Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US Treasury yields were modestly lower in European trade on Thursday with long-dated paper outperforming on softer than expected macro data. On the back of lower US Treasury yields the USD lost some ground, giving back some of its recent hefty gains. Looking at the day ahead, the ECB is scheduled to publish its account of the October monetary policy meeting while Fed Chair Janet Yellen will testify before Congress Joint Economic Committee.
GREECE: The proposal that the Ministry of Finance reportedly submitted yesterday regarding the legal framework for the out-of-court workout foresees up to 50% haircut for companies that are deemed viable based on their operating results. The haircut will apply to all types of debts, including those to tax authorities, social security funds and banks. According to data published yesterday by the Greek Tourism Confederation (SETE), international airport and road arrivals to Greece for the period January – October 2016 reached 26.8 million, surpassing total international arrivals for the whole year 2015, which stood at 26.1 million.
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Daily Overview November 17 2016
