WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of European bourses opened higher on Wednesday favored by increased optimism for further ECB monetary policy accommodation, possibly as soon as the next meeting scheduled for December 3rd. In FX markets, the EUR remained under pressure across the board, especially against the USD, as diverging Fed and ECB monetary policy outlooks continue to play a key role in FX markets.
GREECE: According to the local press, the Greek government is planning to submit to Parliament by the end of next week a multi-bill incorporating the legislation required for the fulfillment of: (i) all pending prior actions for the release of the next ESM loan tranche (€2bn) that is part of the €3bn outstanding sub-tranche of the €26bn first loan disbursement released to Greece in mid-August; and (ii) some of the key MoU milestones related to banking sector governance.
SOUTH EASTERN EUROPE
ROMANIA: In a more or less anticipated move, President Klaus Iohannis nominated former European agriculture commissioner Mr.Dacian Ciolos as the new Prime Minister.
SERBIA: Upon conclusion of an IMF staff mission visit to Serbia on November 10 in the context of the 3rd review under the country’s 36-month €1.2bn Stand-By Arrangement, the Fund noted that a staff-level agreement with the domestic authorities was reached.
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