The situation in Greece continues to improve. Latest data:
- The 5-year CDS (credit default swap) dropped to 292.9, the lowest point since the crisis began.
- S&P upgraded Greece one notch to B, with positive outlook.
- The 2-year government note now yields 1.25%, a multi-year low.
- Building permits for October 2017 were up 16.4% vs. Oct. 2016. More importantly, the surface area represented in these permits was up 67% and the buildings' volume up 109%. This means that large structures are involved, exactly in line with my predictions for major hotel building/renovation activity, right after the conclusion of the tourism season.
- Electricity consumption for the whole year 2017 was up 3%, with the middle-power segment showing the largest increase at 5.84%. That's demand coming from hotels, restaurants and other medium size businesses.