WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Global equity markets were little changed in early trade on Friday as investors eagerly await the outcome of today’s emergency Eurogroup where the Greek situation will be the sole issue of discussion. In a similar note, major currency pairs consolidated within recent ranges.
GREECE: The Eurogroup convenes today at 14:00GMT to discuss the formal request submitted y-day by the Greek government for a 6-month extension of the Master Finance Assistance Facility Agreement for Greece. Speaking to a local TV station earlier today, Greece’s government spokesman Gabriel Sakellaridis said that “the Greek government has done all it should at every level in an effort to find a mutually beneficial solution”.
SOUTH EASTERN EUROPE
SERBIA: The Serbian Debt Administration sold on Wednesday €92mn, vs. €100mn offered, worth of 2-year €-denominated T-Bonds, bearing a 4% coupon.
BULGARIA: Parliament approved on Thursday amendments to the Law on Bank Deposit Guarantee, which ensure faster repayment of state-guaranteed deposits.
CESEE MARKETS: Emerging stock markets broadly retreated in European trade on Friday, as caution prevailed ahead of an emergency Eurogroup, while geopolitical tensions in Ukraine persisted. In FX markets, the majority of CEE currencies remained under pressure as investor sentiment towards risky assets remained fragile. Expectations for further monetary easing by Central Banks in the region in the coming weeks/months also weighed.