WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The USD was modestly lower against most of its major currency peers in early European trade on Tuesday amid market anxiety about the outcome of this week’s two-day FOMC policy meeting which commences today. We share the view that the Fed will likely stay put on its monetary policy and will adopt a rather cautious tone despite the improvement in financial market conditions over the past month.
GREECE: Negotiations between the Greek government and official creditors on the contingency package of additional measures that would be implemented only if necessary for Greece to reach a primary surplus target of 3.5%-of-GDP by 2018, will continue today. A final agreement on the issue which represents a prerequisite for the completion of the 1st programme review is reportedly requested by early tomorrow at the latest, so as an extraordinary Eurogroup to take place on Thursday to assess the progress in official negotiations in the context of the review.
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