Morocco’s default risk had the biggest monthly drop in 10 after the Arab nation obtained financing from the International Monetary Fund to shield the economy against a worsening of Europe’s debt crisis.
The North African country’s five-year credit default swaps fell 48 basis points in August, the largest retreat since October, to 225 on August 31, according to data provider CMA. That outpaced a 19 basis-point decrease to 276 in the Middle East’s average credit risk, excluding Morocco, while contracts of Asia Pacific nations lost seven basis points to 190, the data show.
Almost two thirds of Morocco’s 2011 exports were destined for Europe. Eurozone economies will contract 0.4 per cent in 2012, the median estimate of 39 economists compiled by Bloomberg shows. Morocco received a $6.2 billion (Dh22.8 billion) liquidity line from the IMF on August 3 to draw on if Europe’s policy makers fail to contain the debt crisis.
No comments:
Post a Comment