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Eastern European countries will probably report slowing economic growth today as concern that bank funding to the region will dry up dents confidence and the euro-region debt crisis curbs exports.
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Romania sold $1.5 billion of bonds in its first debt offering denominated in dollars as the government seeks to finance a budget deficit and repay maturing debt.
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Poland’s central bank will increase its benchmark interest rate in quarter-point steps in March and May as economic growth and a weak zloty keep inflation above the 2.5 percent target, Bank of America Merrill Lynch said.
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Poland’s economy expanded at the quickest pace in three years in 2011 as companies boosted investment and a weakening zloty buoyed exports.
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Hungary’s plunging bonds and falling currency pushed Prime Minister Viktor Orban into his first major U-turn in office in order to return to the negotiating table with the International Monetary Fund.
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Hungary needs a precautionary standby loan agreement with the International Monetary Fund to defend against contagion from a potential worsening of the euro crisis, Bank of America Corp. economist Raffaella Tenconi said.
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Hungary’s bonds and the forint rallied for a second day as Prime Minister Viktor Orban pledged to cooperate with central bank President Andras Simor after a dispute about the bank’s independence threatened the country’s bailout.
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Polish hopes for a credit-rating upgrade have been dashed by the three major rating companies, which want to see the results of the re-elected government’s plan to trim the budget deficit and lower debt.
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Romania’s central bank will probably leave its benchmark interest rate unchanged at a record low for a seventh meeting as Europe’s highest borrowing costs boost the leu and helps tame inflation.
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The forint weakened for a third day after Bank of America Corp. said Hungary faces a ratings cut to below investment grade and the German government damped optimism of a quick fix to Europe’s debt crisis.
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