WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: The Greek government and the mission heads continue working in Athens on the open items in the context of the 2nd programme review. According to press reports, there are still differences in a number of items, namely: the size of the measures that Greece must pre-legislate, the reduction of the tax-free threshold and pensions, the energy reform, the out-of-court workout and the offsetting measures. According to the Hellenic Statistical Authority, the available seasonally adjusted data indicate that in Q4 2016 the GDP in volume terms decreased by 1.2% QoQ, against the decrease of 0.4% that was announced for the flash estimate of Q4 on February 14, 2017. Compared to Q4 2015, it decreased by 1.1% against the increase of 0.3% that was announced for the flash estimate.
SOUTH EASTERN EUROPE
BULGARIA: The domestic stock market and Eurobonds closed broadly higher last week, while the local currency sovereign bond market remained relatively quiet.
SERBIA: The dinar broadly strengthened last week against major currency peers snapping a 2-month streak of ongoing depreciation pressures.
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