piraeus bank group

Economic Indicators Bulletin in Southeastern Europe - June 2013

  • The winner of the June 23rd elections in Albania was the Socialist Party, while in second place was the former ruling Democratic Party of S. Berisha (in the cabinet since the fall of the communist regime and Prime Minister from 2005 until now). We believe that the completion of the election process, despite the social unrest during voting, is a positive step, marking a new era in the economic, political and social development of the country.
  • The International Monetary Fund (IMF), during its current staff visit to Bulgaria in preparation for the Article IV report, stressed that the main objective of the mission is the country's economic and labour growth.
  • On June 27th, the European Stability Mechanism (ESM) disbursed EUR 1bn. to Cyprus, thereby completing the first tranche of the country’s financial assistance programme. The disbursement aims to cover the government’s fiscal needs and the roll-over of maturing debt. EUR 2bn., the first part of this tranche, was disbursed on May 13th. Both disbursements were made in cash.
  • Following the successful completion of the 7th and 8th review of the second Stand-By Arrangement (SBA) in Romania, the IMF disbursed EUR 520.7mn., while noting the stabilization of the economy. Furthermore, based on current structural reforms the government is implementing, the IMF approved three waivers for the nonobservance of the following performance criteria: net foreign assets of the National Bank of Romania (NBR), general government balance and central government arrears.
  • Following the revision of the 2013 Budget Bill this week, it is estimated that Serbia’s financing needs will increase by 13.8% when compared to the initial Budget Bill. The main objective of this revision was the financing of the fiscal deficit and public debt.