Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: Greece’s Prime Minister held talks with Germany’s Chancellor and France’s President late y-day in the sidelines of the EU-CELAC summit and agreed that negotiations between Greece and official creditors should intensify. / In its weekly non-monetary policy meeting y-day, the ECB renewed its approval to the provision of the ELA facility to Greek banks and increased the funding ceiling by €2.3bn to €83bn. /S&P lowered Greece’s sovereign credit rating by one notch further into junk territory, to CCC from CCC+ with a negative outlook. / On the data front the annual inflation rate based on the HICP stood at -1.43% in May, marking the 27th consecutive negative annual growth rate.
CYPRUS: In its 2014 Annual Report, published yesterday, the Central Bank of Cyprus (CBC) revised lower its real GDP forecasts for 2015 and 2016 to 0.2% (from 0.8%) and to 1.3%YoY (from 2.1%), respectively, citing risks stemming from the external environment.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging stock markets closed higher on Wednesday recovering some of their recent losses from a modestly weaker US dollar. CESEE currencies firmed amid scaled back expectations for further monetary easing by Central Banks in the region, while the US dollar’s latest pull-back also provided support.
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