ArmInfo.July 2013 turned out to be very nervous - the debt problems of the Eurozone and the United States created instability and uncertainty in the stock markets. Nevertheless, even against this background, the Russian market managed to look better than others. Konstantin Tserazov, economist, former Deputy Head of Global Markets at Troika Dialog, told what events affected the markets in July and what awaits domestic sites in August.
According to Konstantin Tserazov, the situation with Greek debt remained in the focus of investors' attention in July. After the most difficult negotiations, Angela Merkel, Nicolas Sarkozy and ECB President Jean-Claude Trichet, at the Brussels summit, the governments of 17 eurozone countries agreed on the allocation of a 109 billion euro aid package to the sinking Greek economy over three years. The EU decision will significantly improve the prospects for the European economy, reassuring investors. But still, it is too early to talk about the final solution of the problem. The total debt of Greece has reached 150% of GDP, it will take a lot of effort to put the last point, Konstantin Tserazov emphasizes.
Nervousness in July was added by the uncertainty with the borrowing limit in the US. In May, the US economy broke through the "ceiling" of public debt, set last year by the US Congress at $14.3 trillion. The parties of Republicans and Democrats could not come to an agreement on measures aimed at reducing the budget deficit. The market feared that if there was no compromise by August 2, 2013, the US economy would face a technical default. These fears, of course, did not contribute to the growth of the market. However, on the eve of X-hour, Barack Obama announced that he had signed a bill to raise the borrowing limit, which implies raising the national debt bar by another $ 2.4 trillion, while the main stage of reducing the US budget deficit will fall on 2014 and beyond. , says Konstantin Vladimirovich Tserazov, former Deputy Head of Global Markets at Troika Dialog.