Stabilizers Bond yields moved today despite the new rise in inflation in the eurozone to 7.3%.
ECB chief economist Philip Lane said today that the ECB “needs time credit” to assess whether it will affect the wave of accuracy that has arisen in wage claims. He acknowledged, however, that 7.3% was a particularly high figure for inflation.
In the Greek market, the positive assessments of the International Monetary Fund for the debt sustainability and the possibility of the country to continue its refinancing smoothly, helped to keep the pressures.
More specifically, the IMF, in the context of the publication of the Article IV Report, maintains that the public debt is expected to decrease and the risks of refinancing (rollover) seem manageable in the medium term.
Debt to GDP ratio is expected to fall below pre-pandemic levels by 2023, reflecting strong growth, fiscal adjustment and higher inflation.
As it is pointed out, a very large percentage of the debt is at a fixed interest rate and long-term.
Although the overall risk from government debt is moderate, there remains significant uncertainty about Greece’s ability to maintain high primary surpluses and the future course of interest rates as soon as Greece begins to replace formal financing with market financing.
Despite the government’s large cash reserves and active debt management, Greece’s ability to service its debt under a severe shock depends on continued support from Europe.
In the domestic bond market and more specifically in HDAT, transactions of 64 million euros were recorded, of which 34 million euros related to purchase orders. The yield on the 10-year bond fell to 2.65% from 2.71% yesterday against 0.60% of the corresponding German bond, resulting in a margin of 2.05% from 2.20% that closed yesterday.
The dollar is moving higher in the foreign exchange market after the positive data announced in the US for the labor market. Early in the afternoon, the European currency was trading at $ 1.1040 from the $ 1.1039 level that opened the market.
The indicative price for the euro / dollar exchange rate. announced by the ECB reached $ 1.1052.
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