Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: Addressing the SYRIZA parliamentary group yesterday afternoon, Prime Minister and party leader Alexis Tsipras reportedly defended the government’s stance in the negotiations front and attacked creditors’ persistence on recessionary measures that, in his opinion, are instigated by political motives. On the other hand, Jean-Claude Juncker, the European Commission President, stated that the Greek side has misrepresented the EU proposals and misleads the Greek public noting that he was in favour of neither a 10% increase in VAT on electricity, nor an increase in taxes on medicines. Y-day’s Euro Working Group did not produce a breakthrough, as expected, with press reports suggesting that an extraordinary EU Summit could take place over the weekend where the Greek issue will be the sole issue of discussion.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging stock markets broadly fell on Tuesday amid heightened concerns over the Greek issue, while investor caution prevailed ahead of the conclusion of the FOMC’s two-day meeting, due later on Wednesday. Along similar lines, CESEE currencies remained under pressure and government bonds broadly extended their recent losses on Tuesday.
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