Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of global equity markets were firmer in early trade on Wednesday, US Treasuries moved higher and the US dollar lost ground across the board on the back of Fed Chair Janet Yellen’s dovish comments which prompted a downward shift in short-term FOMC rate hike expectations.
GREECE: As was publicly acknowledged by Government spokesperson Olga Gerovasili yesterday, the government is requested to adopt measures worth up to 3%-of-GDP in terms of net fiscal impact (or €5.4bn) to cover a projected fiscal gap for the period between FY-2016 and FY-2018, as part of the conditionality for the completion of the 1st programme review. On the data front, recent Bank of Greece data showed that euro-denominated deposits & repos of domestic households and non-financial corporations in Greek MFIs excluding the Bank of Greece (BoG) dropped in February by €0.5bn MoM coming in at €121.7bn.
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