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-
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 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.”