At the height of the eurozone crisis in the first half of the 2010s, a popular joke was making the rounds in Germany. A German couple visits a local Greek restaurant, enjoys their meal, and when it’s time to leave, tells the owner: “We’ve already paid.” It was the era when Greece narrowly avoided a disorderly default, thanks to international support programs and debt restructuring — part of which was funded by German taxpayers.
As Germany’s Frankfurter Allgemeine Zeitung (FAZ) notes in an analysis titled “Why gyros, schnitzel and bigos are attracting investors,” virtually the only lasting political legacy of that period appears to be the AfD. The party was founded in 2013, largely as a reaction to the European sovereign debt crisis and the broader eurozone turmoil. From the outset, the AfD fiercely opposed the euro rescue policy and, in particular, the financial assistance programs extended to countries in severe economic distress — Greece among them.
Today, just over a decade later, the Greek economy is growing strongly. For the current year, the European Commission forecasts economic growth of 1.8%, while Greek GDP had already expanded by 1.7% in 2025.
This positive momentum is clearly reflected in the Athens Stock Exchange. The Athex Composite Index — which tracks the 60 largest and most actively traded Greek companies — has surged 28.32% since the start of the year. By comparison, the Euro Stoxx 600 has risen just 8.77%, while Germany’s DAX has gained a modest 4.03% since January.
It’s worth noting, however, that the Greek banks listed on the Athens Stock Exchange play a pivotal role and carry significant weight in the index. The broader European banking sector is also enjoying a particularly strong run — not just in Greece. The Euro Stoxx Banks index has climbed 21.75% this year alone.
In Greece’s case, there is an additional boost from post-crisis recovery. Non-performing loans accumulated during those turbulent years have been sharply reduced, bank balance sheets are far healthier, and profitability has improved markedly. This has enabled Greek lenders to resume dividend distributions and embark on share buyback programs.
At the same time, corporate lending is picking up again. As a result, international investors are increasing their exposure to the Greek banking sector, which is dominated by Piraeus Bank, National Bank of Greece, Alpha Bank, and Eurobank.
The Vienna Stock Exchange benefits from Eastern Europe
Banks also lie behind the strong performance of the Vienna Stock Exchange. The ATX index has gained 29.51% this year, even as Austria’s economic trajectory remains as subdued as Germany’s.
As in Athens, the benchmark index is dominated by banking stocks. Among the largest constituents are Erste Group, Raiffeisen Bank International, and Bawag — financial institutions that generate a significant portion of their revenues from Eastern Europe.
According to the Austrian National Bank, roughly one-third of all loans extended by these institutions relate to that region. The strong performance of the Vienna Stock Exchange, therefore, reflects less the dynamism of the Austrian economy itself and more the vitality of Eastern European economies.
Strong growth in Poland
It comes as no surprise, then, that the Warsaw Stock Exchange is also among Europe’s best performers this year. The WIG 20 index has recorded gains of 32.58% so far.
In Poland’s case, stock market performance mirrors the underlying strength of the economy — a country that bond markets still classify as an emerging market. The European Commission projects growth of around 3.5% for 2026, driven primarily by private consumption and large-scale investments financed through EU funds. That is many times the growth rate forecast for Germany, which is expected to expand by just 0.6%.
While a robust banking sector also contributes meaningfully to the Warsaw Stock Exchange’s rally, Polish growth rests on far broader foundations. The country boasts rising incomes, stronger consumer spending, significant infrastructure investment needs, growing capital expenditure, and overall greater economic momentum.
This has not gone unnoticed by foreign investors. Increased international capital inflows are further amplifying the upward trajectory of the Polish market. Yet Poland’s economic success owes a great deal to Europe as well — the country benefits enormously from European Union budget funds.
