WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US macro data continued to surprise positively yesterday, reinforcing expectations that the Fed will likely push interest rates higher in the near future. Looking at today’s calendar, focus is on the second estimate of US Q1 GDP which is expected to be revised higher to 1.0%QoQ saar from 0.5%QoQ saar in the advance estimate, following a flurry of encouraging data pertaining to Q1 that were released over the last few weeks.
GREECE: Following the agreement in principle of the May 24th Eurogroup for the release of the next loan tranche to Greece, domestic authorities have intensified their efforts for the completion of all pending issues. According to Greece’s Minister of Finance Euclid Tsakalotos, upon fulfilment of all pending issues, an amount of €7.5bn will arrive in state coffers- reportedly expected in the second half of June- out of which €1.8bn will be channeled for the clearance of state arrears.
SOUTH EASTERN EUROPE
ROMANIA: The budget execution was balanced in the first four months of the year. Credit to the non-government sector dynamics remained relatively unchanged in April.
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