Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHT
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Global equity markets welcomed the latest reform proposal submitted by the Greek authorities as a positive step towards an agreement between Greece and the Institutions. In response Asian equities closed higher for the fourth consecutive session on Tuesday and European bourses extended a 3-session rising streak, while periphery government bonds rallied.
GREECE: On the negotiations front, the latest proposal of the Greek government to the Institutions – amounting reportedly to €8bn – was received positively by the Institutions, who, nevertheless, requested the proposal to be further elaborated.
SOUTH EASTERN EUROPE
BULGARIA: Speaking to local media, Bulgaria’s finance minister said on Monday that Central Bank Governor Ivan Iskrov would resign this week, ahead of the expiry of his 6-year mandate due in October.
ROMANIA: The finance ministry sold yesterday the planned RON 300mn (€67mn) amount of 5.75% April 29, 2020 T-bonds, at an average accepted yield of 3.04%.
SERBIA: According to local media reports, finance minister Dusan Vujovic expressed optimism that the IMF will approve the first review of the country’s 3-year €1.2bn Stand-By Arrangement (SBA) later in the week.
CESEE MARKETS: The majority of emerging market assets extended yesterday’s gains in European trade on Tuesday amid optimism that a deal between Greece and the Institutions will eventually be reached. In today’s calendar, Turkey’s and Hungary’s MPC meetings take centre stage.
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