Economy of the European Union

The five-year bond that Hellenic Petroleum issued on Friday met with strong demand that brought its interest rate down to just 2.125 percent, against an original estimate of 2.5 percent.
Investors' bids added up to 1.5 billion euros, more than three times the issue that was aimed at raising 400 million, which led the group to draw 500 million euros instead.

Greece needs to agree with its eurozone lenders on a lower fiscal target path to achieve a sustainable economic and social recovery, the International Monetary Fund said on Friday after a mission visit to Athens.

At Thursday's Euro Working Group the creditors' mission chiefs reported that their visit to Athens this week had taken place amid a positive climate. However, they also expressed reservations regarding the achievement of the target for a primary surplus of 3.5 percent of gross domestic product next year.

The government and the European Investment Bank signed an agreement on Thursday for the EIB's biggest ever funding contribution to new investments in flood protection for homes and businesses in Greece.

Greece's benchmark 10-year bond yield remained at 1.33 percent on Tuesday, the same close as on Monday when during the day it had dropped to an all-time low of 1.31 percent.
This marks a 70 percent decline since the start of the year.

Romania exported, in the first six months of 2019, live animals totaling 205.9 million euro, 10.1 pct more than in the similar period of last year, according to data centralized by the National Institute of Statistics. On the other hand, imports of live animals clocked in at 100.6 million euro (+6.8 pct), resulting in a surplus of 105.3 million euro.

The start of the fourth post-bailout assessment of Greece by its creditors, which starts on Monday, represents a new era in relation between the two sides, as they have to construct a new framework of cooperation after the change in government, based on trust and the adoption of common targets.

Ali Bilaloğlu, the chairman of the Automotive Distributors' Association (ODD), has welcomed the Central Bank's latest decision to further cut its interest rates, saying this move may reduce consumers' borrowing costs and boost vehicle sales.

The European Bank for Reconstruction and Development (EBRD) and a Turkish organic farming company have signed a €16 million (nearly $18 million) financing deal to help take the firm to the next level.     

European Stability Mechanism (ESM) chief Klaus Regling indicated on Friday that Greece's lenders may consider reducing the country's high primary surplus targets if it can overshoot growth goals after 2020.