Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from the negative tone in Asian bourses, the majority of European bourses opened lower on Tuesday as appetite for profit taking emerged. Market anxiety over the outcome of Thursday’s ECB monetary policy meeting and China’s disappointing trade data for February, also had an impact.
GREECE: Speaking at the press conference following the conclusion of yesterday’s Eurogroup, President Jeroen Dijsselbloem announced that finance ministers agreed the mission heads to return to Greece to resume discussions with the Greek authorities in the context of the 1st programme review. He also revealed that euro area finance ministers took a political decision concerning the issue of debt relief. In more detail, provided that the Greek government fulfils its commitments underlying the adjustment programme and the General Government accounts record a primary surplus, they “will do what is necessary to make the annual debt surplus manageable” while discussions on debt relief will commence “in the near future”.
SOUTH EASTERN EUROPE
ROMANIA: The provisional estimate of the Statistical Service on the seasonally adjusted fourth quarter GDP reading confirmed the flash estimate of +1.1% QoQ/+3.8% YoY compared to +1.5% QoQ/+ 3.6% YoY in the third quarter
SERBIA: In its latest working paper published yesterday, the Fiscal Council urged the government not to relax the restrictive fiscal policy prematurely and give up on the essential structural reforms program.
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