HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: The Eurogroup that is scheduled to convene today will be briefed on the completion of the remaining two prior actions under the third ESM programme review and the first mission of the fourth review of the programme, which took place at the end of February. The ESM President Klaus Regling stated recently in an interview that the medium term debt relief measures will be applied – if necessary – provided that Greece has implemented all agreed reforms. As regards additional conditionality in case further debt relief is granted, he stated that a closer form of surveillance may be applied while he also advocated the possibility of a precautionary credit line after the expiration of the current programme, on the grounds that it will provide additional comfort to the financial markets.
SOUTH EASTERN EUROPE
BULGARIA: The Bulgarian equity market gained some modest ground last week. Meanwhile, the majority of external and local-currency government bond yields continued to exhibit little change.
SERBIA: The EUR/RSD remained bound within a range of 117.80 to 118.15 that has been held for the last three weeks, with any attempt below the 118.00 level having been halted by renewed Central Bank intervention in the FX markets.
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