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Emerging Markets Special Focus Reports

21 January 2015
Ioannis Gkionis, Senior Economist of Eurobank
• The economy is expected to remain in recession in 2015 as well undermined by very weak domestic demand, a less supportive external environment and the lasting impact from the catastrophic floods
• NBS stayed put in January factoring in both the external environment uncertainties, negative base effects from food prices and the impact of anticipated regulatory price hikes• A new three year precautionary IMF agreement has been reached on the staff level and will be reviewed by the board in next February
• Rating agencies remain on hold in anticipation of the implementation results of the fiscal consolidation program and the tentative IMF agreement
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