Kathimerini English - - Focus -

Cypriot bonds.

Cyprus could ben­e­fit from strong bank stress test re­sults and pos­i­tive eco­nomic signs to pull off an Ir­ish-style bailout exit and make a full re­turn to the bond mar­ket, Fi­nance Min­is­ter Har­ris Ge­or­giades said. “The only way out of the bailout is im­ple-

Yield de­cline.

Pe­riph­eral Euro­pean gov­ern­ment bond yields fell yes­ter­day as a sur­prise decision by the Bank of Ja­pan to ex­pand its mon­e­tary stim­u­lus saw in­vestors pile into riskier as­sets. Yields on Span­ish and Ital­ian debt fell by 5 and 6 ba­sis points re­spec­tively, while Greece led with a 22 ba­sis point de­cline.

Pi­raeus shares.

Pi­raeus Bank SA on Thurs­day ap­proved the re­pur­chase of its pre­ferred shares from the Greek state and ap­proved can­cel­la­tion of th­ese pre­ferred shares in or­der to de­crease its share cap­i­tal by 750 mil­lion euros.

point­ing to a boost in con­sumer spend­ing in the third quar­ter, which may help dampen de­fla­tion­ary pres­sures. Greece’s in­ter­na­tional lenders, the Euro­pean Union and the In­ter­na­tional Mon­e­tary Fund, ex­pect the econ­omy to post a mod­est re­cov­ery in 2014 after six years of deep re­ces­sion. They ex­pect growth of 0.6 per­cent, driven by tourism, in­vest­ment and ex­ports. Hit by the coun­try’s deep eco­nomic slump and record un­em­ploy­ment, re­tail sales de­clined by about 40 per­cent in 2009-13, driven by aus­ter­ity poli­cies im­posed un­der the terms of Greece’s 240bil­lion-euro EU/IMF bailout. ment­ing the fis­cal adjustment pro­gram, like the Ir­ish did,” Ge­or­giades said in an in­ter­view in Nicosia yes­ter­day. “The bailout exit will come when mar­ket ac­cess is fully re­stored.”

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