Greek Feta Producers Scramble For Strategy After U.S. Tariffs Threaten Exports

A cooperative of 1,200 stock breeders in southern Greece had one clear goal for this year: breaking into the U.S. market with their renowned feta cheese. This ambitious expansion plan, however, now hangs in the balance after President Donald Trump announced a 10% tariff on most imported goods, including dairy products from the European Union.

In 2019, Greece successfully negotiated an exemption for feta from U.S. tariffs, but that reprieve is now a distant memory. Trump’s new tariff regime also includes a 20% reciprocal levy on European goods, including feta, leaving Greek producers with mounting concerns over the future of their exports.

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“We’re uncertain how much of this tariff will be passed on to consumers. It’s a gamble,” said Konstantinos Latsis, the cooperative’s general manager, speaking from inside the dairy’s cold room where 6,000 barrels of feta are aging in brine. The cooperative produces around 5,000 tonnes of barrel-aged feta annually, which it supplies to the Greek market, but it’s eyeing the U.S. as a critical growth opportunity.

Greece, a country with over 6,000 years of feta-making tradition, produced 140,000 tonnes of the iconic cheese last year, valued at €800 million. Approximately 8% of that production was exported to the U.S.—a market where demand for Greek feta has surged, doubling over the past four years. But now, with the looming tariffs, Greek exporters are preparing for a sharp decline in U.S. sales.

“I’m afraid the tariffs will significantly reduce feta exports to the U.S.,” said Christos Apostolopoulos, head of Greece’s dairy industry association. “We’ll have to rethink our strategy and focus on diversifying into other markets.”

Despite the uncertainty, Latsis remains cautiously optimistic. “Even with the tariffs, the U.S. market is too large to ignore,” he said. “We’ll continue to work on our presence there, adapting as we go.”

For now, Greek feta producers face an uphill battle. The question remains: Can the country’s prized cheese find a way through the tariff maze, or will it be forced to shift focus to other markets? The coming months will be pivotal for the future of Greece’s feta exports to the U.S.

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ECB Launches Geopolitical Stress Tests For 110 Eurozone Banks

by THEFUTURE.TEAM

March 9, 2026

The European Central Bank is preparing a new round of geopolitical stress tests aimed at assessing potential risks to major financial institutions across the euro area. Up to 110 systemic banks, including institutions in Greece and the Bank of Cyprus, will take part in the exercise, which examines how geopolitical events could affect financial stability.

Timeline And Testing Process

Banks are expected to submit initial data on March 16, 2026. Supervisors will review the information in April, while the final results are scheduled to be published in July 2026. The process forms part of the ECB’s broader supervisory work to evaluate financial system resilience under different risk scenarios.

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Geopolitical Shock As The Primary Concern

The stress tests place particular emphasis on geopolitical risks. These may include armed conflicts, economic sanctions, cyberattacks and energy supply disruptions. Such events can affect banks through changes in market conditions, borrower solvency and sector exposure. Lending portfolios linked to regions or industries affected by geopolitical developments may face higher risk levels.

Reverse Stress Testing: A Tailored Approach

Unlike traditional stress tests that apply the same scenario to all institutions, the reverse stress test requires each bank to define a scenario that could significantly affect its capital position. Banks must identify a geopolitical shock that could reduce their Common Equity Tier 1 (CET1) ratio by at least 300 basis points. Institutions are also expected to assess potential effects on liquidity, funding conditions and broader economic indicators such as GDP and unemployment.

Customized Risk Assessments And Supervisor Collaboration

This methodology allows banks to submit risk assessments based on their own exposures and operational structures. The approach is intended to help supervisors understand how geopolitical events could affect institutions differently and to support discussions between banks and regulators on risk management and contingency planning.

Differentiated Vulnerabilities Across Countries

A joint report by the ECB and the European Systemic Risk Board indicates that countries respond differently to geopolitical shocks. The Russian invasion of Ukraine led to higher energy prices and inflation across Europe, prompting central banks to raise interest rates. Belgium, Italy, the Netherlands, Greece and Austria experienced increases in borrowing costs and lower investor confidence. Germany, France and Portugal recorded more moderate changes, while Spain, Malta, Latvia and Finland showed intermediate levels of exposure.

Conclusion

The geopolitical stress tests will not immediately lead to additional capital requirements for banks. Their results will feed into the Supervisory Review and Evaluation Process (SREP). ECB supervisors may use the findings when assessing capital adequacy, risk management practices and operational resilience at individual institutions.

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