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GLOBAL & REGIONAL DAILY (Tuesday 21 July 2020)

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GLOBAL & REGIONAL DAILY (Tuesday 21 July 2020)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

July 21 2020

Global Markets

Risk-on sentiment prevailed on Tuesday after EU leaders finally reached a deal overnight on the Recovery Fund, entailing €390bn of non-repayable grants – down from €500bn initially proposed – and €360bn of low-interest loans.

Greece

Following the marathon EU Summit on the Recovery Fund, Greek PM Kyriakos Mitsotakis called the outcome a “national success” that would allocate Greece around €32bn (c. 60% grants and 40% loans) to tackle the fallout of COVID-19.

CESEE

Serbia: The ECB and the National Bank of Serbia (NBS) have agreed to set up a €1bn precautionary repo line arrangement to provide euro liquidity to domestic financial institutions.

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