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This paper finds that fiscal uncertainty is an important determinant of sovereign credit ratings, and can explain why ratings often appear pro-cyclical during crisis periods.
Author: Arno Hantzsche
Abstract:
Published in Politis (Cyrpus) on 11 November 2018
Interviewer: Ioannis Seitanidis
Original language: English
Πέντε χρόνια μετά την κορύφωση της οικονομικής κρίση, και δύο χρόνια μετά το τέλος του προγράμματος προσαρμογής, πώς βλέπετε την κυπριακή οικονομία σήμερα;
Interview with Rolf Strauch, ESM Chief Economist
Published in Politis (Cyrpus) on 11 November 2018
Interviewer: Ioannis Seitanidis
Original language: English
Politis: Five years after the crisis, two years after the programme ended, what is your feeling about the Cyprus economy today?
Luxembourg – The European Financial Stability Facility (EFSF) raised €4 billion today in a new 5-year benchmark bond, completing the EFSF’s funding needs for 2018.
“The EFSF had not issued in the 5-year maturity this year, hence today we added liquidity in that part of the curve. Thanks to the good order book, today’s transaction allowed us to raise the remaining €4 billion in our funding plan for 2018,” said Siegfried Ruhl, EFSF Head of Funding and Investor Relations.
Press conference after Eurogroup meeting, 5 November 2018