WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: As was widely expected, the ECB left its key interest rates unchanged at yesterday’s monetary policy meeting. President Mario Draghi stressed that the Central Bank stands ready to act by using “all the instruments available within its mandate” if needed to safeguard price stability and support euro area economic growth, leaving the door open for further policy easing if warranted so. Focus is on the US’ non-farm payrolls report later in the day ahead of FOMC Chairperson Janet Yellen’s speech early next week.
GREECE: With the support of all 153 coalition MPs, the Greek government secured late yesterday parliamentary approval for a series of amendments related to the relevant legislation that was endorsed by the Hellenic Parliament last month for the implementation of the prior actions attached to the 1st programme review. Speaking at the press conference yesterday following the conclusion of the ECB Governing Council’s meeting, President Mario Draghi said that they will await implementation by the Greek side of all open issues as well as the ESM’s formal authorization for the disbursement before they decide the reinstatement of the Greek collateral waiver.
SOUTH EASTERN EUROPE
BULGARIA: According to the preliminary data of the Ministry of Finance, the consolidated budget surplus came 3.0% of projected GDP in Jan-May2016.
CYPRUS: The NPEs ratio edged down to 48.4% in March 2016 from 48.9% in February 2016.