economic Sentiment of EA Members (November 2024) (November 2024) 2.5 4 . Downturn Expansion 2 Downturn Expansion 15 0.7 @ Greece > Spain Now, n 0.5 02 \ Portugal 3 ez Italy Senta -0.5 5.3 EE France H Eurozone AS 0.8
Slide 9: Economic Climate & Real GDP growth rate are above the Euro area average
Economic Climate & Real GDP growth rate are above the Euro area average Economic Sentiment Indicator Greece vs Euro Area (ESI, sa data) Real GDP Greece vs Euro Area (annual % change, sa data) 130.0 20.0 120.0 45.0 10.0 40.0 100.0 5.0 03.24, 2.4 90.0 RRNA 0.0 09 80.0 -5.0 70.0 -10.0 60.0 15.0 50.0 -2
Slide 10: ESI in Greece is primarily supported by the business sector
In contrast to the EA, the ESI in Greece is primarily supported by the business sector Business Confidence Indicator! Consumer Confidence Indicator Greece vs Euro Area (sa data) Greece vs Euro Area (sa data) 130.0 0.0 120.0 10.0 110.9 -20.0 Nov-24 100.0 Noy-24 -30.0 90.0 -40.0 80.0 -50.0 70.0 60.0 -
Slide 11: In 2024, the Greek economy remains on a growth trajectory
In 2024, the Greek economy remains ona growth trajectory Real GDP growth rate (% change) Nominal GDP growth rate (% change) 20.0 | 9m 2023 Real GDP growth: 2.4% 20,9 9m 2023 Nominal GDP growth: 8.5% om 2024 Real GDP growth: 2.3% 9m 2024 Nominal GDP growth: 5.6% “6.0 15.0 70.0 10.0 03.24: 6.7% 5.0 03
Slide 12: Carry over effect was revised upward to 1.0%
The Statistical analysis: Carry over effect was revised upward to 1.0% Carry Over Effect and Real GDP Growth Dynamics (2020 prices, %) Carry over effect (Real GDP, € bn) 10.0 50.0 8.0 49.6bn 21% 1.0% 08% 0% yoy 6.0 Stable at 05 cS 4.23 level 5 4.0 a 2.0 49.0 g 0.0 20 48.5 40 60 48.0 -8.0 ATS -10.0 =
Slide 13: Private Consumption retains its position as the primary contributor to growth
Private Consumption retain its position as the primary positive contributor to growth Contribution to Nominal GDP annual growth rate (%) Contribution to Real GDP annual growth rate (%) 20.0 20.0 150 15.0 + 10.0 5.0 0.0 -5.0 -10.0 “15.0 -150 4 eranmnezunonwacoxgan my eranmvn ve reacran mS ess 5555585
Slide 14: Nominal Conjunctural Indicators: Inflation moderation cools turnover
“Nominal” Conjunctural Indicators: Inflation moderation results to a “cooling-off” of turnover Turnover Index in Manufacturing (sa data) Turnover Index in Services of the business economy* _ Private Building Permits (nsa data) 160.0 150.0 18,000 1400 a0 Sep-24,148.7 1,000 130.0 1,93%yoy 200 Sep-24,1
Slide 15: Real Conjunctural Indicators: Mixed signals of overall stability
“Real” Conjunctural Indicators: Mixed signals of overall stability Volume Index of Production in Services Industrial Production Index (sa data) [business economy] Production Index of Constructions (sa data) 40.0 150.0 170.0 135.0 140.0 05.24, 143.4 130.0 130.0 150.0 18.3% yoy. 125.0 120.0 130.0 120.
Slide 16: External Sector: External trade deficit increases
External Sector: External trade deficit increases despite the improvement in travel receipts External Balance of Goods & Services! (€ bn) 0.0 + 1 17 ——+ ‘A (2023 -2022)_: the deficit recorded a decrease of € 9.0 bn A (9m24 - 9m?23) : the deficit recorded anincrease of € 1.5 bn -5.0 + 10.0 4 1023: 11
Slide 17: Turnover of Enterprises: Sales follow an upward trend
Turnover of Enterprises: Sales follow an upward trend but adjusted for inflation are close to flat Turnover of Enterprises ! (€ bn) [double-entry accounting bookkeeping] 450 400 350 300 250 200 150 100 A (2023 - 2022) :€- 14.6 bn A (10m24 -10m23) : € 14.4 bn 384 Jan-Oct, €317.1bn 023; 4.8% yoy, Jan
Slide 18: Turnover of Enterprises: on a rebound track in 2024
Turnover of Enterprises: on a rebound track from January to October 2024, following the decline in 2023 // Piraeus 120 100 80 60 40 20 Turnover of Enterprises, 2021-2023 and Jan-Oct 24 (€ bn) 51.8 109.4 2022 - 2021 221 eg oul 1 oo i 84.8 5§ $23 # &§ g sos 8 Bews 8 > 208 8 £ 83 8 4 oe 23 8 22 9 a £ 2
Slide 19: 2. Inflation & Labour Market
2. Inflation & Labour Market // Piraeus Slide 19 of 69
Slide 20: GDP deflator still weighs on Real Growth
Despite the Inflation deceleration, GDP deflator still weighs on Real Growth Real GDP vs Nominal GDP growth rate (annual % change) Inflation vs GDP deflator (%) 20.0 12.0 9m 2024 40.0 06 15.0 | Nominal GDP growth: 5.6% ° ; 40,0 | Real GDP growth: 2.3% 8.0 65 - 5.0 6.0 59 0.0 4.0 13.5 * : till tls -1
Slide 21: Inflation pressures in Services
ionary pressures tes inflat icy in Services creai ing pol ic The pr Inflation CPI- Services Prices (annual % change) CPI- Goods Prices (annual % change) CPI vs CPI Core! Inflation (annual % change) 20.0 16.0 Nov-24:5.4% 10.0 Nov-24:-4.0% CPICore Inflation, Notes: 1. Core CPI Inflation: CPI, excludin
Slide 22: Inflation Vs Expectations
Inflation Vs Expectations: Households experience in goods inflation is in disconnect with actual price changes Overall CPI (annual % change) Vs Price Expectation Index Goods CPI (annual % change) Vs Goods Price Expectation Index Services CPI (annual % change) Vs Services Price Expectation Index 20.0
Slide 23: Energy's impact on inflation has been substantial
Energy’s impact (both positive & negative) on inflation has been substantial HICP vs HICP at constant tax excl. energy Tax & energy impact to Inflation 14.0 5 14.0 12.0 12.0 > 10.0 10.0 8.0 = 8.0 6.0 5 6.0 4.0 4 4.0 2.0 -} 2.0 0.0 0.0 2.0 ~ -2.0 -4.0 -4.0 6.0 SPYQLHENVPCoramnyrnvergsoaognaney Sooke
Slide 24: Positive output gap and tighter labour market point to upward inflation pressures
A positive output gap and a tighter labour market point to upward inflation pressures Output Gap Index vs HICP at constant tax excl. energy Unemployment Rate vs HICP inflation 14.0 14.0 12.0 12.0 . 10.0 40.0 . Q1.23 e 8.0 4.226 8.0 3.22% ° 02.23 6.0 92.22 | 03.23" Yy=1.7617x 42.148 6.0 y= -U.2852x+5
Slide 25: Continued economic growth has kept unemployment on a declining track
Continued economic growth has kept unemployment on a declining track Unemployment Rate Labour Force (sa data, thousand persons) Unemployed (sa data, thousand persons) Unemployment Rate (sa data) 22.0 Unemployed (15-74 yrs, sa data) —*— Unemployment Rate Employed (sa data, thousand persons) 2 a), Sli
Slide 26: Labour Market: Employment expectations point to continuous strength
Labour Market: Employment expectations point to continuous strength in the labour market Unemployment Rate Vs Employed persons Employment Expectation Index Vs Employed persons (000’) (000’) 4,800 + 30.0 4,500 + 130.0 3 4,600 8 120.0 4,300 PF 4,400 25.0 ae 2 110.0 ps 4,200 4,100 2 100.0 20.0 4,000 3,
Slide 27: Labour Market: Likelihood of finding a job and participation rate
Labour Market: The greater the likelihood of someone finding a job, the higher the participation rate in the labour force Beveridge Curve for Q2.2013-Q2.2024 period Vacancy Rate & Participation Rate Relationship 2.0 40.0 2.25 1.5 30.0 2.00 175 1.0 20.0 1.50 0.5 10.0 2 g © 4.25 0.0 T 0.0 g © 1.00 8 0
Slide 28: U = Popwa × Pr − E 1 − UR = E
U E =1− Popwa ×Pr Popwa ×Pr d Popwa d Pr d E U = Popwa × Pr − E d𝑈𝑅 = + − E Popwa Pr E o 1 − UR = o o Popwa × Pr o o
Slide 29: 3. Investments & Funding Resources
3. Investments & Funding Resources // Piraeus Slide 29 of 69
Slide 30: Loss of momentum over the past couple of years
Loss of momentum over the past couple of years Gross Fixed Capital Formation Gross Fixed Capital Formation: (as % of GDP, in current prices) Gross Fixed Capital Formation (€ bn, in 2020 prices) ss7 vse ore ose 6st vs sve 28.0 to) to) £707 770z LZ0z 070z 6107 8107 LL0@ 910z soz VLOe £107 coz LLOz OL0
Slide 31: Deceleration in Private (non-residential) investments
Gross Fixed Capital Formation: Deceleration in Private (non-residential) investments Gross Fixed Capital Formation Decomposition Private Non-Residential Investments (€ bn, in current prices) (€ bn, in current prices & annual % change) 70 25.0 r 50 60 20.0 + 40 15.0 50 10.0 40 5.0 30 0.0 4 20 il Hat!
Slide 32: Investment growth has failed to keep pace with a tight economy
Investment growth has failed to keep pace with a “tight” economy and a positive output gap Composite Output Gap Index Vs Investment Activity 3.0 2.0 1.0 0.0 1.0 72.0 3.0 // Piraeus Q3.24 Non-Financial Corporations’ Investment Gap Gross & Net Fixed Capital Formation (€bn, in current prices) 20.0 15.0
Slide 33: Drivers of Investment: Capital productivity and profitability
Drivers of Investment: Both capital productivity and profitability are positive for investments Capital Productivity Gross Operating Surplus of Non-Financial (GDP as % of net capital stock, in 2020 prices) Corporations (€mn, in current prices) 30.0 45,000 40,000 28.0 35,000 26.0 30,000 24.0 25,000 2
Slide 34: Drivers of Investment: Capacity utilisation at record levels
Drivers of Investment: Capacity utilisation at record levels Level of Capacity Utilisation in Manufacturing & Total Capacity Utilisation Index Services Industries (%, sa data)! 100.0 95.0 90.0 85.0 80.0 75.0 S 35 70.0 Sa . g? 32 2 65.0 o 6 60.0 SSSSSSSSSSESSSSE SSS SOLE SSA ANAANRAAN 8 SS55555555555
Slide 35: Drivers of Investment: Progressively more open to foreign capital
Drivers of Investment: Progressively more open to foreign capital Net Foreign Direct Investment (FDI) in Greece by industry classification (€ mn) Real Estate FDI in Greece (€ mn) 6,000 2,500 2133 4 1975 4,500 2,000 3,000 = 1450 1,500 1,500 + “128 176 nos. 1142 4,000 875 0 cakmens as aes 500 415 1,50
Slide 36: Total Funding Resources 2021-2027
Drivers of Investment: Total Funding Resources 2021-2027. A total amount of €96 bn is available for investment funding EU Contribution and National Resources by Funding Programme 35.95bn 26.2bn 17.73bn RRF loans National Recovery and National Strategic Resilience Plan (2021-2026) Reference Framework
Slide 37: RRF Funding Availability: €18.2bn received so far
RRF Funding Availability: €18.2bn received so far (B Category Date &% Amount fill Sources &Notes Apr.21 -—— €2.31bn grants Prefinancing 1 jeriog — 4ctbn |» €1.65 bn loans ‘___» €0.158 bn prefinance REPowerEU (Jan. 24) €1.72 bn grants €1.85 bn loans €1.72 bn grants 1 Apr.'22 €3.56 bn Fulfillment of 1
Slide 38: RRF in Practice: only €7 bn absorbed so far
RRF in Practice: Out of €18.22 bn in RRF grants only €7 bn have been absorbed so far Public Investment Budget [PIB] & Recovery Resilience Facility [RRF] n RRF Grants Expenditures (€mn) = Atotal of 800 investment plans, with a 18000 combined budget of €22.1 bn, have been submitted to the National Rec
Slide 39: MTFS 2025-2028: Public Investment Budget
MTFS 2025 - 2028 : Public Investment Budget Public Investment Budget projections 2023-2028, € bn 25.0 20.88 20.0 18.96 14.86 © Co-funded PIB 15.0 13.20 | 11.58 1118 @ National PIB @ RRF Grants transfers 10.0 lm RRF Loan cash withdrawals @ Total Grants & Loans D'sbursements 5.0 0.0 2023 2024 2025 202
Slide 40: Disbursements to final beneficiaries expected to at least 2028
The disbursements to final beneficiaries are expected to at least 2028 Transfers to the banks, RRP loan contracts and disbursements to final beneficiaries = The time profile is relevant. The Loan Facility is available between 2022-2026, and the full available amount is assumed to be “absorbed”, i.e.
Slide 41: Real rates have converged between EU and Greece
After many years of substantially higher cost of money for Greek corporates, real rates have converged between EU and Greece RRP loan interest rates and volumes by company size Million euro // Piraeus 7% e 6% 5% ? ? 4% + 3% + 2% + 1% |? ie ° | Ld 0% Large Medium = Small_ Very small = Volume (LHS) ©
Slide 42: 4. Banking Sector Developments
4. Banking Sector Developments // Piraeus Slide 42 of 69
Slide 43: Private sector credit: Positive net credit flows
Private sector credit: Positive net credit flows, driven by Corporate loans (net flows, €bn) // Piraeus 50.0 40.0 30.0 20.0 10.0 co “100 -20.0 age? 3 geepi” ag3% SERESRERRSRREESSASS YES $39 Total Private Sector Loans Bas 1 i +" Fe 8 88 B28 ee a8 ¢ B98 $ aves 898 Sole proprietors & & & 25.0 20.0 15.0
Slide 44: Private sector deposits: equivalent inflows
Private sector deposits: ...with equivalent inflows for deposits... Private Sector Deposits!? (net flows, €bn) 30.0 20.0 10.0 0.0 10.0 20.0 -30.0 -40.0 -50.0 Notes: 2003 Private Sector Deposits! (% of GDP & €bn) 2.0 264 7 207 206 10% oct-24, | 230.0 75 162 2023 €195.5bn €194.8bn 12.4 100% 5 > 200.0
Slide 45: Private sector Deposits & Loans: growth rates stabilize
Private sector Deposits & Loans: ...Growth rates seem to stabilize in positive territory Private Sector Deposits! (annual % change) Private Sector Loans?(annual % change) 18.0 10.0 Oct-24, 9.1% 16.0 8.0 14.0 12.0 6.0 10.0 - 4.0 8.0 60 2.0 40 Oct-24, 3.3% 0.0 20 oN 0.0 —— - + — 20 SeeseVIeSSand HHA A
Slide 46: Balance sheet clean-up has pushed NPL ratio to single-digit levels
A massive balance sheet clean-up has pushed NPL ratio to single —digit levels. Now credit growth must play its part Total Loans, on balance sheet gross loans '!& Non-Performing Loans ratio on balance sheet gross loans! (% ) loans that are serviced by the domestic CSFs?. (€ bn) 70.0 NPL ratio 250 : H
Slide 47: 5. Competitiveness
5. Competitiveness // Piraeus Slide 47 of 69
Slide 48: Conditions for Successful EA membership
Conditions for Successful EA membership: A more extrovert and open Greek Economy and “ Price Competitiveness” Exports of Goods & Services Real Effective exchange rate index with respect to EA (current prices, as % of GDP) countries (index, 2000=100) 60.0 7 15.0 50.0 + 10.0 40.0 | 2023 43.7% 105.0 30
Slide 49: Changes in exports structure by technological intensity
Changes in exports structure of the Greek economy by technological or knowledge intensity, 1995-2022 "Greek highest share of exports are of medium-low technological products and of knowledge-intensive services in 2022, driven mainly by exports of refined petroleum products and water and air transpor
Slide 50: Greece has a significant comparative advantage in a number of goods
Greece has a significant comparative advantage in a number of goods Revealed Symmetric Comparative Advantage (RSCA) by goods category, Greece, avg 2020-2022! 7m 08 avy ayy 32 oo 2 co 3 08 w . + seogccotamatoctins ta) «= Telatee 8) syegerabge reas as spaghetoinios aap ieee eg ages” om "Comparative ‘a
Slide 51: 6. Real Estate
6. Real Estate // Piraeus Slide 51 of 69
Slide 52: House Prices: Price increases irrespective of property age
House Prices: Price increases irrespective of the age of the property Residential Real Estate Prices (annual % change) New - up to 5 years old (annual % change) 20.0 7 9m.23: 14.4% yoy 9m.24: 9.3%yoy 15.0 4 , 10.0 ~ 5.0 0.0 rrr ag Pr rrrrrirrer perryrt “5.0 4 10.0 - 15.0 ~ HNOOAROOPEAAMMY TOWVORNDOR
Slide 53: ... and the geographical area
... and the geographical area // Piraeus Athens 20.0 '9m.23: 15,0% yoy 9.24: 8,8% yoy 15.0 10.0 5.0 93.24,7.7% 0.0 “50 10.0 “15.0 Q1.07 08 1.08 Athens, annual %change Other Cites 20.0 9m.23: 15.1% yoy 9.24: 7.8% yoy 15.0 10.0 5.0 Q3.24, 4.9% 0.0 genase SSSESS5GTSS —2—Other Cities , annual % change T
Slide 54: Peak to trough — trough to peak
Peak to trough — trough to peak: Despite all the headwinds in real terms (inflation adjusted) the 2007- 2022 trajectory was similar to other Southern European economies’ Residential Real Estate Prices Index (2007=100) 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2008-2017: -42% 3 2017-2023: 56% 59.0 RRRSSSSS
Slide 55: Housing Cycle: Is the market about to enter the cooling-off phase?
Housing Cycle: Is the market about to enter the cooling-off phase of the cycle? * Based on 2023 data, higher prices have led to a slowing down in the growth rate of transactions. That is a first signal thatthe housing market is about to enter the next phase of the business cycle where further prices
Slide 56: RP 𝑡 HDI t
: RP𝑡 𝑅𝐴𝑅𝑡2010 = 100 × HDIt 𝑅𝑃𝑡=2010 𝐻𝐷𝐼𝑡=2010
Slide 57: Housing Supply: Only New Permits and Revisions matter
Housing Supply: Only New Permits and Revisions matter! Categories of Private Building Permits (number of permits) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Extensions of built-properties Repairs, Restoration
Slide 58: Housing Supply: Separating residential from commercial developments
Housing Supply: Separating residential from commercial developments House Buildings + But New- Built and Revision permits include both residential and commercial real estate. 50000 + From the 17.5K permits 14.5K refer to residential construction and 3K to commercial. 45000 40.000 New Built - propert
Slide 59: Housing Supply: From Residential Buildings to Residential Units
Housing Supply: From Residential Buildings to Residential Units (Dwellings) = Each Residential Development (Building) usually corresponds to more than one Residential Unit (i.e. flat or apartment). = So, in 2023, 14.5K of permits means that in 2026 approximately 35.6K of residential units will be av
Slide 60: Supply-Demand Equilibrium: housing shortfall of about 92,000 residences
The Supply - Demand Equilibrium: The reason behind the runaway house price increases is a housing shortfall of about 92,000 residences * The imbalance between the supply of extra domestic residences (225K) and the demand for household formation (197K) and for short-stay accommodation (120K) has crea
Slide 61: Commercial Real Estate Market: A positive but more subdued picture
Commercial Real Estate Market: A positive but more subdued picture Office Prices Index (annual % change) 15.0 10.0 5.0 0.0 -5.0 “10.0 15.0 // Piraeus A111 1.12 Retail Price Index (annual % change) 2022: 3.6% yoy 15.0 5 2022: 6.2% yoy 2023: 60% yoy 2023: 7.0% yoy 10.0 5.0 4 H1.24, 7.8% 1.24, 4.2% 0.0
Slide 62: 𝑁RP 𝑡 DI t
: 𝑁𝑅𝐴𝑅𝑡2010 𝑁RP𝑡 = 100 × DIt 𝑁𝑅𝑃𝑡=2010 𝐷𝐼𝑡=2010
Slide 63: 7. Public Finance
7. Public Finance // Piraeus Slide 63 of 69
Slide 64: Greek Sovereign Rating History
Greek Sovereign Rating History: It’s been a rollercoaster ride !! Fitch BBB- Stable Dec 2023 Nov 2024 - Moody's Bal Positive Sep 2023 Sep 2024 : Standard & Poor's BBB- Positive Oct 2023 Oct 2024 - DBRS BBB (low) Positive Sep 2023 Sep 2024 - AAA / Aaa / AAA AAs / Aal / AA (high) —— Moody's AA/ Aad /A
Slide 65: Public Debt: Extended maturities profile and ownership structure
Public Debt: An extended maturities’ profile and an institution - based ownership structure support public finances Bonds & Loans Maturities!? (as of 18 December 2024, € mn) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 ° Tet RS RNA |§GGB (Post PSI, CB's and New) m International m EFSF
Slide 66: Fiscal Balance & Debt Dynamics
Fiscal Balance & Debt Dynamics: Even without a debt buy back Debt / GDP declines to 136% by 2028 General Government Primary Balance (% of GDP) General Government Public Debt (2010 — 2021: ESA definition, excl. support to financial institutions) (% of GDP) 6.0 230.0 210.0 4.0 European Commission 190.
Slide 67: PB t i t ∶ y t
𝑖𝑡 −𝑦𝑡 ∆𝑑𝑡 = −𝑃𝐵𝑡 + 𝑑𝑡−1 + 𝑠𝑓𝑡 100+𝑦𝑡 𝑑𝑡 PBt it ∶ yt sft 𝑡𝑖 −𝑦 𝑡 𝑑𝑡−1 100+𝑦 𝑡 ‒
Slide 68: Economic Research & Investment Strategy
Economic Research & Investment Strategy Lekkos, Ilias Lekkosi@piraeusbank.gr Chief Economist Papioti Liana Papiotie@piraeusbank. gr Secretary Greek & Sectoral Economics (GREC) Research Team Leventakis, Artemis Leventakisar@piraeusbank.gr Economist, Senior Manager Margariti, Konstantina Margaritik@pi
Slide 69: Disclaimer
Disclaimer: This document is produced by the Economic Research & Investment Strategy Department of Piraeus Bank (hereinafter "the Bank"), which is supervised by the European Central Bank (ECB), in collaboration with the Bankof Greece and is sent or provided to third parties, without any obligation o