Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Mirroring uncertainty about the ongoing negotiations between Greece and the Institutions, Wall Street closed on a slightly negative ground yesterday. Against this backdrop, the picture in European bourses was rather mixed in Tuesday’s early trade, ahead of the upcoming Eurogroup and EU Summit later today. Elsewhere, EMU peripheral sovereign spreads widened further while in FX markets, the EUR edged lower against its major currency peers.
GREECE: The Council of the Political Leaders that conferred yesterday issued a joint statement stating that they acknowledge the result of Sunday’s referendum as a mandate of the Greek people to the government to continue the effort to achieve a socially just and economically viable agreement and they commit to assist the government to this end. Today the Greek government will present its proposal to the Eurogroup that will convene at 14:00EEST. Following the Eurogroup, a Euro Summit on the ‘Greek issue’ is scheduled to take place at 19:00EEST.
SOUTH EASTERN EUROPE
BULGARIA: Economy Minister Bozhidar Lukarski was quoted as saying by local media on Monday that there is no risk for the country’s financial stability as a result of the Greek issue.
ROMANIA: Romania rejected all bids at yesterday’s auction, of RON 300mn (€67mn) June 2021 T-bonds on Monday, amid lukewarm investor demand in view of heightened risk aversion.
SERBIA: In a statement issued by the National Bank of Serbia, the Central Bank reportedly noted that “no withdrawals of assets by parent banks were recorded and no major withdrawals of savings deposits were recorded”. In other news, Fitch Ratings has affirmed Serbia’s credit rating at “B+” with stable outlook
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