The Greek parliament has voted in favor for a second set of reforms, a crucial step towards a bailout. These reforms are necessary to prevent Greece from leaving the Eurozone. The passage of measures means that negotiations on an EUR 86 billion European Union bailout can begin. These reforms include changes in the Greek banking and judiciary system. The first package of measures of last week, mainly contained economic reforms and budget cuts.
The ECB increases the cap on the Emergency Liquidity Assistance (ELA) to the Greek banks by EUR 900 million. The emergency central bank funding now amounts to almost EUR 91 billion. The ELA is the emergency fund program of the European Central Bank to help out central banks in need.
Dutch agricultural exports is under pressure. It’s the most important sector within the Dutch economy. For the first time in years the export is shrinking. Last year the total value was around EUR 81 billion. Within 12 months, it has decreased by 0.2%. The decrease is due to increasing competition and low commodity prices. Since 2009, the average value for food commodities has never been so low.
The 6M Euribor remained unchanged at 0.05%. The 10Y Swap decreased with 3 bp to 1.05%.
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