Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of European equity markets were lower in early trade on Tuesday on investor cautiousness ahead of the Fed and the BoJ monetary policy meetings later this week. Major government bonds firmed while the USD weakened against most of its major currency peers.
GREECE: The Greek government decided to withdraw a number of provisions regarding property tax as it reckoned that the total tax bill would become too burdensome for many taxpayers and there were severe difficulties in calculating the taxable value for land plots. According to press reports, these changes are not expected to have a significant impact on total tax revenues and the institutions have not asked for equivalent measures.
SOUTH EASTERN EUROPE
CYPRUS: The residential property price index (RPPI) recorded the lowest decline on an annual basis since Q3-2010.
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