HIGHLIGHTS
March 16 2023
Global Markets
After yesterday’s Credit Suisse turmoil, markets look calmer today following overnight news that the bank will borrow CHF 50bn through a Swiss National Bank liquidity facility and will also repurchase up to CHF 3bn of its own debt. Focus today is on the ECB policy meeting, with market participants positioned for a more cautious policy stance on the back of increased European banking sector woes, implying a higher-than-even probability for a 25bps rate hike.
Greece
According to A. Patelis, Chief economic adviser to the Prime Minister of Greece, Greek banks are safe especially compared to recent past, posted strong results recently and hold the highest deposits to debt ratio among Eurozone banks. The regulatory framework in the Greek banking sector is strict.
CESEE
In Cyprus, the trade balance deteriorated significantly in Jan-23 on an annual basis (+163.5%), from a steep widening of imports, mainly owed to transfers of ownership of vessels, despite the strong exports increase (41.4%). According to the final goods trade data for 2022, the deficit widened by 34.5%, to €7.1bn, the highest in GDP terms since at least 2014 (26.3%).
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