Fiscal recovery, the expected adoption of looser monetary policies by the ECB and forthcoming negotiations on debt restructuring will improve the cost of financing Greek businesses, as is estimated by NBG Securities in its analysis, considering that most leveraged shares will benefit from it.

Greek businesses borrow at high interest rates, either from banks, or from markets due to liquidity problems in the banking sector, and the low performance of the public economy.

The adoption of looser monetary policies by the ECB, which is expected in June, will improve the liquidity for Greek businesses and will lead to lower funding costs of Eurozone economies.

Moreover, the forthcoming negotiations on restructuring Greek debt in autumn 2014, are expected to further improve the outlook of business financing.

In particular, the solution for Greek debt should be: 1)further lengthening of the duration of repayment of loans, 2) reduction of fixed interest rates for the first aid package (52.9 billion euros).

In this case, Greece could require a lower primary surplus than expected at this time from the troika (4.5% of GDP in 2016).

The overall results of these two solutions, combined with the gradual recovery of the economy, could improve liquidity of the Greek economy, and as a result, the cost of financing the Greek business sector.