WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Investors retained a cautious tone towards risk assets in early European trade on Tuesday amid rising worries over a full-blown trade war following the latest escalation of trade dispute between the US and its major trading partners. Core government bonds remained well supported while the DXY index extended recent losses.
GREECE: On June 25, S&P raised its long-term and local currency sovereign credit rating on Greece to ‘B+’ from ‘B’ with outlook stable. Based on the S&P classification this grade is four places away from investment grade. According to the EC DSA baseline scenario, the medium term debt relief measures agreed at the 21 June Eurogroup are considered sufficient to restore debt sustainability under the baseline scenario whereby debt-to-GDP is projected to gradually decrease from 188.6% in 2018 to 168.9% in 2020 131.4% in 2030 and 96.8% in 2060. GFN to GDP is forecast at 21.8% in 2018, 9.4% in 2020, 11.1% in 2030 and 19.8% in 2060, i.e. under the benchmark for the entire loan period.
SOUTH EASTERN EUROPE
CYPRUS: Τhe Hellenic Bank announced the transaction details of the acquisition of Cyprus Cooperative Bank’s (CCB) specific assets and liabilities.
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