WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: Greek officials and the envoys of the four institutions (i.e. EC, ECB, ESM and IMF) are making progress in negotiations, according to press reports. The tax regime for farmers remains an area of friction, with official creditors requesting the abolishment of current tax exemptions and the imposition of higher tax rates. In other news, Mr. Andreas Andreadis, President of the Association of Greek Tourism Enterprises (SETE), stated in an interview earlier today that Greek tourism in 2015 is proving resilient to the capital controls and the economic downturn, primarily because of tourism arrivals from abroad.
SOUTH EASTERN EUROPE
ROMANIA: Today’s focus is on the NBR board policy meeting. The consensus of analysts in Reuter’s poll anticipates that NBR will maintain the main interest rate unchanged at 1.75% and MRRs for RON and FX denominated liabilities unchanged at 8% and 14% respectively.
CESEE Markets: On Tuesday morning, emerging stock markets climbed from a two-year low as Chinese equities surged after authorities stepped up measures to stabilize the market. At the time of the writing, the MSCI Emerging Markets Index was up by 0.2% to 892.40 erasing earlier declines as Chinese regulators restricted short selling of stocks.
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