"Turkish C.Bank is in no hurry to move to normalise policy rates-Analysis
RBS - 07.07.2011
Global markets rode thru the Portugal downgrade relatively well, suggesting more resilient tone/positioning. Expectations are that the Eurozone policy makers will still find some form of fix to buy more time for Greece/periphery. It is interesting that even the language from the ECB, et al, over the prospect that all three rating agencies move Greece to SD is becoming more 'flexible' with the timing dimension being added herein, i.e. the assumption that Greek sovereign debt will not remain in the SD bucket for that long. Net-net, the message seems to be that all options/rules are open when it comes to managing the Greece saga, and to avoid a 'credit event' and Greece's departure from the Eurozone. The same kind of (sticky) fudge which seemed to be applied to evaluating Greece's case for joining the single currency at the outset seems now to be being applied now on the way down, or perhaps out for some."
More:Balkans.com Business News : Turkish C.Bank is in no hurry to move to normalise policy rates-Analysis
