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October 8, 2021
Î. ÎÏÎ―ÏÏÎąÎ―ÏÎŊÎ―ÎŋÏ , CFA: ÎÎŧÎŧÎąÎģÎÏ ÏÏÎą ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚΎ ÎĩÏÎąÎģÎģÎÎŧΞιÏÎą
ÎĪÎą ÏÎĩÎŧÎĩÏ ÏÎąÎŊÎą ÏÏÏÎ―ÎđÎą Ï ÏÎŽÏÏÎĩÎđ ΞÎĩÎŊÏÏη ÏÏÎŋÎ― ÎąÏÎđÎļÎžÏ ÎĩÏÎģÎąÎķÎŋΞÎÎ―ÏÎ― ÏÏÎŋÎ― ÏÏÎąÏÎĩÎķÎđÎšÏ ÎšÎŧÎŽÎīÎŋ ΚιÎđ ÏÎąÏ ÏÏÏÏÎŋÎ―Îą ÏÎąÏÎąÏηÏÎĩÎŊÏÎąÎđ ÎąÏ ÎūηΞÎÎ―Î· ÎķÎŪÏηÏη ÎģÎđÎą ÎĩÎūÎĩÎđÎīÎđΚÎĩÏ ÎžÎÎ―Îą ÏÏÎĩÎŧÎÏη ÏÎĩ ÏÎŋΞÎĩÎŊÏ, ÏÏÏÏ ÎŋÎđ ÏÏ ÎžÎēÎŋÏ ÎŧÎĩÏ ÏÎđΚÎÏ Ï ÏηÏÎĩÏÎŊÎĩÏ, ÎŋÎđ ÎĩÏÎąÎđÏÎđΚÎÏ ÎąÎ―ÎąÎīÎđÎąÏÎļÏÏÏÎĩÎđÏ, η ÎšÎąÎ―ÎŋÎ―ÎđÏÏÎđΚÎŪ ÏÏ ÎžÎžÏÏÏÏÏη, ΚιÎđ η ÎīÎđÎąÏÎĩÎŊÏÎđÏη ÏÎŊÏΚÎŋÏ , ÎąÎ―ÎąÏÎÏÎĩÎđ η Î―ÎÎą ÏÏÏÎĩÎīÏÎŋÏ ÏÎŋÏ ÎÏ ÏÏÎđιΚÎŋÏ ÎĢÏ Î―ÎīÎÏΞÎŋÏ Î§ÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎÎ―ÎąÎŧÏ ÏÏÎ― (CFA Society Cyprus), ÎÎŧÎÎ―Î· ÎÏÎ―ÏÏÎąÎ―ÏÎŊÎ―ÎŋÏ .
ÎĢÎĩ ÏÏ Î―ÎÎ―ÏÎĩÏ ÎūÎŪ ÏÎ·Ï ÏÏη StockWatch, η Κ. ÎÏÎ―ÏÏÎąÎ―ÏÎŊÎ―ÎŋÏ ÎąÎ―ÎąÏÎÏÎĩÎđ ÏÏÎđ ÏÎą ÎĩÏÎąÎģÎģÎÎŧΞιÏÎą ÏÏÎŋÎ― ΚÎŧÎŽÎīÎŋ ÏÏÎ― ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÏÎąÏιΞÎÎ―ÎŋÏ Î―, ÎīÎđÎąÏÏÎŋÎ―ÎđΚΎ, ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎšÎŋΞΞΎÏÎđ ÏÎ·Ï ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎąÏ, ÎąÎ― ΚιÎđ ÎąÏ ÏÏ ÏÎŋÏ ÏÎąÏÎąÏηÏÎĩÎŊÏÎąÎđ ÎĩÎŊÎ―ÎąÎđ η ΞÎĩÏÎąÏÏÏÎđÏη ÏÏÎŋÏ Ï ÏÎŋΞÎĩÎŊÏ ÎžÎĩ ΞÎĩÎģÎąÎŧÏÏÎĩÏη ÎąÎ―ÎŽÎģΚη ÏÏÎĩÎŧÎÏÏÏηÏ.
ÎĢÎ·ÎžÎąÎ―ÏÎđΚÎŪ ÏÏÏΚÎŧηÏη ÎģÎđÎą ÏÎŋÏ Ï ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎŊÎĩÏ ÏÎŋÏ ÎšÎŧÎŽÎīÎŋÏ , ÏÎŋÎ―ÎŊÎķÎĩÎđ, ÎąÏÎŋÏÎĩÎŧÎĩÎŊ ÏÎŋ ÎļÎΞι ÏÎ·Ï ÎĩΞÏÎđÏÏÎŋÏÏÎ―Î·Ï ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÏÎ―, ÎąÏÎŋÏ ÎĩÏηÏÎĩÎŽÎķÎĩÎđ ÏÎ·Î― ÎŋΞιÎŧÎŪ ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŊÎą ÏÏÎ― ÎąÎģÎŋÏÏÎ―, ΞÎĩ ÏÎĩÏÎŽÏÏÎđÎĩÏ ÏÏ Î―ÎÏÎĩÎđÎĩÏ ÏÏÏÎŋ ÎģÎđÎą ÏÎđÏ ÎĩÏÎąÎđÏÎĩÎŊÎĩÏ, ÏÏÎŋ ÎģÎđÎą ÏÎŋÏ Ï ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ ÎšÎąÎđ ÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÎģÎĩÎ―ÎđΚÏÏÎĩÏÎą.
ÂŦÎÎđ ÎĩΚΎÏÏÎŋÏÎĩ ΚÏÎŊÏÎĩÎđÏ, ÏÏ ÎžÏÎĩÏÎđÎŧιΞÎēÎąÎ―ÎŋΞÎÎ―Î·Ï ÎšÎąÎđ ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ ÏÎŋÏ ÎēÎđÏÎ―ÎŋÏ ÎžÎĩ ÏÏÏÎą, ÏÎĩÎŊÎ―ÎŋÏ Î― Î―Îą ÎÏÎŋÏ Î― ÎąÏÎ―Î·ÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÏÎŋ ÏÏÎđÏ ÏÏηΞιÏÎđÏÏηÏÎđιΚÎÏ ÎąÎģÎŋÏÎÏ, ÏÏÎŋ ΚιÎđ ÏÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎīÏÎąÏÏηÏÎđÏÏηÏÎą, ΚιÎđ ΚιÏâ ÎĩÏÎΚÏÎąÏη ÏÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎąÎ―ÎŽÏÏÏ ÎūηÂŧ, ÎĩÏÎđÏηΞιÎŊÎ―ÎĩÎđ.
ÎÎ―ÎąÏÎÏÎĩÎđ ÏÏÎđ ÎĩÎŊÎ―ÎąÎđ ΞÎÎģÎđÏÏÎ·Ï ÏηΞιÏÎŊÎąÏ ÎŋÎđ ÎļÎÏÎĩÎđÏ ÎĩÏÎģÎąÏÎŊÎąÏ ÏÎŋÏ ÏÏÎĩÏÎŊÎķÎŋÎ―ÏÎąÎđ ΞÎĩ Ïη ÎīÎđÎąÏÎĩÎŊÏÎđÏη ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ΚιÎđ ΚÎđÎ―ÎīÏÎ―ÏÎ―, ΚιÎđ ÏÎ·Î― ÏÎąÏÎŋÏÎŪ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÏÎ― ÏÏ ÎžÎēÎŋÏ ÎŧÏÎ― ÏÎĩ ÎđÎīÎđÏÏÎĩÏ ÎšÎąÎđ ÎĩÏÎđÏÎĩÎđÏÎŪÏÎĩÎđÏ, Î―Îą ÏÏÎĩÎŧÎĩÏÏÎ―ÎŋÎ―ÏÎąÎđ ÎąÏÏ ÎšÎąÏÎąÏÏÎđÏΞÎÎ―ÎŋÏ Ï ÎšÎąÎđ ÎΞÏÎĩÎđÏÎŋÏ Ï ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎŊÎĩÏ.
ÂŦÎĨÏÎŽÏÏÎŋÏ Î― ÏÎąÏÏÏ ÏÎĩÏÎđÎļÏÏÎđÎą ÎģÎđÎą ÏÎĩÏÎąÎđÏÎÏÏ ÎēÎĩÎŧÏÎŊÏÏη, ÎđÎīÎđÎąÎŊÏÎĩÏÎą ÏÎĩ ÏÏ ÎģΚÎĩΚÏÎđΞÎÎ―ÎŋÏ Ï ÎšÎŧÎŽÎīÎŋÏ Ï ÎšÎąÎđ ÎļÎÏÎĩÎđÏ, ÏÏÎŋÏ ÎĩÎŊÎ―ÎąÎđ ÏÎ·ÎžÎąÎ―ÏÎđΚÎŪ Î· ÏÎąÏÎŋÏ ÏÎŊÎą ÏÎđÏÏÎŋÏÎŋÎđηΞÎÎ―ÏÎ― ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎąÎ―ÎąÎŧÏ ÏÏÎ― ΞÎĩ ÎĩÏ ÏÎĩÎŊÎą ÎģÎ―ÏÏη, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÏιΚÏÎđΚÎŪ ÎšÎąÏÎŽÏÏÎđÏη ÏÏÎŋÎ― ÏÎŋΞÎÎą ÏÏÎ― ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ΚιÎđ ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ―Âŧ, ÏηΞÎĩÎđÏÎ―ÎĩÎđ.
ÎĨÏÎŋÎģÏιΞΞÎŊÎķÎĩÎđ ÏÏÎđ ÎŋÎđ ΞÎĩÎģÎŽÎŧÎĩÏ ÏÏÎŋΚÎŧÎŪÏÎĩÎđÏ ÎĩÎ―ÏÏÎđÎŋÎ― ÏÏÎ― ÎŋÏÎŋÎŊÏÎ― ÎēÏÎŊÏΚÎĩÏÎąÎđ η ÎÏÏÏÎŋÏ, ΚιÎđ ÎĩÎđÎīÎđΚÏÏÎĩÏÎą η ÎšÏ ÏÏÎđιΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą, ΚιÎļÎđÏÏÎŋÏÎ― ÏÎ·Î― ÎąÎ―ÎŽÎģΚη ÎąÎ―ÎŽÎšÏηÏÎ·Ï ÏÎ·Ï ÎĩΞÏÎđÏÏÎŋÏÏÎ―Î·Ï ÏÎŋÏ ÎšÎŋÎđÎ―ÎŋÏ ÏÏÎŋ ÏÏηΞιÏÎŋÏÎđÏÏÏÏÎđÎšÏ ÏÏÏÏηΞι ΚιÎđ ÏÏÎđÏ ÎĩÏÎŋÏÏÎđΚÎÏ ÏÎŋÏ ÎÏÏÎÏ ÎąÎšÏΞη ÏÎđÎŋ ÎĩÏÎđÏιΚÏÎđΚÎŪ.
ÎÏÎŊÏηÏ, η Κ. ÎÏÎ―ÏÏÎąÎ―ÏÎŊÎ―ÎŋÏ ÎąÎ―ÎąÏÎÏÎĩÎđ ÏÏÎđ η ÎŽÏΚηÏη ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÎŪÏ ÎĩÏÎŋÏÏÎĩÎŊÎąÏ ÎąÏÏ ÏÎđÏ ÎÏÏÎÏ ÎĩÎŊÎ―ÎąÎđ ÏÎŋÎŧÏ ÏÎ·ÎžÎąÎ―ÏÎđΚÎŪ ÎšÎąÎđ ÏÏÎÏÎĩÎđ Î―Îą ÏÏ Î―ÎīÏ ÎŽÎķÎĩÏÎąÎđ ΞÎĩ Ïη ÏÏ Î―ÎĩÏÎŪ ÎąÎ―ÎąÎžÏÏÏÏÏη ÏÎŋÏ ÏÏ ÎļΞÎđÏÏÎđΚÎŋÏ ÎšÎąÎđ ÎĩÏÎŋÏÏÎđΚÎŋÏ ÏÎŧÎąÎđÏÎŊÎŋÏ , ÏÏΞÏÏÎ―Îą ΞÎĩ ÏÎđÏ Î―ÎŋΞÎŋÎļÎĩÏÎŊÎĩÏ ÏÎ·Ï ÎΠΚιÎđ Ïη ÎīÎđÎĩÎļÎ―ÎŪ ÏÏιΚÏÎđΚÎŪ, ÎąÎŧÎŧÎŽ ΚιÎđ ΞÎĩ Ïη ÏÏ ÎžÎēÎŋÎŧÎŪ ÏÎŋÏ Ï ÏÏη ÏÏ Î―ÎĩÏÎŪ ÎąÎ―ÎąÎēÎŽÎļΞÎđÏη ÏÎŋÏ ÏÏ ÏÏÎŪΞιÏÎŋÏ ÎĩÏÎđΞÏÏÏÏÏÎ·Ï ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÏÎ―.
ÎĢÏη ÏÏ Î―ÎÎ―ÏÎĩÏ ÎūÎŪ ÏηÏ, Κ. ÎÏÎ―ÏÏÎąÎ―ÏÎŊÎ―ÎŋÏ ÎąÎ―ÎąÎģÎ―ÏÏÎŊÎķÎĩÎđ ÎĩÏÎŊÏÎ·Ï ÏÏÎđ ÎŋÎđ ÎģÎ―ÏÏÎĩÎđÏ ÏÎŋÏ ÏÎŧηÎļÏ ÏΞÎŋÏ ÏÎĩ ÎļÎΞιÏÎą ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎąÏ ÎšÎąÎđ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎĩÎŊÎ―ÎąÎđ ÏÎĩÏÎđÎŋÏÎđÏΞÎÎ―ÎĩÏ.
Î ÏÏÏÏÎąÏη ÎÏÎĩÏ Î―Îą ÏÎŋÏ ÎĩΚÏÎŋÎ―ÎŪÎļηΚÎĩ ÎąÏÏ ÏÎ·Î― ÎÎĩÎ―ÏÏÎđΚÎŪ ÎĪÏÎŽÏÎĩÎķÎą ÏÎ·Ï ÎÏÏÏÎŋÏ ÎĩÏÎđÎēÎĩÎēÎąÎŊÏÏÎĩ ÏÏÏ ÎžÎđÎą ΞÎĩÎģÎŽÎŧη ΞÎĩÏÎŊÎīÎą ÏÎŋÏ ÏÎŧηÎļÏ ÏΞÎŋÏ ÏÎ·Ï ÎÏÏÏÎŋÏ ÏÎąÏÎŋÏ ÏÎđÎŽÎķÎĩÎđ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎąÎīÏ Î―ÎąÎžÎŊÎĩÏ ÏÏÎ·Î― ΚιÏÎąÎ―ÏηÏη ÎēÎąÏÎđΚÏÎ― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ΚιÎđ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎĩÎ―Î―ÎŋÎđÏÎ―, ÏÏÏÏ Îŋ Ï ÏÎŋÎŧÎŋÎģÎđÏΞÏÏ ÏÎŋÏ ÎĩÏÎđÏÎŋΚÎŊÎŋÏ , Îŋ ÎąÎ―ÎąÏÎŋΚÎđÏΞÏÏ, ÎŋÎđ ÎĩÏÎđÏÏÏÏÎĩÎđÏ ÏÎŋÏ ÏÎŧηÎļÏÏÎđÏΞÎŋÏ, ΚιÎđ η ÏηΞιÏÎŊÎą ÏÎ·Ï ÎīÎđÎąÏÎŋÏÎŋÏÎŋÎŊηÏÎ·Ï ÏÎąÏÏÎŋÏÏ ÎŧιΚÎŊÎŋÏ .
ÂŦÎĐÏ ÎąÏÎŋÏÎÎŧÎĩÏΞι, ÏÎŋÎŧÎŧÎŽ ÎŽÏÎŋΞι ÎąÎ―ÏÎđΞÎĩÏÏÏÎŊÎķÎŋÏ Î― ÏÏÎŋÎēÎŧÎŪΞιÏÎą ΞÎĩ ÏÎŋ ÏÏÎÎŋÏ, ÏÎ·Î― ÎąÏÎŋÏιΞÎŊÎĩÏ Ïη, ÏÎđÏ ÎĩÏÎĩÎ―ÎīÏÏÎĩÎđÏ, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÎŋÎ― ÏÏÎŋÎģÏιΞΞιÏÎđÏÎžÏ ÎģÎđÎą ÏÎŋ ΞÎÎŧÎŧÎŋÎ―, ΚιÎđ ÎĩÎđÎīÎđΚÏÏÎĩÏÎą Ïη ÏÏ Î―ÏÎąÎūÎđÎŋÎīÏÏηÏÎŪ ÏÎŋÏ ÏÂŧ, ÎąÎ―ÎąÏÎÏÎĩÎđ.
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July 8, 2021
ÎÎđÎąÏÎŊ η ÏÎąÎ―ÎīηΞÎŊÎą ÎļÎą ÎąÎŧÎŧÎŽÎūÎĩÎđ ÎģÎđÎą ÏÎŽÎ―ÏÎą ÏÎŋÎ― ÏÏÎąÏÎĩÎķÎđÎšÏ ÏÎŋΞÎÎą, ÎąÏÏ ÏÎŋÎ― Î ÎąÎ―ÎąÎģÎđÏÏη ÎÎąÏ ÏÎŋΞÎđÏÎŽÎŧη, CFA
ÎÎđÎąÏÎŊ η ÏÎąÎ―ÎīηΞÎŊÎą ÎļÎą ÎąÎŧÎŧÎŽÎūÎĩÎđ ÎģÎđÎą ÏÎŽÎ―ÏÎą ÏÎŋÎ― ÏÏÎąÏÎĩÎķÎđÎšÏ ÏÎŋΞÎÎą, ÎąÏÏ ÏÎŋÎ― Î ÎąÎ―ÎąÎģÎđÏÏη ÎÎąÏ ÏÎŋΞÎđÏÎŽÎŧη, CFA
ÎΚÏΞη ΚιÎđ ÏÏÎđÎ― ÎąÏÏ ÏÎ·Î― ΚÏÎŊÏη ÏÎŋÏ Covid, ÎĩÎŊÏιΞÎĩ ÎīÎĩÎđ ÏÎąÏÎŪ ÏηΞΎÎīÎđÎą ÎąÎŧÎŧÎąÎģÎŪÏ ÏÏÎŋÎ― ÏÏÎąÏÎĩÎķÎđÎšÏ ÎšÎŧÎŽÎīÎŋ. Î ÏÏÎąÏÎĩÎķÎđΚÏÏ ÏÎŋΞÎÎąÏ ÎÏÎŋÎ―ÏÎąÏ ÎĩÏÏÎđÎŽÏÎĩÎđ ÏÎ·Î― ÎĩÎ―ÎÏÎģÎĩÎđÎŽ ÏÏÎ·Î― ÏÏÎŋÏÏÎŽÎļÎĩÎđÎą ÎĩÎūÏÎīÎŋÏ ÎąÏÏ ÏÎ·Î― ΚÏÎŊÏη ÏÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― subprime, ÎΞÎĩÎđÎ―Îĩ ÏÎŊÏÏ ÏÏÎ·Î― ΚιΞÏÏÎŧη ÏÎ·Ï ÏηÏÎđιΚÎŪÏ ÎĩÏÎąÎ―ÎŽÏÏÎąÏÎ·Ï ÎšÎąÎđ ÎēÏÎÎļηΚÎĩ Î―Îą ÎąÏÎĩÎđÎŧÎĩÎŊÏÎąÎđ ÎąÏÏ ÏÎđÏ ÎĩÏÎąÎđÏÎŊÎĩÏ fintech ΚιÎđ ÏÎđÏ ÎžÎĩÎģÎŽÎŧÎĩÏ ÎĩÏÎąÎđÏÎŊÎĩÏ ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎąÏ.
Î ÎŽÎ―ÎĩÏ ÏÏÎŋηÎģÎŋÏ ÎžÎÎ―ÎŋÏ ÎšÏÎŊÏη ÏÎŋÏ ÏÏÎŋΚÎŧÎŪÎļηΚÎĩ ÏÏÎ·Î― ÏÏÎąÎģΞιÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÎąÏÏ ÏÎ·Î― ÏÎąÎ―ÎīηΞÎŊÎą ÎļÎą ÎĩÏηÏÎĩÎŽÏÎĩÎđ ÏÎ·Î― ÏÎŋÎđÏÏηÏÎą ÏÏÎ― ÏÎĩÏÎđÎŋÏ ÏÎđιΚÏÎ― ÏÏÎŋÎđÏÎĩÎŊÏÎ― ÏÏÎŋÏ Ï ÎđÏÎŋÎŧÎŋÎģÎđÏΞÎŋÏÏ ÏÏÎ― ÏÏÎąÏÎĩÎķÏÎ―. ÎÏ ÏÏ ÎļÎą ÎģÎŊÎ―ÎĩÎđ ÎĩΞÏÎąÎ―ÎÏ ÎžÎĩÏÎŽ ÏÎŋ ÏÎÎŧÎŋÏ ÏÏÎ― ÎīÎđÎąÏÏÏÏÎ― ÏÏÎŋÎģÏιΞΞΎÏÏÎ― ÎąÎ―ÎąÏÏÎŋÎŧÎŪÏ ÎąÏÎŋÏÎŧηÏÏΞÎŪÏ ÎīÎąÎ―ÎĩÎŊÏÎ― ÏÎŋÏ ÎÏÎŋÏ Î― ÎĩΚÏÎŋÎ―Î·ÎļÎĩÎŊ ÎąÏÏ ÏÎđÏ ÎšÎĩÎ―ÏÏÎđΚÎÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÎĩ ÏÎŧÎŋ ÏÎŋÎ― ΚÏÏΞÎŋ. ÎÏ ÏÏ ÏÎĩ ÏÏ Î―ÎīÏ ÎąÏÎžÏ ÎžÎĩ Ïη ΞÎĩÎŊÏÏη ÏÎ·Ï ÎŧÎĩÎđÏÎŋÏ ÏÎģÎđΚÎŪÏ ÎšÎĩÏÎīÎŋÏÎŋÏÎŊÎąÏ ÎąÏÏ ÎšÎŧÎąÏÎđΚÎÏ ÎĩΞÏÎŋÏÎđΚÎÏ ÏÏÎąÏÎĩÎķÎđΚÎÏ ÏÏ Î―ÎąÎŧÎŧÎąÎģÎÏ ÎšÎąÎđ ÏÎđÏ ÎžÎĩÎđÏΞÎÎ―ÎĩÏ ÏÏÎŋÎŋÏÏÎđΚÎÏ ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÏÏÎ― ÎīÎąÎ―ÎĩÎđιΚÏÎ― ÏÎąÏÏÎŋÏÏ ÎŧιΚÎŊÏÎ―, ÎļÎą ÎŋÎīηÎģÎŪÏÎĩÎđ ÏÎĩ ÎÎ―Îą ΚÏΞι ÏÏÎąÏÎĩÎķÎđΚÏÎ― ÏÏ ÎģÏÏÎ―ÎĩÏÏÎĩÏÎ― ΚιÎđ ÎļÎą ÎīÎđÎĩÏ ÏÏÎ―ÎĩÎđ ÏÎŋ ÏÎŽÏΞι ΞÎĩÏÎąÎūÏ ÏÏÎ― ÎīÎđÎąÏÎŋÏÎŋÏÎŋÎđηΞÎÎ―ÏÎ― ÏÎŋÎŧÏ ÎžÎĩÎģÎŽÎŧÏÎ― ÏÏÎąÏÎĩÎķÏÎ― (megabanks) ΚιÎđ ÏÎŋÏ Ï ÏÏÎŧÎŋÎđÏÎŋÏ ÏÏÎąÏÎĩÎķÎđΚÎŋÏ ÎšÎŧÎŽÎīÎŋÏ .
ÎÎ― ÏÎŽÏÎŋÏ ÎžÎĩ ÏÏ ÏÎąÏÎŽÎīÎĩÎđÎģΞι ÏÎŋÎ― ÏÏÎąÏÎĩÎķÎđÎšÏ ÏÎŋΞÎÎą ÏÏÎ― ÎÎ Î, η ΚÎĩÏÎīÎŋÏÎŋÏÎŊÎą ÏÏÎ― ÏÎĩÏÏÎŽÏÏÎ― megabank ÏÏÎ― ÎÎ Î (JPMorgan Chase, Bank of America, Citigroup ΚιÎđ Wells Fargo) ÎÏÎĩÎđ ÎūÎĩÏÎĩÏÎŽÏÎĩÎđ ÏÎđÏ ÎĩΚÏÎđΞÎŪÏÎĩÎđÏ ÏÏÎ― ÎąÎ―ÎąÎŧÏ ÏÏÎ―, ÎĩÎ―Ï ÎŋÎđ ÏÎĩÏÎđÏÎĩÏÎĩÎđιΚÎÏ ÎšÎąÎđ ΚÎŋÎđÎ―ÎŋÏÎđΚÎÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÎīÎĩÎŊÏÎ―ÎŋÏ Î― Î―Îą ÎĩÏηÏÎĩÎŽÎķÎŋÎ―ÏÎąÎđ ÏÎŋÎŧÏ ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ ÎąÏÏ ÏÎ·Î― ÏÎąÎ―ÎīηΞÎŊÎą. ÎÎđ ÏÎÏÏÎĩÏÎđÏ ÏÎŋÎŧÏ ÎžÎĩÎģÎŽÎŧÎĩÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÎžÏÏÏÎĩÏÎąÎ― Î―Îą ÎūÎĩÏÎĩÏÎŽÏÎŋÏ Î― ÏÎđÏ ÏÏÎŋÎēÎŧÎÏÎĩÎđÏ ÎŧÏÎģÏ ÏÎ·Ï ÎđÏÏÏ ÏÎŪÏ ÏÎŋÎđÏÏηÏÎąÏ ÏÏÎ― ÏÎĩÏÎđÎŋÏ ÏÎđιΚÏÎ― ÏÎŋÏ Ï ÏÏÎŋÎđÏÎĩÎŊÏÎ―, ÏÏÎ― ÏÏ Î―ÎĩÏÏÎ― ÏÏÎŋÎēÎŧÎÏÎĩÏÎ― ÎģÎđÎą ÎĩÏÎđÏÏÎąÎŧÎŪ ÎīÎŽÎ―ÎĩÎđÎą ΚιÎđ ÏÎą ΞÎĩÎģÎŽÎŧÎą ÎąÏÎŋÎļÎĩΞιÏÎđΚΎ ÏÎŋÏ ÎšÎąÏÎŽÏÎĩÏÎąÎ― Î―Îą ÏÏ ÏÏÏÏÎĩÏÏÎŋÏ Î― ÏÏÎą ÏÏÏÏÎą ÏÏÎŽÎīÎđÎą ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ. ÎĐÏÏÏÏÎŋ, ιΚÏΞη ΚιÎđ ÎģÎđÎą ÎąÏ ÏÎÏ ÏÎđÏ ÎžÎĩÎģÎŽÎŧÎĩÏ ÏÏÎŽÏÎĩÎķÎĩÏ, η Ï ÏÎĩÏÎąÏÏÎīÎŋÏη ÏÏÎŋÎŪÎŧÎļÎĩ ÎąÏÏ ÎÏÎŋÎīÎą ÎąÏÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎÏ ÎĩÏÎģÎąÏÎŊÎĩÏ, ÎÏÎŋÎīÎą ÏÎą ÎŋÏÎŋÎŊÎą ÎīÎĩÎ― ÎĩÎŊÎ―ÎąÎđ ÎīÎđÎąÎļÎÏÎđΞι ÏÎĩ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÎŋÏ ÎĩÏÏÎđÎŽÎķÎŋÏ Î― ÎšÏ ÏÎŊÏÏ ÏÎĩ ÎĩΞÏÎŋÏÎđΚÎÏ ÏÏÎąÏÎĩÎķÎđΚÎÏ ÎīÏÎąÏÏηÏÎđÏÏηÏÎĩÏ.
ÎÏÏ ÏÎ·Î― ÎŽÎŧÎŧη ÏÎŧÎĩÏ ÏÎŽ ÏÎŋÏ ÎÏÎŧÎąÎ―ÏÎđΚÎŋÏ, Îŋ ÏÏÎąÏÎĩÎķÎđΚÏÏ ÏÎŋΞÎÎąÏ ÏÎąÎŊÎ―ÎĩÏÎąÎđ ÎŧÎđÎģÏÏÎĩÏÎŋ ÏÏÎŋÎĩÏÎŋÎđΞιÏΞÎÎ―ÎŋÏ Î―Îą ÎąÎ―ÏÎđΞÎĩÏÏÏÎŊÏÎĩÎđ ÏÎđÏ ÏÏ Î―ÎÏÎĩÎđÎĩÏ ÏÎ·Ï ÎšÏÎŊÏÎ·Ï ÏÎŋÏ Covid. ÎÎđ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÎ·Ï ÎÏ ÏÏÎķÏÎ―Î·Ï ÎīÎĩÎ― ÎĩÎŊÏÎąÎ― ÏÎ·Î― ÎĩÏ ÎšÎąÎđÏÎŊÎą Î―Îą ÎąÎ―ÎąÎšÎŽÎžÏÎŋÏ Î― ÏÎŧÎŪÏÏÏ ÎąÏÏ ÏÎ·Î― ÏÏÎąÏÎĩÎķÎđΚÎŪ ÎšÏÎŊÏη ΚιÎđ, ÏÏ ÎĩΚ ÏÎŋÏÏÎŋÏ , ÎīÎĩÎ― ÎĩÎŊÏÎąÎ― ÏÎ·Î― ÎđÎšÎąÎ―ÏÏηÏÎą Î―Îą ÏÏ ÏÏÏÏÎĩÏÏÎŋÏ Î― ÎąÏÎŋÎļÎĩΞιÏÎđΚΎ ΚιÎđ Î―Îą ÎšÎŽÎ―ÎŋÏ Î― ÏÏÎŋÎēÎŧÎÏÎĩÎđÏ ÎģÎđÎą ÎĩÏÎđÏÏÎąÎŧÎŪ ÎīÎŽÎ―ÎĩÎđÎą ÏÏÎŋ ÎēÎąÎļÎžÏ ÏÎŋÏ ÎÎšÎąÎ―ÎąÎ― ÎŋÎđ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÏÎ― ÎÎ Î. ÎĢÏÎ·Î― ÏÏÎąÎģΞιÏÎđΚÏÏηÏÎą, Ï ÏÎŪÏÎūÎąÎ― ÏÎĩÏÎđÏÏÏÏÎĩÎđÏ ÏÏÎŋÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÏÎŋÎÎēηÏÎąÎ― ÏÎĩ ΞÎĩÎŊÏÏη ÏÏÎ― ÏÏÎŋÎēÎŧÎÏÎĩÏÎ― ÏÎŋÏÏ ÎģÎđÎą ÎĩÏÎđÏÏÎąÎŧÎŪ ÎīÎŽÎ―ÎĩÎđÎą ÎģÎđÎą Î―Îą ÎąÏÎŋÏÏÎģÎŋÏ Î― ΎΞÎĩÏÎĩÏ ÎšÎĩÏÎąÎŧÎąÎđιΚÎÏ ÎąÎ―ÎŽÎģΚÎĩÏ. ÎĐÏ ÎąÏÎŋÏÎÎŧÎĩÏΞι, ÎŧÎŊÎģÎŋ ÏÏÎđÎ― ÎąÏÏ ÏÎŋ ÏÎÎŧÎŋÏ ÏÎŋÏ 2020, η ÎÏ ÏÏÏÎąÏΚÎŪ ÎÏÎđÏÏÎŋÏÎŪ ÎšÏ ÎšÎŧÎŋÏÏÏηÏÎĩ ÎÎ―Îą ÏÏÎÎīÎđÎŋ ÎīÏÎŽÏÎ·Ï ÎģÎđÎą ÏÎ·Î― ÎąÎ―ÏÎđΞÎĩÏÏÏÎđÏη ÏÏÎ― Ξη ÎĩÎūÏ ÏηÏÎĩÏÎŋÏΞÎĩÎ―ÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― ÏÎĩ ÎŋÎŧÏΚÎŧηÏη ÏÎ·Î― ÎÏ ÏÏÏÎąÏΚÎŪ ÎÎ―ÏÏη ΞÎĩÏÎŽ ÏÎ·Î― ÏÎąÎ―ÎīηΞÎŊÎą. ÎĢÏΞÏÏÎ―Îą ΞÎĩ ÏÎ·Î― ÎąÎ―ÎąÎšÎŋÎŊÎ―ÏÏη ÏÎ·Ï ÎÏÎđÏÏÎŋÏÎŪÏ, η ÏÏÏÎąÏηÎģÎđΚÎŪ NPL ÎÏÎĩÎđ ÏÎÏÏÎĩÏÎđÏ ÎēÎąÏÎđΚÎŋÏÏ ÏÏÏÏÎŋÏ Ï:
1. Î ÎĩÏÎąÎđÏÎÏÏ ÎąÎ―ÎŽÏÏÏ Îūη ÎīÎĩÏ ÏÎĩÏÎŋÎģÎĩÎ―ÏÎ― ÎąÎģÎŋÏÏÎ― ÎģÎđÎą ÏÏÎŋÎēÎŧηΞιÏÎđΚΎ ÏÎĩÏÎđÎŋÏ ÏÎđιΚΎ ÏÏÎŋÎđÏÎĩÎŊÎą, ÏÎą ÎŋÏÎŋÎŊÎą ÎļÎą ÎĩÏÎđÏÏÎÏÎŋÏ Î― ÏÏÎđÏ ÏÏÎŽÏÎĩÎķÎĩÏ Î―Îą ÎąÏÎŋΞιΚÏÏÎ―ÎŋÏ Î― ÏÎą NPL ÎąÏÏ ÏÎŋÏ Ï ÎđÏÎŋÎŧÎŋÎģÎđÏΞÎŋÏÏ ÏÎŋÏ Ï, ÎīÎđÎąÏÏÎąÎŧÎŊÎķÎŋÎ―ÏÎąÏ ÏÎąÏÎŽÎŧÎŧηÎŧÎą ÏÎ·Î― ÏÎĩÏÎąÎđÏÎÏÏ ÎĩÎ―ÎŊÏÏÏ Ïη ÏÎ·Ï ÏÏÎŋÏÏÎąÏÎŊÎąÏ ÏÏÎ― ÎīÎąÎ―ÎĩÎđÎŋÎŧηÏÏÏÎ―.
2. ÎÎĩÏÎąÏÏÏÎļΞÎđÏη ÏÎ·Ï Î―ÎŋΞÎŋÎļÎĩÏÎŊÎąÏ ÏÎ·Ï ÎÎ ÏÎĩÏÎŊ ÎąÏÎĩÏÎĩÎģÎģÏ ÏÏηÏÎąÏ ÎšÎąÎđ ÎąÎ―ÎŽÎšÏηÏÎ·Ï ÏÏÎĩÏÎ―, η ÎŋÏÎŋÎŊÎą ÎļÎą ÏÏ ÎžÎēÎŽÎŧÎĩÎđ ÏÏη ÏÏÎģΚÎŧÎđÏη ÏÏÎ― ÎīÎđÎąÏÏÏÏÎ― ÏÎŧÎąÎđÏÎŊÏÎ― ÎąÏÎĩÏÎĩÎģÎģÏ ÏÏηÏÎąÏ ÏÎĩ ÎŋÎŧÏΚÎŧηÏη ÏÎ·Î― ÎÎ, ÎīÎđÎąÏηÏÏÎ―ÏÎąÏ ÏÎąÏÎŽÎŧÎŧηÎŧÎą Ï ÏηÎŧÎŽ ÏÏÏÏÏ ÏÎą ÏÏÎŋÏÏÎąÏÎŊÎąÏ ÎšÎąÏÎąÎ―ÎąÎŧÏÏÏÎ―.
3. ÎĨÏÎŋÏÏÎŪÏÎđÎūη ÏÎ·Ï ÎīηΞÎđÎŋÏ ÏÎģÎŊÎąÏ ÎšÎąÎđ ÏÎ·Ï ÏÏ Î―ÎĩÏÎģÎąÏÎŊÎąÏ ÎÎļÎ―ÎđΚÏÎ― ÎÏÎąÎđÏÎĩÎđÏÎ― ÎÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï Î ÎĩÏÎđÎŋÏ ÏÎđιΚÏÎ― ÎĢÏÎŋÎđÏÎĩÎŊÏÎ― (AMC) ÏÎĩ ÎĩÏÎŊÏÎĩÎīÎŋ ÎÎ.
4. ÎÏÎąÏΞÎŋÎģÎŪ ÏÏÎŋÎŧηÏÏÎđΚÏÎ― ΞÎÏÏÏÎ― ÎīηΞÏÏÎđÎąÏ ÏÏÎŪÏÎđÎūηÏ, ÏÏÎŋÏ ÎąÏÎąÎđÏÎĩÎŊÏÎąÎđ, ÎģÎđÎą Ïη ÎīÎđÎąÏÏÎŽÎŧÎđÏη ÏÎ·Ï ÎąÏÏÏÏΚÎŋÏÏÎ·Ï ÏÏηΞιÏÎŋÎīÏÏηÏÎ·Ï ÏÎ·Ï ÏÏÎąÎģΞιÏÎđΚÎŪÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎąÏ ÏÏΞÏÏÎ―Îą ΞÎĩ ÏÎ·Î― ÎŋÎīηÎģÎŊÎą
ÎģÎđÎą ÏÎ·Î― ÎąÎ―ÎŽÎšÎąÎžÏη ΚιÎđ ÏÎ·Î― ÎĩÎūÏ ÎģÎŊÎąÎ―Ïη ÏÏÎ― ÏÏÎąÏÎĩÎķÏÎ― ÏÎ·Ï ÎΠΚιÎđ ÏÎą ÏÎŧÎąÎŊÏÎđÎą ΚÏÎąÏÎđΚÏÎ― ÎĩÎ―ÎđÏÏÏÏÎĩÏÎ―.
ÎĐÏ ÎĩÏιΚÏÎŧÎŋÏ ÎļÎŋ ÏÏÎ― ÏÎđÎŋ ÏÎŽÎ―Ï, ÎĩÎŊÎ―ÎąÎđ ÏÏ ÏÎđÎšÏ Î―Îą ÎĩÏηÏÎĩÎąÏÏÎĩÎŊ ΚιÎđ Îŋ ÎšÏ ÏÏÎđιΚÏÏ ÏÏÎąÏÎĩÎķÎđΚÏÏ ÏÎŋΞÎÎąÏ, ÎĩÎđÎīÎđΚΎ ÎĩÎŽÎ― ÎŧÎŽÎēÎŋÏ ÎžÎĩ Ï ÏÏÏη ÏÏÎđ η ÎÏÏÏÎŋÏ ÎÏÎĩÎđ ΚιÏÎąÎģÏÎŽÏÎĩÎđ ÏÎŋ ÏηÎŧÏÏÎĩÏÎŋ ΞÎĩ ÎīÎđÎąÏÎŋÏÎŽ ÏÎŋÏÎŋÏÏÏ ÏÎąÎģÎŋÏÎŋÎŊηÏÎ·Ï ÎąÏÎŋÏÎŧηÏÏΞÎŪÏ ÎīÎąÎ―ÎĩÎŊÏÎ― ÏÏÎ·Î― ÎÏ ÏÏÏη, ÏÏΞÏÏÎ―Îą ΞÎĩ ÏÎ·Î― ÎÏ ÏÏÏÎąÏΚÎŪ ÎÏÏÎŪ ÎĪÏÎąÏÎĩÎķÏÎ― (ÏÎĩÏÎŊÏÎŋÏ ÏÎŋ 55% ÏÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― ÏÎŋÏ ÎđÎīÎđÏÏÎđΚÎŋÏ ÏÎŋΞÎÎą ÏÏÎŋ ÏÎÎŧÎŋÏ- ÎĢÎĩÏÏÎΞÎēÏÎđÎŋÏ 2020) ΚιÎđ ÏÎŋ ÎīÎĩÏÏÎĩÏÎŋ Ï ÏηÎŧÏÏÎĩÏÎŋ ÏÎŋÏÎŋÏÏÏ ÎžÎ· ÎĩÎūÏ ÏηÏÎĩÏÎŋÏΞÎĩÎ―ÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ―, ÏÏΞÏÏÎ―Îą ΞÎĩ ÏÎą ÏÏÎŋÎđÏÎĩÎŊÎą ÏÎ·Ï ÎÎÎĪ. ÎļÎą ÏÏÎÏÎĩÎđ Î―Îą ÏÎĩÏÎđΞÎÎ―ÎŋÏ ÎžÎĩ ÏÏÎđ ÎÎ―ÎąÏ ÏÎ·ÎžÎąÎ―ÏÎđΚÏÏ ÎąÏÎđÎļΞÏÏ ÏÏÎŋÎēÎŧηΞιÏÎđΚÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― ÎļÎą ÏÏÎÏÎĩÎđ Î―Îą ΞÎĩÏιΚÎđÎ―Î·ÎļÎĩÎŊ ÎąÏÏ ÏÎŋÏ Ï ÎđÏÎŋÎŧÎŋÎģÎđÏΞÎŋÏÏ ÏÏÎ― ÏÏÎąÏÎĩÎķÏÎ― ÏÎĩ ÎīÎđÎąÏÎĩÎđÏÎđÏÏÎÏ ÏÎĩÏÎđÎŋÏ ÏÎđιΚÏÎ― ÏÏÎŋÎđÏÎĩÎŊÏÎ―, ÏÏÏÏ ÎÎģÎđÎ―Îĩ ÎģÎđÎą ÏÎąÏÎŽÎīÎĩÎđÎģΞι ΞÎĩ ÏÎ·Î― ÏÏÏÏÏÎąÏη ÏÏÎŧηÏη ÏÎŋÏ ÏÎąÏÏÎŋÏÏ ÎŧιΚÎŊÎŋÏ ÎžÎ· ÎĩÎūÏ ÏηÏÎĩÏÎŋÏΞÎĩÎ―ÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― ÂŦHelix 2 Portfolio BÂŧ ÎąÏÏ ÏÎ·Î― ÎĪÏÎŽÏÎĩÎķÎą ÎÏÏÏÎŋÏ ÏÎĩ ÎÎ―Îą ÏιΞÎĩÎŊÎŋ ÏÏ Î―ÎīÎĩÎīÎĩΞÎÎ―Îŋ ΞÎĩ ÏÎ·Î― PIMCO. ÎÏÎđÏÎŧÎÎŋÎ―, ÏÏΞÏÏÎ―Îą ΞÎĩ ÏÎđÏ ÎšÎąÏÎĩÏ ÎļÏ Î―ÏÎŪÏÎđÎĩÏ ÎģÏιΞΞÎÏ ÏÎ·Ï ÎÏ ÏÏÏÎąÏΚÎŪÏ ÎÏÎđÏÏÎŋÏÎŪÏ, ÎļÎą ΚιÏÎąÏÏÎĩÎŊ ÎąÎ―ÎąÎģΚιÎŊÎą η ÏÏÏÏÎąÏη ΞÎŊÎąÏ ÎĩÏÎąÎđÏÎĩÎŊÎąÏ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÏÎĩÏÎđÎŋÏ ÏÎđιΚÏÎ― ÏÏÎŋÎđÏÎĩÎŊÏÎ― ÎģÎđÎą Ïη ÎīÎđÎąÏÎĩÎŊÏÎđÏη Ξη ÎĩÎūÏ ÏηÏÎĩÏÎŋÏΞÎĩÎ―ÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― ÏÎŋÏ ÎĩÎ―ÎīÎÏÎĩÏÎąÎđ Î―Îą ÏÏÎŋΚÏÏÎŋÏ Î― ÏÏ ÎŽÎžÎĩÏÎŋ ÎąÏÎŋÏÎÎŧÎĩÏΞι ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ. ÎÎŊÎ―ÎąÎđ ÏÎŋÎŧÏ ÏÎđÎļÎąÎ―Ï ÏÏÎđ ÎÎ―Îą ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÏÎŋÏÎŋÏÏÏ ÏÏÎ― ÎīÎąÎ―ÎĩÎŊÏÎ― ÏÏÎŋÏ Ï 12 ÎīÎđÏÎĩΚιÏÎŋÎžÎžÏ ÏÎŊÏÎ― ÎĩÏ ÏÏ ÏÎŋÏ ÎŪÏÎąÎ― ΚΎÏÏ ÎąÏÏ ÏÎŋ ΞÎŋÏÎąÏÏÏÎđÎŋÏ Îž ÎąÏÎŋÏÎŧηÏÏΞÎŪÏ ÎīÏÏÎĩÏÎ― ΚιÏÎŽ ÏÎŋ ÏÎÎŧÎŋÏ ÏÎŋÏ 2020, Î―Îą ΚιÏÎąÏÏÎĩÎŊ Ξη ÎĩÎūÏ ÏηÏÎĩÏÎŋÏΞÎĩÎ―Îŋ ÏÎŋ 2021.
Î ÎąÎ―ÎąÎģÎđÏÏÎ·Ï ÎÎąÏ ÏÎŋΞÎđÏÎŽÎŧηÏ, CFA, Î ÏÏÎĩÎīÏÎŋÏ CFA Society Cyprus
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July 8, 2021
ÎÏÎąÎđÏÎŪÏÎĩÎđÏ ÏÏÎÎŋÏ Ï, ÎąÏÎŋ ÏÎŋÎ― ÎÎĩÎ―ÎÎŧÎąÎŋ Î ÎŋÏ ÎŧÎŧÎŪ CFA
Î ÏÎąÎ―ÎīηΞÎŊÎą ÏÎŋÏ ÎšÎŋÏÎŋÎ―ÎŋÏÎŋÏ COVID19 ÎąÏÎŋÎīÎđÎŋÏÎģÎŽÎ―ÏÏÎĩ ÏÏÏÎŋ ÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎīÏÎąÏÏηÏÎđÏÏηÏÎą ÏÏÎŋ ΚιÎđ ÏÎą ÎīηΞÏÏÎđÎą ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚΎ ÏÏÎ·Î― ÎÏÏÏÎŋ. ÎĪÎą ÏÏÎŋÎŧηÏÏÎđΚΎ ΞÎÏÏÎą ΚιÎđ ÏÎą ΞÎÏÏÎą ÏÎĩÏÎđÎŋÏÎđÏΞÎŋÏ (lockdown) ÏÎŋÏ ÏÎÎļÎ·ÎšÎąÎ― ÏÎĩ ÎđÏÏÏ ÏÏ ÎĩÏÎģÎąÎŧÎĩÎŊÎą ÎģÎđÎą ÏÎ·Î― ÎąÎ―ÏÎđΞÎĩÏÏÏÎđÏη ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ ÎĩÏηÏÎÎąÏÎąÎ― ÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą.
ÎÏÎģÏ ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ, Îŋ ÏÏ ÎļΞÏÏ ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÏÎ·Ï ÎšÏ ÏÏÎđιΚÎŪÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎąÏ ÏÏÎŋÎēÎŧÎÏÎĩÏÎąÎđ Î―Îą ΞÎĩÎđÏÎļÎĩÎŊ ΚιÏÎŽ 5,5% ÏÎŋ 2020. ÎĐÏÏÏÏÎŋ, η ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÏÏÎŋÎēÎŧÎÏÎĩÏÎąÎđ Î―Îą ÎÏÎĩÎđ ÎļÎĩÏÎđÎšÏ ÏÏ ÎļÎžÏ ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÏÎą ÎĩÏÏΞÎĩÎ―Îą ÏÏÏÎ―ÎđÎą. Î ÏÏ ÎļΞÏÏ ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÎąÎ―ÎąÎžÎÎ―ÎĩÏÎąÎđ Î―Îą ÎĩÎŊÎ―ÎąÎđ 4,5% ÎģÎđÎą ÏÎŋ 2021 ΚιÎđ ΞÎĩÏÎŋÏÏÏÎļÎĩÏΞι ÏÏÎŋ 2,8% ÏÎŋ 2023.
ÎÎđÎą Î―Îą ΚιÏÎąÏÎŋÎŧÎĩΞÎŪÏÎĩÎđ ÏÎŋÎ― ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ, η ÎšÏ ÎēÎÏÎ―Î·Ïη ÏÏÏÎŽÏηΚÎĩ ÏÏÎŋÏ ÏÏÎđÏ ÎīÎđÎĩÎļÎ―ÎĩÎŊÏ ÎąÎģÎŋÏÎÏ Î―Îą ÎąÎ―ÏÎŧÎŪÏÎĩÎđ ΚÎĩÏÎŽÎŧÎąÎđÎą. ΠΚÏÏÎđÎŋÏ ÏÏÏÏÎŋÏ ÏÎ·Ï ÎšÏ ÏÏÎđιΚÎŪÏ ÎšÏ ÎēÎÏÎ―Î·ÏÎ·Ï ÎŪÏÎąÎ― Î―Îą ÎĩÎŧÎąÏÎđÏÏÎŋÏÎŋÎđÎŪÏÎĩÎđ ÏÎŋÎ― ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÎŋÏ ÎļÎą ÎĩÎŊÏÎĩ η ÏÎąÎ―ÎīηΞÎŊÎą ÏÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎąÎ―ÎŽÏÏÏ Îūη, Î―Îą ÏÏ ÎģΚÏÎąÏÎŪÏÎĩÎđ ÏÎ·Î― ÎąÎ―ÎĩÏÎģÎŊÎą ΚιÎđ Î―Îą ÎīÎđÎąÏÏ ÎŧÎŽÎūÎĩÎđ Ïη ΞιΚÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÏÏÎąÎļÎĩÏÏÏηÏÎą. ÎÎđ ÎąÎ―ÎŽÎģΚÎĩÏ ÏÏηΞιÏÎŋÎīÏÏηÏÎ·Ï ÎļÎą ÎšÏ ÎžÎąÎŊÎ―ÎŋÎ―ÏÎąÎđ ΞÎĩÏÎąÎūÏ 6% ΚιÎđ 11% ÏÎŋÏ ÎÎΠΚιÏÎŽ ÏÎ·Î― ÏÏÎđÎĩÏÎŊÎą. ÎĢÏΞÏÏÎ―Îą ΞÎĩ ÏÎŋ ÎĨÏÎŋÏ ÏÎģÎĩÎŊÎŋ ÎÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ―, ÎŋÎđ ιΚιÎļÎŽÏÎđÏÏÎĩÏ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎÏ ÎąÎ―ÎŽÎģΚÎĩÏ ÏÏÎŋÎēÎŧÎÏÎĩÏÎąÎđ Î―Îą ÎĩÎŊÎ―ÎąÎđ 2,3 ÎīÎđÏÎĩΚιÏÎŋΞΞÏÏÎđÎą ÎĩÏ ÏÏ ÏÎŋ 2021, 2,1 ÎīÎđÏÎĩΚιÏÎŋΞΞÏÏÎđÎą ÎĩÏ ÏÏ ÏÎŋ 2022 ΚιÎđ 1,4 ÎĩÏ ÏÏ ÏÎŋ 2023.
ΠΚÏÏÎđÎą ÏηÎģÎŪ ÎīÎąÎ―ÎĩÎđÏΞÎŋÏ ÎģÎđÎą ÏÎđÏ ÏÏηΞιÏÎŋÎīÎŋÏÎđΚÎÏ ÎąÎ―ÎŽÎģΚÎĩÏ ÎļÎą ÏÏ Î―ÎĩÏÎŊÏÎĩÎđ Î―Îą ÎĩÎŊÎ―ÎąÎđ ÏÎą ÎĩÏ ÏÏÏÎąÏΚΎ ΞÎĩÏÎŋÏÏÏÎļÎĩÏΞι ÎŋΞÏÎŧÎŋÎģÎą (EMTN). ÎÎÏÏ ÏÎŋÏ EMTN η ÎšÏ ÎēÎÏÎ―Î·Ïη ÎĩÎŊÎ―ÎąÎđ ÏÎĩ ÎļÎÏη Î―Îą ÏÏÎŋÏÎĩÎŧΚÏÏÎĩÎđ ÎīÎđÎĩÎļÎ―ÎĩÎŊÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ. ÎÎđ ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ ÏÎ·Ï ÎĩÎģÏÏÏÎđÎąÏ ÎąÎģÎŋÏÎŽÏ ÎļÎą ÎąÏÎŋÏÎĩÎŧÎÏÎŋÏ Î― ÎĩÏÎŊÏÎ·Ï ÏηÎģÎŪ ÏÏηΞιÏÎŋÎīÏÏηÏÎ·Ï ÏÎ·Ï ÎηΞÎŋΚÏÎąÏÎŊÎąÏ. ÎÏÎŊÏηÏ, ÏÏÎŋ ÎŋÏÎŧÎŋÏÏÎŽÏÎđÎŋ ÏÎ·Ï ÎšÏ ÎēÎÏÎ―Î·ÏÎ·Ï ÏÏ ÏÏÏÏÎļÎĩÏÎą ÎĩÏÎģÎąÎŧÎĩÎŊÎą ÎĩÎŊÎ―ÎąÎđ ÏÎą ÎŋΞÏÎŧÎŋÎģÎą ÏÎŋÏ ÎĩΚÎīÎŊÎīÎŋÎ―ÏÎąÎđ ÏÎĩ ÎđÎīÎđÏÏÎĩÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ, ÏÎą ÎēÏÎąÏÏ ÏÏÏÎļÎĩÏΞι ÎģÏιΞΞΎÏÎđÎą ÎīηΞÎŋÏÎŊÎŋÏ ÎšÎąÎđ ÎīÎŽÎ―ÎĩÎđÎą ÎąÏÏ ÎīÎđÎĩÎļÎ―ÎĩÎŊÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÎģÎđÎą ÏÏηΞιÏÎŋÎīÏÏηÏη ÎÏÎģÏÎ―.
3.2. ÎÎĩÎŊΚÏÎ·Ï Î§ÏÎÎŋÏ Ï ÏÏÎŋÏ ÏÎŋ ÎÎÎ
Î ÎÎĩÎŊΚÏÎ·Ï ÏÏÎÎŋÏ Ï ÏÏÎŋÏ ÏÎŋ ÎÎÎ ÎąÏ ÎūÎŪÎļηΚÎĩ ÎŋÏ ÏÎđÎąÏÏÎđΚΎ ÏÎŋ 2020 ÎÎ―ÎĩΚι ÏÎŋÏ ÏÏÎÎŋÏ Ï ÏÎŋÏ ÎĩÎūÎÎīÏÏÎĩ η ÎšÏ ÎēÎÏÎ―Î·Ïη. ÎĢÏ Î―ÎĩÏÏÏ, Îŋ ÎĩÎ― ÎŧÏÎģÏ ÎīÎĩÎŊΚÏÎ·Ï ÎĩΚÏÎđΞΎÏÎąÎđ ÏÏÎđ ÎļÎą ÎąÏ ÎūηÎļÎĩÎŊ ÏÏÎŋ 119% ÎąÏÏ 94% ÏÎŋ 2019. ÎÎūÎŊÎķÎĩÎđ Î―Îą ÏηΞÎĩÎđÏÎļÎĩÎŊ ÏÏÎđ η ÎšÏ ÎēÎÏÎ―Î·Ïη ÎÏÎĩÎđ ÏÏ ÏÏÏÏÎĩÏÏÎĩÎđ ÏÎ·ÎžÎąÎ―ÏÎđΚΎ ÎąÏÎŋÎļÎĩΞιÏÎđΚΎ ΞÎĩÏÏηÏÏÎ― ÎģÎđÎą Î―Îą ÎąÎ―ÏÎđΞÎĩÏÏÏÎŊÏÎĩÎđ ÏÎŋÎ― ÎąÎ―ÎąÎžÎĩÎ―ÏΞÎĩÎ―Îŋ ÎąÏÎ―Î·ÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ ÏÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą.
Î ÎąÏÎŽ ÏÎ·Î― ÎąÏÎūηÏη ÏÎŋÏ ÎīÎĩÎŊΚÏη ÏÏÎÎŋÏ Ï ÏÏÎŋÏ ÏÎŋ ÎÎÎ , ÎŋÎđ ÎĩÏ Î―ÎŋÏΚÎÏ ÏÏ Î―ÎļÎŪΚÎĩÏ ÏιΞηÎŧÏÎ― ÎĩÏÎđÏÎŋΚÎŊÏÎ― ΚιÎđ ÏÎŋ ΚÎŧÎŊΞι ÎĩÏÎđÎļÏ ÎžÎŊÎąÏ ÎģÎđÎą ÎĩÏÎđÏÏÏÏÎļÎĩÏÎŋ ÏÎđÏÏÏÏÎđÎšÏ ÎšÎŊÎ―ÎīÏ Î―Îŋ ÎąÏÏ ÏÎŋÏ Ï ÏÏ ÎžÎžÎĩÏÎÏÎŋÎ―ÏÎĩÏ ÏÏÎ·Î― ÎąÎģÎŋÏÎŽ ÏÏ Î―ÎÎēÎąÎŧÎąÎ― ÏÏη ΞÎĩÎŊÏÏη ÏÎŋÏ ÎšÏÏÏÎŋÏ Ï ÏÏηΞιÏÎŋÎīÏÏηÏÎ·Ï ÎģÎđÎą ÏÎ·Î― ÎÏÏÏÎŋ. ÎĪÎŋ ΞÎÏÎŋ ÏÏÎąÎļΞÎđÎšÏ ÎšÏÏÏÎŋÏ ÏÎŋÏ ÎīηΞÏÏÎđÎŋÏ ÏÏÎÎŋÏ Ï ÎžÎĩÎđÏÎļηΚÎĩ ÏÎĩ ÎđÏÏÎŋÏÎđΚΎ ÏιΞηÎŧÎŽ ÎĩÏÎŊÏÎĩÎīÎą 1,8% (ΚιÏÎŽ ÏÏÎŋÏÎÎģÎģÎđÏη) ÏÎŋ 2020.
ÎĪÎŋ ÎĨÏÎŋÏ ÏÎģÎĩÎŊÎŋ ÎÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÏÏÎŋÎēÎŧÎÏÎĩÎđ ÎĩÏÎŊ ÏÎŋÏ ÏÎąÏÏÎ―ÏÎŋÏ ÏÎŋ ÎÎŧÎŧÎĩÎđΞΞι ÏÎŋÏ ÏÏÎŋÏÏÎŋÎŧÎŋÎģÎđÏΞÎŋÏ ÎģÎđÎą ÏÎŋ 2021 ÏÏÎđ ÎļÎą ÎšÏ ÎžÎąÎ―ÎļÎĩÎŊ ΞÎĩÏÎąÎūÏ 2,7% ÎÏÏ 3%. ÎÎđÎą ÏÎŋÎ― ÎīÎĩÎŊΚÏη ÏÏÎÎŋÏ Ï ÏÏÎŋÏ ÎÎÎ ÏÎŋ 2021 ÎąÎ―ÎąÎžÎÎ―ÎĩÏÎąÎđ ΞÎĩÎŊÏÏη ÏÎĩ ÎĩÏÎŊÏÎĩÎīÎą ΞÎĩÏÎąÎūÏ 111% – 113%. ÎĪÎŋ ΚÏÏÏÎŋÏ ÏÎŋÏ ÏÏÎÎŋÏ Ï ÎąÎ―ÎąÎžÎÎ―ÎĩÏÎąÎđ Î―Îą ΞÎĩÎđÏÎļÎĩÎŊ ÏÎĩÏÎąÎđÏÎÏÏ ÎšÎąÎļÏÏ Î· ÎÏ ÎēÎÏÎ―Î·Ïη ÎļÎą ÎąÎ―ÎąÏÏηΞιÏÎŋÎīÎŋÏÎĩÎŊ ΚιÎđ ÎąÎ―ÏÎđΚιÏÎąÏÏÎĩÎŊ ΞÎĩ ÏÏÎĩÏÎđΚΎ ÎŧÎđÎģÏÏÎĩÏÎŋ ιΚÏÎđÎēÏ ÏÏÎÎŋÏ ÎŧÏÎģÏ ÏÏÎ― ÎĩÏ Î―ÎŋÏΚÏÎ― ÏÏ Î―ÎļηΚÏÎ― ÏÎ·Ï ÎąÎģÎŋÏÎŽÏ.
3.3. Î ÎđÏÏÎŋÎŧηÏÏÎđΚÎŪ ÏÎŋÎđÏÏηÏÎą
ÎĪÎŋ 2020 η ΞιΚÏÎŋÏÏÏÎļÎĩÏΞη ÏÎđÏÏÎŋÎŧηÏÏÎđΚÎŪ ÎđÎšÎąÎ―ÏÏηÏÎą ÏÏÎÎŋÏ Ï ÎīÎđÎąÏηÏÎŪÎļηΚÎĩ ÎąÏÏ ÏÎŋÏ Ï ÎīÎđÎĩÎļÎ―ÎĩÎŊÏ ÎŋÎŊΚÎŋÏ Ï ÎąÎūÎđÎŋÎŧÏÎģηÏηÏ. Î ÎēÎĩÎŧÏÎŊÏÏη ÏÎ·Ï ÏÎđÏÏÎŋÎŧηÏÏÎđΚÎŪÏ ÎđÎšÎąÎ―ÏÏηÏÎąÏ ÎģÎđÎą ÏÎ·Î― ÎšÏ ÎēÎÏÎ―Î·Ïη ÏÎą ÏÎĩÎŧÎĩÏ ÏÎąÎŊÎą ÏÏÏÎ―ÎđÎą ÏÎĩ ÏÏ Î―ÎīÏ ÎąÏÎžÏ ÎžÎĩ Ïη ÎīÎđÎąÏÎŪÏηÏη ÏÎŋÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎŋÏ ÎēÎąÎļΞÎŋÏ ÎąÏÏ ÏÎŋÏ Ï ÎšÏÏÎđÎŋÏ Ï ÎīÎđÎĩÎļÎ―ÎĩÎŊÏ ÎŋÎŊΚÎŋÏ Ï ÎąÎūÎđÎŋÎŧÏÎģηÏÎ·Ï ÎĩÎŊÎ―ÎąÎđ ΚιÎŧÎŋÎŊ ÏÎąÏÎŽÎģÎŋÎ―ÏÎĩÏ ÎģÎđÎą ÏÏÏÏÎēÎąÏη ÏÏÎđÏ ÎīÎđÎĩÎļÎ―ÎĩÎŊÏ ÎąÎģÎŋÏÎÏ. ÎÎÏÏÎđ ÏÎŋÎ― ÎĶÎĩÎēÏÎŋÏ ÎŽÏÎđÎŋ ÏÎŋÏ 2020, ÏÎŋ ÏÎđÏÏÏÏÎđÎšÏ ÏÎĩÏÎđÎļÏÏÎđÎŋ (credit margin spread) ÏÎŋÏ 10ÎĩÏÎŋÏÏ ÎŋΞÎŋÎŧÏÎģÎŋÏ ÏÏ Î―ÎÏÎđÏÎĩ ÏÎ·Î― ÏÏÏÏÎđΚÎŪ ÏÎŋÏ ÏÎŽÏη.
ÎĐÏÏÏÏÎŋ, η ÎąÏÎūηÏη ÏÎŋÏ ÎīÎĩÎŊΚÏη ÏÏÎÎŋÏ Ï ÏÏÎŋÏ ÏÎŋ ÎÎÎ ÏÎŋÏ ÎąÎ―ÎąÏÎÏÎļηΚÎĩ ÏÎąÏÎąÏÎŽÎ―Ï, ÎŋÎđ ÏÏÎŋΚÎŧÎŪÏÎĩÎđÏ ÏÎŋÏ ÎļÎą ÎąÎ―ÏÎđΞÎĩÏÏÏÎŊÏÎŋÏ Î― ÎŋÎđ ÏÏÎŽÏÎĩÎķÎĩÏ ÎžÎĩ ÏÎđÎļÎąÎ―ÎŪ ÎąÏÎūηÏη ÏÏÎ― Ξη ÎĩÎūÏ ÏηÏÎĩÏÎŋÏΞÎĩÎ―ÏÎ― ÎīÎŽÎ―ÎĩÎđÏÎ―, ÎŋÎđ ΞÎĩÎđÏΞÎÎ―ÎĩÏ ÎąÎ―ÎąÎžÎĩÎ―ÏΞÎĩÎ―ÎĩÏ ÎąÏÎŊÎūÎĩÎđÏ ÏÎŋÏ ÏÎđÏÏÏÎ― ΚιÎđ η ÎģÎĩÎ―ÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎĩÏÎđÎīÎĩÎŊÎ―ÏÏη ΞÎĩÏÎŋÏÏÏÎļÎĩÏΞι ÎąÏΚÎŋÏÎ― ΞÎĩÎģÎąÎŧÏÏÎĩÏη ÏÎŊÎĩÏη ÏÏÎą ÏÏÎŋÎđÏÎĩÎŊÎą ÎąÎūÎđÎŋÎŧÏÎģηÏÎ·Ï ÏÎ·Ï ÏÎđÏÏÎŋÎŧηÏÏÎđΚÎŪÏ ÎđÎšÎąÎ―ÏÏηÏÎąÏ. ÎÏÎŋΞÎÎ―ÎĩÎđ Î―Îą ÎīÎŋÏΞÎĩ ÏÏÏ ÎļÎą ÎąÎ―ÏÎđÎīÏÎŽÏÎĩÎđ η ÎšÏ ÏÏÎđιΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÏÎŋÎ― ÎĩÏÏΞÎĩÎ―Îŋ ÏÏÏÎ―Îŋ ΚιÎļÏÏ Î· ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎąÎ―ÎļÎĩΚÏÎđΚÏÏηÏÎą ÏÎ·Ï ÎÏÏÏÎŋÏ ÎļÎą ÎīÎŋΚÎđΞιÏÏÎĩÎŊ.
ΠηÎģÎÏ:
- ÎÎĩÏÎŋÏÏÏÎļÎĩÏΞη ÏÏÏÎąÏηÎģÎđΚÎŪ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎīηΞÏÏÎđÎŋÏ ÏÏÎÎŋÏ Ï 2021-2023 ÏÎŋÏ ÎĩΚÎīÏÎļηΚÎĩ ÎąÏÏ ÏÎŋ ÎĨÏÎŋÏ ÏÎģÎĩÎŊÎŋ ÎÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ―, ÎΚÏÏÎēÏÎđÎŋÏ 2020.
- ÎąÎ―ÎąÎšÎŋÎŊÎ―ÏÏη ÏÏÎĩÏÎđΚΎ ΞÎĩ ÏÎ·Î― ÎąÎģÎŋÏÎŽ ÎąÏÏ ÏÎŋ ÎģÏÎąÏÎĩÎŊÎŋ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎīηΞÏÏÎđÎŋÏ ÏÏÎÎŋÏ Ï ÏÎŋÎ― ÎΚÏÏÎēÏÎđÎŋ ÏÎŋÏ 2020.
Other
July 8, 2021
Covid-19 Impact on the real economy, Thalia Kounouni CFA
The pandemic has had a significant impact on the real economy as a consequence of enforced measures by Governments in an effort to contain the virus but also in consumer behavioral changes in re-evaluating the way we operate. As in any shock, some industries benefit, some are negatively affected and there is a rise of new opportunities.
Tourism
Restriction of travel between most countries, but also the reluctance of individuals to travel due to safety concerns have devastated both the airline and hospitality industries. For Cyprus, where tourism contributes to c. 23% of its GDP, the global outbreak had a material impact on the local economy. With more than 90% reduction in tourist arrivals in peak summer months, a significant number of hotels in Cyprus did not open for business during the usually most busy period. This had a ripple effect on restaurants and bars both due to restrictions to operate, but also demand was limited. The effects on tourism are likely to hold for the medium term as part of three main uncertainties: airlines available in the country after significant changes in market players, the success of the vaccination roll-out and the effectiveness of the vaccines to new virus variants, behavioral changes and preferences towards local tourism.
Retail trade
The pandemic has had a diverse impact on retail trade both between and within sub-sectors. As a consequence of stock supply and health concerns but also people spending more time at home, food and beverage and health products sections surged while electronics and furniture had also a positive impact. As malls remained closed for the majority of 2020, consumers turned to high-street shops. Stores, regardless of size, shifted towards online sales with improved delivery options. In the medium to long term we expect a change in the industry landscape as consumers develop an appetite towards a combination between physical and on-line shopping, development of logistic hubs and improvements in supply chain automations.
Construction and real estate
Although the construction and real estate sector was flourishing in the last years, both the global outbreak and the cease of the citizenship scheme has caused significant turbulence. Focus has shifted from high-value luxurious units to moderate housing units with emphasis on completion of under development projects. Deterioration in unemployment rates and reduced financing opportunities are likely to affect the industry in general, with specific asset types more resilient than others. Residential real estate is likely to prove more resilient both for ownership and as an attractive investment, while commercial real estate is more uncertain.
The new growth sectors
Every market shock gives rise to opportunities. As all sectors were forced to find new ways to operate and survive within the restrictions of the pandemic measures, the technology sector has seen significant advances, including video conferencing, cloud computing, digital signatures and artificial intelligence making also information security of vital importance. The expansion of on-line retail has also given a promising outlook for the logistics sector.
The need for a new economic model
Although a countryâs business model should frequently be evaluated and improved, the pandemic has made the need to reconsider the economic model for the Cypriot economy even more prominent. Improvements in legal frameworks and operational efficiencies could further strengthen sectors that
are major contributors to the countryâs GDP while also diversifying by fueling other promising industries such as the technology sector, medicine and logistics.
2. ÎÏÎđÏÏÏÏÎĩÎđÏ ÏÏÎ·Î― ÏÏÎąÎģΞιÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą
Î ÏÎąÎ―ÎīηΞÎŊÎą ÎĩÎŊÏÎĩ ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÎ·Î― ÏÏÎąÎģΞιÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÏÏ ÏÏ Î―ÎÏÎĩÎđÎą ÏÏÎ― ÎĩÏÎđÎēÎĩÎēÎŧηΞÎÎ―ÏÎ― ΞÎÏÏÏÎ― ÎąÏÏ ÏÎđÏ ÎšÏ ÎēÎĩÏÎ―ÎŪÏÎĩÎđÏ ÏÎĩ ΞÎđÎą ÏÏÎŋÏÏÎŽÎļÎĩÎđÎą ÏÎĩÏÎđÎŋÏÎđÏΞÎŋÏ ÏÎŋÏ ÎđÎŋÏ, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÏÎđÏ ÎąÎŧÎŧÎąÎģÎÏ ÏÏ ÎžÏÎĩÏÎđÏÎŋÏÎŽÏ ÏÏÎ― ΚιÏÎąÎ―ÎąÎŧÏÏÏÎ― ÏÏ ÎĩÏιΚÏÎŧÎŋÏ ÎļÎŋ ÏÎ·Ï ÎĩÏÎąÎ―ÎĩΚÏÎŊΞηÏÎ·Ï ÏÎŋÏ ÏÏÏÏÎŋÏ ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŊÎąÏ ÏÎ·Ï ÎšÎąÎļηΞÎĩÏÎđÎ―ÏÏηÏÎŽÏ ÎžÎąÏ. ÎÏÏÏ ÎžÎĩ ΚΎÎļÎĩ ÏÎŋΚ, ÎŋÏÎđÏΞÎÎ―ÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÏÎ·Ï ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎąÏ ÎĩÏÏÏÎĩÎŧÎŋÏÎ―ÏÎąÎđ, ÎŽÎŧÎŧÎŋÎđ ÎĩÏηÏÎĩÎŽÎķÎŋÎ―ÏÎąÎđ ÎąÏÎ―Î·ÏÎđΚΎ ΚιÎđ ÏÏÎŋΚÏÏÏÎŋÏ Î― Î―ÎÎĩÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ.
Greek Text:
Î ÎĪÎÎĨÎĄÎÎĢÎÎÎĢ
Î ÏÎĩÏÎđÎŋÏÎđÏΞÏÏ ÏÏÎ― ÏÎąÎūÎđÎīÎđÏÎ― ΞÎĩÏÎąÎūÏ ÏÏÎ― ÏÎĩÏÎđÏÏÏÏÎĩÏÏÎ― ÏÏÏÏÎ―, ÎąÎŧÎŧÎŽ ΚιÎđ η ÎīÎđÏÏιΚÏÎđΚÏÏηÏÎą ÏÏÎ― ÎąÏÏΞÏÎ― Î―Îą ÏÎąÎūÎđÎīÎÏÎŋÏ Î― ÎŧÏÎģÏ ÎąÎ―Î·ÏÏ ÏÎđÏÎ― ÎģÎđÎą ÏÎ·Î― Ï ÎģÎĩÎŊÎą ÏÎŋÏ Ï ÎÏÎŋÏ Î― ÎĩÎūÎŋÏ ÎļÎĩÎ―ÏÏÎĩÎđ ÏÏÏÎŋ ÏÎŋÎ― ÎąÎĩÏÎŋÏÎŋÏÎđÎšÏ ÎšÎŧÎŽÎīÎŋ ÏÏÎŋ ΚιÎđ ÎąÏ ÏÏ ÏÎ·Ï ÏÎđÎŧÎŋÎūÎĩÎ―ÎŊÎąÏ. ÎÎđÎą ÏÎ·Î― ÎÏÏÏÎŋ, ÏÏÎŋÏ Îŋ ÏÎŋÏ ÏÎđÏΞÏÏ ÏÏ ÎžÎēÎŽÎŧÎŧÎĩÎđ ÏÎĩÏÎŊÏÎŋÏ 23% ÏÎŋÏ ÎÎÎ ÏÎŋÏ , η ÏÎąÎģΚÏÏΞÎđÎą ÎĩÏÎđÎīηΞÎŊÎą ÎĩÎŊÏÎĩ ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÎ·Î― ÏÎŋÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą. ÎÎĩ ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ ÎąÏÏ 90% ΞÎĩÎŊÏÏη ÏÏÎ― ÏÎŋÏ ÏÎđÏÏÎđΚÏÎ― ÎąÏÎŊÎūÎĩÏÎ― ΚιÏÎŽ ÏÎŋÏ Ï ÎšÎąÎŧÎŋΚιÎđÏÎđÎ―ÎŋÏÏ ÎžÎŪÎ―ÎĩÏ, ÎÎ―ÎąÏ ÏÎ·ÎžÎąÎ―ÏÎđΚÏÏ ÎąÏÎđÎļΞÏÏ ÎūÎĩÎ―ÎŋÎīÎŋÏÎĩÎŊÏÎ― ÏÏÎ·Î― ÎÏÏÏÎŋ ÏÎąÏÎΞÎĩÎđÎ―Îĩ ΚÎŧÎĩÎđÏÏÏÏ ÎšÎąÏÎŽ ÏÎ·Ï ÏÏ Î―ÎŪÎļÏÏ ÏÎđÎŋ ÏÎŋÎŧÏ ÏÏÏÎ―ÎąÏÏÎ·Ï ÏÎĩÏÎđÏÎīÎŋÏ . ÎÏ ÏÏ ÎĩÎŊÏÎĩ ÎĩÏÎđÏÏÏÏÎĩÎđÏ ÎĩÏÎŊÏÎ·Ï ÏÎĩ ÎĩÏÏÎđÎąÏÏÏÎđÎą ΚιÎđ ΞÏÎąÏ ÏÏÏÎŋ ÎŧÏÎģÏ ÏÎĩÏÎđÎŋÏÎđÏΞÏÎ― ÏÏη ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŊÎą ÏÎŋÏ Ï, ÎąÎŧÎŧÎŽ ΚιÎđ ÎŧÏÎģÏ ÏÎĩÏÎđÎŋÏÎđÏΞÎÎ―Î·Ï ÎķÎŪÏηÏηÏ. ÎÎđ ÎĩÏÎđÏÏÏÏÎĩÎđÏ ÏÏÎŋÎ― ÏÎŋÏ ÏÎđÏÎžÏ ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―Ï Î―Îą ÏÎąÏιΞÎĩÎŊÎ―ÎŋÏ Î― ΞÎĩÏÎŋÏÏÏÎļÎĩÏΞι ÏÏ ÎžÎÏÎŋÏ ÏÏÎđÏÎ― ΚÏÏÎđÏÎ― ÎąÎēÎĩÎēÎąÎđÎŋÏÎŪÏÏÎ―: ÎīÎđÎąÎļÎÏÎđΞÎĩÏ ÎąÎĩÏÎŋÏÎŋÏÎđΚÎÏ ÎĩÏÎąÎđÏÎĩÎŊÎĩÏ ÏÏη ÏÏÏÎą ΞÎĩÏÎŽ ÎąÏÏ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎąÎŧÎŧÎąÎģÎÏ ÏÏη ÎīÎŋΞÎŪ ÏÎ·Ï ÎąÎģÎŋÏÎŽÏ, ÏÎ·Î― ÎĩÏÎđÏÏ ÏÎŊÎą ÏÎ·Ï ÎīÎđÎŽÎļÎĩÏÎ·Ï ÎĩΞÎēÎŋÎŧÎđÎąÏΞÎŋÏ ÎšÎąÎđ ÏÎ·Î― ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÏÏηÏÎą ÏÏÎ― ÎĩΞÎēÎŋÎŧÎŊÏÎ― ÏÎĩ Î―ÎÎĩÏ ÏÎąÏÎąÎŧÎŧÎąÎģÎÏ ÏÎŋÏ ÎđÎŋÏ ÎšÎąÎđ ÏÎĩ ΚιÏÎąÎ―ÎąÎŧÏÏÎđΚÎÏ ÎąÎŧÎŧÎąÎģÎÏ ÎšÎąÎđ ÏÏÎŋÏÎđΞÎŪÏÎĩÎđÏ ÎģÎđÎą ÏÎŋÎ― ÏÎŋÏÎđÎšÏ ÏÎŋÏ ÏÎđÏΞÏ.
ÎÎÎÎÎÎÎ ÎÎÎ ÎÎĄÎÎ
Î ÏÎąÎ―ÎīηΞÎŊÎą ÎĩÎŊÏÎĩ ÎđÎīÎđÎąÎŊÏÎĩÏÎŋ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÎŋ ÎŧÎđÎąÎ―ÎđÎšÏ ÎĩΞÏÏÏÎđÎŋ ÏÏÏÎŋ ΞÎĩÏÎąÎūÏ ÏÏÎŋ ΚιÎđ ÎĩÎ―ÏÏÏ Ï ÏÎŋÏÎŋΞÎÏÎ―. ÎĐÏ ÏÏ Î―ÎÏÎĩÎđÎą ÏÎ·Ï ÎąÎ―Î·ÏÏ ÏÎŊÎąÏ ÎģÎđÎą ÏÎ·Î― ÎĩÏÎŽÏΚÎĩÎđÎą ÎąÏÎŋÎļÎĩΞΎÏÏÎ― ΚιÎđ ÏÏÎ― ÏÏÎŋÎēÎŧηΞΎÏÏÎ― Ï ÎģÎĩÎŊÎąÏ, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÏÎŋ ÎģÎĩÎģÎŋÎ―ÏÏ ÏÏÎđ ÎŋÎđ ÎŽÎ―ÎļÏÏÏÎŋ ÎūÎŋÎīÎĩÏÎŋÏ Î― ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ ÏÏÏÎ―Îŋ ÏÏÎŋ ÏÏÎŊÏÎđ, ÏÎą ÏΞÎŪΞιÏÎą ÏÏÎŋÏÎŊΞÏÎ―, ÏÎŋÏÏÎ― ΚιÎđ ÏÏÎŋÏÏÎ―ÏÏÎ― Ï ÎģÎĩÎŊÎąÏ ÎĩÏ Î―ÎŋÎŪÎļÎ·ÎšÎąÎ― ÏÎ·ÎžÎąÎ―ÏÎđΚΎ ÎĩÎ―Ï ÏÎą ηÎŧÎĩΚÏÏÎŋÎ―ÎđΚΎ ΚιÎđ ÏÎą ÎÏÎđÏÎŧÎą ÎĩÎŊÏÎąÎ― ÎĩÏÎŊÏÎ·Ï ÎļÎĩÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ. ÎÎąÎļÏÏ ÏÎą ÎĩΞÏÎŋÏÎđΚΎ ΚÎÎ―ÏÏÎą ÏÎąÏÎΞÎĩÎđÎ―ÎąÎ― ΚÎŧÎĩÎđÏÏÎŽ ÎģÎđÎą ÏÎ·Î― ÏÎŧÎĩÎđÎŋÏηÏÎŊÎą ÏÎŋÏ 2020, ÎŋÎđ ΚιÏÎąÎ―ÎąÎŧÏÏÎÏ ÏÏÏÎŽÏÎ·ÎšÎąÎ― ÏÎĩ ÏÎđÎŋ ΞÎđΚÏÎŽ ÎĩΞÏÎŋÏÎđΚΎ ΚιÏÎąÏÏÎŪΞιÏÎą. ÎĪÎą ΚιÏÎąÏÏÎŪΞιÏÎą, ÎąÎ―ÎĩÎūÎąÏÏÎŪÏÎŋÏ ÎžÎĩÎģÎÎļÎŋÏ Ï, ΚÎđÎ―ÎŪÎļÎ·ÎšÎąÎ― ÏÏÎŋÏ ÎīÎđÎąÎīÎđΚÏÏ ÎąÎšÎÏ ÏÏÎŧÎŪÏÎĩÎđÏ ÏÎĩ ΞÎđÎą ÏÏÎŋÏÏÎŽÎļÎĩÎđÎą Î―Îą ΚÎđÎ―Î·ÎļÎŋÏÎ― ÎĩÏ ÎÎŧÎđΚÏÎą ΚιÎđ Î―Îą ÎīÎđÎąÏηÏÎŪÏÎŋÏ Î― ΚΎÏÎŋÎđÎą ÎÏÎŋÎīÎą. ÎÎĩÏÎŋÏÏÏÎļÎĩÏΞι ΚιÎđ ΞιΚÏÎŋÏÏÏÎļÎĩÏΞι ÎąÎ―ÎąÎžÎÎ―ÎŋÏ ÎžÎĩ ΞÎđÎą ÎąÎŧÎŧÎąÎģÎŪ ÏÏÎŋ ÎŧÎđÎąÎ―ÎđÎšÏ ÎĩΞÏÏÏÎđÎŋ ΚιÎļÏÏ ÎŋÎđ ΚιÏÎąÎ―ÎąÎŧÏÏÎÏ ÎąÎ―ÎąÏÏÏÏÏÎŋÏ Î― ΞÎđÎą ÏÏÎŋÏÎŊΞηÏη ÎģÎđÎą ÎÎ―ÎąÎ― ÏÏ Î―ÎīÏ ÎąÏÎžÏ ÎžÎĩÏÎąÎūÏ ÏÏ ÏÎđΚÏÎ― ΚιÎđ on-line ÎąÎģÎŋÏÏÎ―, ÏÎŋ ÎŋÏÎŋÎŊÎŋ ÎīÎŊÎ―ÎĩÎđ ÏÎļηÏη ÏÏη ÏÎĩÏÎĩÏÎąÎŊÏÏ ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÏÎŋÏ ÏÎŋΞÎÎą ΞÎĩÏÎąÏÎŋÏÏÎ― ΚιÎđ ÎēÎĩÎŧÏÎđÏÏÎĩÏÎ― ÏÏÎŋÏ Ï ÎąÏ ÏÎŋΞιÏÎđÏΞÎŋÏÏ ÏÎ·Ï ÎąÎŧÏ ÏÎŊÎīÎąÏ ÎĩÏÎŋÎīÎđÎąÏΞÎŋÏ.
ÎÎąÏÎąÏΚÎĩÏ ÎąÏÏÎđΚÏÏ ÏÎŋΞÎÎąÏ ÎšÎąÎđ ÏÎŋΞÎÎąÏ ÎąÎšÎđÎ―ÎŪÏÏÎ―
ÎÎ― ΚιÎđ Îŋ ΚιÏÎąÏΚÎĩÏ ÎąÏÏÎđΚÏÏ ÏÎŋΞÎÎąÏ ÎšÎąÎđ Îŋ ÏÎŋΞÎÎąÏ ÏÏÎ― ιΚÎđÎ―ÎŪÏÏÎ― ÎŽÎ―ÎļÎđÏÎĩ ÏÎą ÏÎĩÎŧÎĩÏ ÏÎąÎŊÎą ÏÏÏÎ―ÎđÎą, ÏÏÏÎŋ η ÏÎąÎ―ÎīηΞÎŊÎą ÏÏÎŋ ΚιÎđ η ÎīÎđιΚÎŋÏÎŪ ÏÎŋÏ ÏÏÎŋÎģÏΎΞΞιÏÎŋÏ ÏÎŋÎŧÎđÏÎŋÎģÏÎŽÏηÏÎ·Ï ÏÏÎŋΚΎÎŧÎĩÏÎąÎ― ÏÎ·ÎžÎąÎ―ÏÎđΚÎŪ ÎąÎ―ÎąÏÎąÏÎąÏÎŪ ÎšÎąÎđ ÏÏÎŋÏ Ï ÎīÏÎŋ ÏÎŋΞÎĩÎŊÏ. Î ÎķÎŪÏηÏη ÎÏÎĩÎđ ΞÎĩÏÎąÏÎŋÏÎđÏÏÎĩÎŊ ÎąÏÏ ÏÎđÏ ÏÎŋÎŧÏ ÏÎĩÎŧÎĩÎŊÏ ÎžÎŋÎ―ÎŽÎīÎĩÏ Ï ÏηÎŧÎŪÏ ÎąÎūÎŊÎąÏ ÏÎĩ ΞÎĩÏÎąÎŊÎĩÏ ÎšÎąÏÎŋÎđΚÎŊÎĩÏ ÎšÎąÎđ ΞÎĩ ÎΞÏÎąÏη ÏÏÎ·Î― ÎŋÎŧÎŋΚÎŧÎŪÏÏÏη ÏÏÎ― Ï ÏÏ ÎąÎ―ÎŽÏÏÏ Îūη ÎÏÎģÏÎ―. Î ÎĩÏÎđÎīÎĩÎŊÎ―ÏÏη ÏÏÎ― ÏÎŋÏÎŋÏÏÏÎ― ÎąÎ―ÎĩÏÎģÎŊÎąÏ ÎšÎąÎđ ÎŋÎđ ΞÎĩÎđÏΞÎÎ―ÎĩÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ ÏÏηΞιÏÎŋÎīÏÏηÏÎ·Ï ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―Ï Î―Îą ÎĩÏηÏÎĩÎŽÏÎŋÏ Î― ÏÎŋÎ― ΚÎŧÎŽÎīÎŋ ÎģÎĩÎ―ÎđΚÏÏÎĩÏÎą, ΞÎĩ ÏÏ ÎģΚÎĩΚÏÎđΞÎÎ―ÎŋÏ Ï ÏÏÏÎŋÏ Ï ÎąÎšÎđÎ―ÎŪÏÏÎ― Î―Îą ÎąÏÎŋÎīÎĩÎđÎšÎ―ÏÎŋÎ―ÏÎąÎđ ÏÎđÎŋ ÎąÎ―ÎļÎĩΚÏÎđΚÎŋÎŊ ÎąÏÏ ÎŽÎŧÎŧÎŋÏ Ï. ÎÎđ ΚιÏÎŋÎđΚÎŊÎĩÏ ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―Ï Î―Îą ÎąÏÎŋÎīÎĩÎđÏÎļÎŋÏÎ― ÏÎđÎŋ ÎąÎ―ÎļÎĩΚÏÎđΚÎÏ ÎąÏÏ ÏÎą ÎĩΞÏÎŋÏÎđΚΎ ιΚÎŊÎ―Î·ÏÎą, ÏÏÏÎŋ ÎģÎđÎą ÎđÎīÎđÎŋΚιÏÎŋÎŊΚηÏη ÏÏÎŋ ΚιÎđ ÏÏ ÎĩÎŧÎšÏ ÏÏÎđΚÎŪ ÎĩÏÎÎ―ÎīÏ Ïη.
ÎÎđ Î―ÎÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÎąÎ―ÎŽÏÏÏ ÎūηÏ
ÎÎŽÎļÎĩ ÏÎŋΚ ÏÏÎ·Î― ÎąÎģÎŋÏÎŽ ÎīηΞÎđÎŋÏ ÏÎģÎĩÎŊ ΚιÎđ Î―ÎÎĩÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ. ÎÎąÎļÏÏ ÏÎŧÎŋÎđ ÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÎąÎ―ÎąÎģΚΎÏÏÎ·ÎšÎąÎ― Î―Îą ÎēÏÎŋÏ Î― Î―ÎÎŋÏ Ï ÏÏÏÏÎŋÏ Ï Î―Îą ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŪÏÎŋÏ Î― ÎģÎđÎą Î―Îą ÎĩÏÎđÎēÎđÏÏÎŋÏ Î― ÎĩÎ―ÏÏÏ ÏÏÎ― ÏÎĩÏÎđÎŋÏÎđÏΞÏÎ― ÏÏÎ― ÏÎąÎ―ÎīηΞÎđΚÏÎ― ΞÎÏÏÏÎ―, Îŋ ÏÎŋΞÎÎąÏ ÏÎ·Ï ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎąÏ ÎÏÎĩÎđ ÏηΞÎĩÎđÏÏÎĩÎđ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎĩÎūÎĩÎŧÎŊÎūÎĩÎđÏ, ÏÏÏÏ Î· ÏηÎŧÎĩÎīÎđÎŽÏΚÎĩÏη, cloud computing, ÏηÏÎđιΚÎÏ Ï ÏÎŋÎģÏÎąÏÎÏ ÎšÎąÎđ ÏÎĩÏÎ―Î·ÏÎŪ Î―ÎŋηΞÎŋÏÏÎ―Î·, ÎŋÎđ ÎŋÏÎŋÎŊÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÎšÎŽÎ―ÎŋÏ Î― ÏÎ·Î― ÎąÏÏÎŽÎŧÎĩÎđÎą ÏÎŧηÏÎŋÏÎŋÏÎđÏÎ― ÎķÏÏÎđΚÎŪÏ ÏηΞιÏÎŊÎąÏ ÎģÎđÎą ΚΎÎļÎĩ ÎĩÏÎđÏÎĩÎŊÏηÏη. Î ÎĩÏÎΚÏÎąÏη ÏÎŋÏ ÎīÎđÎąÎīÎđΚÏÏ ÎąÎšÎŋÏ ÎŧÎđÎąÎ―ÎđΚÎŋÏ ÎĩΞÏÎŋÏÎŊÎŋÏ ÏÎÏÎ―ÎĩÎđ ÏÎŋÎŧÎŧÎŽ Ï ÏÎŋÏÏÏΞÎĩÎ―Î· ÏÏÎŋÎŋÏÏÎđΚÎŪ ÏÏÎŋÎ― ÏÎŋΞÎÎą ÏÎ·Ï ÎĩÏÎŋÎīÎđÎąÏÏÎđΚÎŪÏ.
Î ÎąÎ―ÎŽÎģΚη ÎģÎđÎą ÎÎ―Îą Î―ÎÎŋ ÎŋÎđΚÎŋÎ―ÎŋΞÎđÎšÏ ÎžÎŋÎ―ÏÎÎŧÎŋ
ÎÎ― ΚιÎđ ÏÎŋ ÎĩÏÎđÏÎĩÎđÏηΞιÏÎđÎšÏ ÎžÎŋÎ―ÏÎÎŧÎŋ ΞÎđÎąÏ ÏÏÏÎąÏ ÏÏÎÏÎĩÎđ ÏÏ ÏÎ―ÎŽ Î―Îą ÎąÎūÎđÎŋÎŧÎŋÎģÎĩÎŊÏÎąÎđ ΚιÎđ Î―Îą ÎēÎĩÎŧÏÎđÏÎ―ÎĩÏÎąÎđ, η ÏÎąÎ―ÎīηΞÎŊÎą ÎÏÎĩÎđ ΚιÏÎąÏÏÎŪÏÎĩÎđ ÏÎ·Î― ÎąÎ―ÎŽÎģΚη ÎĩÏÎąÎ―ÎĩÎūÎÏÎąÏÎ·Ï ÏÎŋÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŋÏ ÎžÎŋÎ―ÏÎÎŧÎŋÏ ÎģÎđÎą ÏÎ·Î― ÎšÏ ÏÏÎđιΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ιΚÏΞη ÏÎđÎŋ ÎÎ―ÏÎŋÎ―Î·. ÎÎđ ÎēÎĩÎŧÏÎđÏÏÎĩÎđÏ ÏÏÎŋ Î―ÎŋΞÎđΚΎ ÏÎŧÎąÎŊÏÎđÎŋ ΚιÎđ η ÎŧÎĩÎđÏÎŋÏ ÏÎģÎđΚÎŪ ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÏÏηÏÎą ÎļÎą ΞÏÎŋÏÎŋÏÏÎąÎ― Î―Îą ÎĩÎ―ÎđÏÏÏÏÎŋÏ Î― ÏÎĩÏÎąÎđÏÎÏÏ ÏÎŋΞÎĩÎŊÏ ÏÎŋÏ ÏÏ ÎžÎēÎŽÎŧÎŧÎŋÏ Î― ÏÎ·ÎžÎąÎ―ÏÎđΚΎ ÏÏÎŋ ÎÎÎ ÏÎ·Ï ÏÏÏÎąÏ, ÎĩÎ―Ï ÏÎąÏ ÏÏÏÏÎŋÎ―Îą Î―Îą Ï ÏÎŽÏÎūÎĩÎđ ÏÏÎŪÏÎđÎūη ÏÎĩ ÎŽÎŧÎŧÎŋÏ Ï ÏÎŋÎŧÎŧÎŽ Ï ÏÎŋÏÏÏΞÎĩÎ―ÎŋÏ Ï ÎšÎŧÎŽÎīÎŋÏ Ï ÏÏÏÏ Îŋ ÏÎŋΞÎÎąÏ ÏÎ·Ï ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎąÏ, η ÎđÎąÏÏÎđΚÎŪ ÎšÎąÎđ η ÎĩÏÎŋÎīÎđÎąÏÏÎđΚÎŪ.
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July 8, 2021
Post-Covid ESG era, Zenon Papaphilippou CFA
ÎĢÏÎđÏ ÎąÏÏÎÏ ÏÎŋÏ 2021, η ÎąÎđÏÎđÎŋÎīÎŋÎūÎŊÎą ÏÎđÎŧÎŋÎīÎŋÎūÎĩÎŊ Î―Îą Ï ÏÎĩÏÎ―ÎđΚÎŪÏÎĩÎđ Ïη ÏÎĩÎđÏÏÏÎĩÏη ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎšÏÎŊÏη ΚιÎđ Ïη ÏÎĩÎđÏÏÏÎĩÏη ÏÎąÎģΚÏÏΞÎđÎą ΚÏÎŊÏη Ï ÎģÎĩÎŊÎąÏ ÏÎŋÏ ÎēÎđÏÎ―ÎĩÎđ Îŋ ÏÎŧηÎļÏ ÏΞÏÏ ÏÎĩ 80 ΚιÎđ 100 ÏÏÏÎ―ÎđÎą ÎąÎ―ÏÎŊÏÏÎŋÎđÏÎą. ÎĪÎŋ ÎÎÎĪ ÎĩΚÏÎđΞΎ ΞÎđÎą ÏÎąÎģΚÏÏΞÎđÎą ÏÏ ÏÏÎŊÎšÎ―ÏÏη 4,4% ÎģÎđÎą ÏÎŋ 2020, ÎąÎŧÎŧÎŽ ΚιÎđ ÎąÏÎūηÏη 5,2% ÎģÎđÎą ÎąÏ ÏÏ ÏÎŋ ÎÏÎŋÏ. Î ÏÏÎÏÎŋÏ ÏÎą ΚιÏÎŽÏÏÎąÏη ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ ÏÎąÏÎŋÏ ÏÎđÎŽÎķÎĩÎđ ÎÎ―Îą ÏÎĩÏÎŽÏÏÎđÎŋ ÎīÎĩÏÏÎĩÏÎŋ ΚÏΞι ÏÎŋÏ ÎđÎŋÏ ÏÏÎ·Î― ÎΠΚιÎđ ÏÎđÏ ÎÎ Î, ÎĩÎ―Ï ÏÎą ÎĩΞÎēÏÎŧÎđÎą (ΞÎĩ ÏÎŋÎŧÎŧÎŽ Ï ÏÎŋÏÏÏΞÎĩÎ―Îą ÎąÏÎŋÏÎĩÎŧÎÏΞιÏÎą) ÎÏÎŋÏ Î― ÏÎĩÎļÎĩÎŊ ÎģÎđÎą ΞιÎķÎđΚÎŪ ÎīÎđÎąÎ―ÎŋΞÎŪ ÎÏÏ ÏÎŋ ÏÏÏÏÎŋ ÎĩÎūÎŽÎžÎ·Î―Îŋ ÏÎŋÏ ÎÏÎŋÏ Ï. ÎĐÏÏÏÏÎŋ, ÏÎĩ ÏÏÎąÎģΞιÏÎđΚÎŋÏÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŋÏÏ ÏÏÎŋÏ Ï, η ÏÎĩÏÎđÎŋÏÎđÏΞÎÎ―Î· ΚÎđÎ―Î·ÏÎđΚÏÏηÏÎą ΚιÎđ η ÏιΞηÎŧÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎīÏÎąÏÏηÏÎđÏÏηÏÎą ÎīÎĩÎŊÏÎ―ÎŋÏ Î― ΞÎđÎą ÏÎĩÏÎąÎđÏÎÏÏ ÏÏ ÏÏÎŊÎšÎ―ÏÏη ÎģÎđÎą ÏÎŋ ÏÏÎÏÎŋÎ― ÏÏÎŊÎžÎ·Î―Îŋ, ÎĩÎ―Ï Î· ÎĩÎŧÏÎŊÎīÎą ÎģÎđÎą ÎēÎĩÎŧÏÎŊÏÏη ΞÎĩÏÎąÏÎŋÏÎŊÎķÎĩÏÎąÎđ ÏÏÎŋÏ ÏÎŋÎ― ΞιΚÏÎŋÏÏÏÎļÎĩÏΞÎŋ ÎŋÏÎŊÎķÎŋÎ―ÏÎą.
ÎĨÏÏ ÎąÏ ÏÎŪÎ― ÏÎ·Î― ÎÎ―Î―ÎŋÎđÎą, ÎŋÎđ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ ÎģÎđÎą ÏÎđÏ ÎšÎąÏηÎģÎŋÏÎŊÎĩÏ Ï ÏηÎŧÎŋÏ ÎšÎđÎ―ÎīÏÎ―ÎŋÏ ÏÎĩ ΞιΚÏÎŋÏÏÏÎļÎĩÏΞÎŋ ÎŋÏÎŊÎķÎŋÎ―ÏÎą ÏÎĩÏÎđÎŋÏÎŊÎķÎŋÎ―ÏÎąÎđ, ÎĩÎ―Ï Î· ÏÏÎŋÎļÏ ÎžÎŊÎą ΚιÎđ ÂŦÏÏÎĩÎūηÂŧ ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÏÎ― ÎģÎđÎą ÎēÎđÏÏÎđΞη ΚιÎđ ΞιΚÏÎŋÏÏÏÎļÎĩÏΞη ÎąÎ―ÎŽÏÏÏ Îūη ÎąÏÎŋÏÎĩÎŧÎŋÏÎ― ΞÎĩÎŊÎķÎŋÎ―ÎŋÏ ÏηΞιÏÎŊÎąÏ ÎķÎŪÏηΞι. ÎĪÎŋ ÂŦÎēÎđÏÏÎđΞÎŋÂŧ ÎÏÎĩÎđ ÏÎŧÎÎŋÎ― ÎģÎŊÎ―ÎĩÎđ ÏÏ Î―ÏÎ―Ï ÎžÎŋ ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÏÎ― ΚÏÎđÏηÏÎŊÏÎ― Î ÎĩÏÎđÎēÎąÎŧÎŧÎŋÎ―ÏÎđΚÏÎ―, ÎÎŋÎđÎ―ÏÎ―ÎđΚÏÎ― ΚιÎđ ÎÎđÎąÎšÏ ÎēÎÏÎ―Î·ÏÎ·Ï (ÂŦESGÂŧ). Î ÏÏ ÎļΞÏÏ ÎąÏÎūηÏÎ·Ï ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÏÏÎŋÎ― ÏÎŋΞÎÎą ESG ÎÏÎĩÎđ ÎĩÏÎđÏÎąÏÏ Î―ÎļÎĩÎŊ Ï ÏÏ ÎĩΚÎļÎĩÏÎđΚÎŪ ÎžÎŋÏÏÎŪ ÏÎą ÏÎĩÎŧÎĩÏ ÏÎąÎŊÎą ÏÏÏÎ―ÎđÎą, ÏÎąÏÎŋÏ ÏÎđÎŽÎķÎŋÎ―ÏÎąÏ 10-ÎĩÏÎŪ ÎąÏÎūηÏη ÏÏÎĩÎīÏÎ― 300% ÏÎĩ ΚÎĩÏÎŽÎŧÎąÎđÎą ÎÎ―ÎąÎ―ÏÎđ 130% ÏÏη ÏÏ Î―ÎŋÎŧÎđΚÎŪ ÎąÏÎūηÏη ΚÎĩÏÎąÎŧÎąÎŊÏÎ― ÏÎ·Ï ÎąÎģÎŋÏÎŽÏ (η ÏÏÎÏÎŋÏ ÏÎą ΚÎĩÏÎąÎŧÎąÎđÎŋÏ ÏÎđΚÎŪ ÎąÎūÎŊÎą ESG ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÎąÎ―ÎÏÏÎĩÏÎąÎđ ÎīÎđÎĩÎļÎ―ÏÏ ÏÏÎą $40,5ÏÏÎđÏ.). ÎÎđ ÎīÎđÎąÏÎĩÎđÏÎđÏÏÎÏ ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÎąÎ―ÎŽ ÏÎŋ ÏÎąÎģΚÏÏΞÎđÎŋ, ÂŦÏÏ Î―Ï ÏÎŋÎŧÎŋÎģÎŊÎķÎŋÎ―ÏÎąÏÂŧ ÏÎą ÎĩÏιΚÏÎŧÎŋÏ ÎļÎą ÏÏÎ·Î― Covid-19 ÎĩÏÎŋÏÎŪ, ÎēÏÎŊÏΚÎŋÎ―ÏÎąÎđ ÎŪÎīη ÏÏη ÎīÎđÎąÎīÎđΚιÏÎŊÎą ÎŋÎŧÎŋΚÎŧÎŪÏÏÏÎ·Ï ÎšÎąÎđ Ï ÎđÎŋÎļÎÏηÏÎ·Ï ÎšÏÎđÏηÏÎŊÏÎ― ΚιÎđ ÏÎąÏιΞÎÏÏÏÎ― ESG ÏÏÎđÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎÏ ÏÎŋÏ Ï ÏÏÏÎąÏηÎģÎđΚÎÏ, ÎĩÏÎđÎīÎđÏΚÎŋÎ―ÏÎąÏ Î―Îą ΚιÎŧÏÏÎŋÏ Î― ÏÎđÏ ÎąÎ―ÎŽÎģΚÎĩÏ ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÏÎ― ÏÎŋÏ Ï. ÎĢÎĩ ÎĩÏÎŊÏÎĩÎīÎŋ ÎšÎąÎ―ÎŋÎ―ÎđÏÏÎđΚÎŋÏ ÎšÎąÎđ Î―ÎŋΞÎŋÎļÎĩÏÎđΚÎŋÏ ÏÎŧÎąÎđÏÎŊÎŋÏ , η ÎÏ ÏÏÏÎąÏΚÎŪ ÎÏÎđÏÏÎŋÏÎŪ, ÏÏ ÎĩÏιΚÏÎŧÎŋÏ ÎļÎŋ ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ, ÎĩÎ―ÎđÏÏÏÎĩÎđ ÏÎ·Î― ÂŦÎÏ ÏÏÏÎąÏΚÎŪ Î ÏÎŽÏÎđÎ―Î· ÎĢÏ ÎžÏÏÎ―ÎŊÎąÂŧ (ÎģÎđÎą ΚÎŧÎđΞιÏÎđΚÎŪ ÎŋÏ ÎīÎĩÏÎĩÏÏÏηÏÎą ΞÎÏÏÎđ ÏÎŋ 2050) ΞÎĩ ÎąÏÏÏÎĩÏÎŋ ÏÏÏÏÎŋ ÏÎ·Î― ÎĩÎđÏÏÎŋÎŪ ÎšÎĩÏÎąÎŧÎąÎŊÏÎ― ÏÎĩ ÎēÎđÏÏÎđΞι ÎÏÎģÎą, ÎīηΞÎđÎŋÏ ÏÎģÏÎ―ÏÎąÏ ÏÎŋ ÂŦEU TaxonomyÂŧ, ÎÎ―Îą ΚÎŋÎđÎ―Ï ÏÏÏÏηΞι ÏÎąÎūÎđÎ―ÏΞηÏÎ·Ï ÎēÎđÏÏÎđΞÏÎ― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎīÏÎąÏÏηÏÎđÎŋÏÎŪÏÏÎ― ÏÎŋ ÎŋÏÎŋÎŊÎŋ ÏÎĩÏÎđÎŧιΞÎēÎŽÎ―ÎĩÎđ ÏÎąÏιΞÎÏÏÎŋÏ Ï ESG. ÎĪÎŋ CFA Institute ÎēÏÎŊÏΚÎĩÏÎąÎđ ÎĩÏÎŊÏÎ·Ï ÏÏη ÎīÎđÎąÎīÎđΚιÏÎŊÎą ÎīηΞÎđÎŋÏ ÏÎģÎŊÎąÏ ÂŦÏÏÎŋÏÏÏÏÎ― ÏÎąÏιΞÎÏÏÏÎ― ESGÂŧ ÎģÎđÎą ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚΎ ÏÏÎŋÏÏÎ―ÏÎą.
ÎĪÎŋ ÎĩÏÎĩÎ―ÎīÏ ÏÎđÎšÏ ÎšÎŋÎđÎ―Ï ÎąÎ―ÎąÎģÎ―ÏÏÎŊÎķÎĩÎđ ÏÏÏÎŊÏ ÎąÎžÏÎđÎēÎŋÎŧÎŊÎą ÏÏÎđ ÎŋÎđ ÏÎąÏÎŽÎģÎŋÎ―ÏÎĩÏ ESG ÎļÎą ÎīÎđιΞÎŋÏÏÏÏÎŋÏ Î― ÏÎŋÎ― ΞÎĩÏÎŽ-ΚÎŋÏÎŋÎ―ÎŋÏÎŋÏ ÎšÏÏΞÎŋ ΚιÎļÏÏ ÎšÎąÎđ ÎļÎą ÎīÎđÎąÎīÏιΞιÏÎŊÏÎŋÏ Î― ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÏÏÎŧÎŋ ÏÏÎ·Î― ÎąÎ―ÎąÏÏ ÎģΚÏÏÏηÏÎŪ ÏÎŋÏ . ΠΚÎŋÎđÎ―ÏÎ―ÎđΚÎŪ ÎąÎŧÎŧηÎŧÎĩÎģÎģÏη ΚιÎđ η ÏÎŋÎđÎŋÏÎđΚÎŪ ÎĩÏÎąÎđÏÎđΚÎŪ ÎīÎđÎąÎšÏ ÎēÎÏÎ―Î·Ïη ÎĩÎŊÎ―ÎąÎđ ÎąÏÎąÏÎąÎŊÏηÏÎą ÎĩÏÎģÎąÎŧÎĩÎŊÎą ÎģÎđÎą ÏÎ·Î― ÎąÎ―ÎŽÎšÎąÎžÏη ΞÎĩÏÎŽ ÏÎ·Î― ΚÏÎŊÏη. ÎÎĩÎŧÎĩÏÏÎ―ÏÎąÏ ÏÎŋ ÏÎąÎ―ÎīηΞÎđÎšÏ ÂŦstress-testÂŧ ÏÏÎđÏ ÎžÎÏÎĩÏ ÎžÎąÏ ÏÎĩ ΚÏÎąÏÎđÎšÏ ÎĩÏÎŊÏÎĩÎīÎŋ, ÎŋÎđ ÏÏÏÎĩÏ ÎžÎĩ ÎŧÎđÎģÏÏÎĩÏÎŋ ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđÎšÏ ÏÏÏÏηΞι Ï ÎģÎĩÎđÎŋÎ―ÎŋΞÎđΚÎŪÏ ÏÎĩÏÎŊÎļÎąÎŧÏηÏ, ΞÎđΚÏÎŪ ÎīÎđÎąÏÎŋÏÎŋÏÎŋÎŊηÏη, ÎŧÎđÎģÏÏÎĩÏÎŋ ÎąÎ―ÎĩÏÏÏ ÎģΞÎÎ―ÎĩÏ Ï ÏÎŋÎīÎŋΞÎÏ ÎšÎąÎđ ΞÎĩ Ï ÏηÎŧÎŽ ÎĩÏÎŊÏÎĩÎīÎą ÏÏÎÎŋÏ Ï ÎšÎąÎđ ÎĩÎūÏÏÎĩÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎĩÎūÎŽÏÏηÏη, ÎÏÎŋÏ Î― Ï ÏÎŋÏÏÎĩÎŊ ΞÎĩÎģÎąÎŧÏÏÎĩÏη ÎķηΞÎđÎŽ ΚιÏÎŽ Ïη ÎīÎđÎŽÏΚÎĩÎđÎą ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ. ÎÎ―ÏÎŊÎļÎĩÏÎą, ÎŋÎđ ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ ÎīÎđÎąÏÎŋÏÎŋÏÎŋÎđηΞÎÎ―ÎĩÏ ÏÏÏÎĩÏ ÎžÎĩ ÎđÏÏÏ ÏÏÏÎĩÏÎą ΚιÎđ ÎēÎđÏÏÎđΞÏÏÎĩÏÎą ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚΎ ÎīÎĩÎīÎŋΞÎÎ―Îą ÎÏÎŋÏ Î― ÎąÎ―ÏÎąÏÎĩÎūÎÎŧÎļÎĩÎđ.
ΠηÎģÎŪ: Franklin Templeton. Î ÎēÎąÎļΞÎŋÎŧÏÎģηÏη ÏÏÎ― ESG ÏÎąÏιΞÎÏÏÏÎ― ÎēÎąÏÎŊÎķÎĩÏÎąÎđ ÏÎĩ ÎĩÏÏÏÎĩÏÎđÎšÏ ÎžÎŋÎ―ÏÎÎŧÎŋ ÎąÎūÎđÎŋÎŧÏÎģηÏÎ·Ï ÏÎ·Ï Franklin Templeton
ÎĪÎŋ ÎūÎĩΚΎÎļÎąÏÎŋ ΞÎŪÎ―Ï ÎžÎą ÏÎŋÏ ÎģÎđÎą ÏÎŋÎ― ÎĢÏÎ―ÎīÎĩÏÎžÏ ÎžÎąÏ ÎĩÎŊÎ―ÎąÎđ ÏÏÎđ ÏÎŋ ESG ÎĩÎŊÎ―ÎąÎđ ÏÎŧÎÎŋÎ― ÏÎđÎŋ ÎĩÏÎŊΚιÎđÏÎŋ ÎąÏÏ ÏÎŋÏÎ. ΠΚΎÎļÎĩ ÎŋÏÎģÎąÎ―ÎđÏΞÏÏ ÎšÎąÎđ ÎĩÏÎąÎđÏÎĩÎŊÎą ÎīÎđÎĩÎļÎ―ÏÏ, ÎąÎ―ÎĩÎūÎąÏÏÎŪÏÏÏ ÎšÎŧÎŽÎīÎŋÏ ÎšÎąÎđ ÎēÎđÎŋΞηÏÎąÎ―ÎŊÎąÏ, ÎļÎą ÏÏÎÏÎĩÎđ Î―Îą Ï ÎđÎŋÎļÎĩÏÎŪÏÎĩÎđ ÎąÏ ÏÎŋÏÏ ÏÎŋÏ Ï ÏÎąÏÎŽÎģÎŋÎ―ÏÎĩÏ ÎšÎąÎļÏÏ ÎšÎąÎđ Î―Îą ÏÎąÏÎŽÎūÎĩÎđ ΞÎđÎą ÎĩÎ―ÎĩÏÎģÎŪ ÎšÎąÎđ ÎģÏÎŪÎģÎŋÏη-ÎĩÏ ÎÎŧÎđΚÏη ÏÏÎŋÏÎÎģÎģÎđÏη ÏÏη ÏÏÏÎąÏηÎģÎđΚÎŪ ÎšÎąÎđ ÏÎŋ ΞÎŋÎ―ÏÎÎŧÎŋ ÏÎŋÏ , ÎĩÎŽÎ― ÎļÎÎŧÎĩÎđ Î―Îą ÏÎąÏιΞÎĩÎŊÎ―ÎĩÎđ ÎąÎ―ÏÎąÎģÏÎ―ÎđÏÏÎđΚÏÏ, Î―Îą ÏÏ ÎžÎžÎŋÏÏÏÎļÎĩÎŊ ΞÎĩ ÏÎŋÏ Ï ÎąÎ―ÎąÎīÏ ÏΞÎĩÎ―ÎŋÏ Ï ÎšÎąÎ―ÎŋÎ―ÎđÏΞÎŋÏÏ ÎšÎąÎđ Î―Îą ÎīÎđÎąÏηÏÎŪÏÎĩÎđ Ïη ÏÎĩÏÎĩÎģÎģÏ ÏÏηÏÎŽ ÏÎŋÏ ÎžÎĩ ÏÏÏÏÎŋ ÏÎ·Î― ÎēÎđÏÏÎđΞÏÏηÏÎą ΚιÎđ ΚÎĩÏÎīÎŋÏÎŋÏÎŊÎą ÏÏÎŋÎ― ΞιΚÏÎŋÏÏÏÎļÎĩÏΞÎŋ ÎŋÏÎŊÎķÎŋÎ―ÏÎą.
ÎÎŪÎ―ÏÎ― Î ÎąÏÎąÏÎđÎŧÎŊÏÏÎŋÏ , CFA, ÎÎÎŧÎŋÏ Î.ÎĢ. ÎĢÏ Î―ÎīÎÏΞÎŋÏ Î§ÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎÎ―ÎąÎŧÏ ÏÏÎ― CFA ÎÏÏÏÎŋÏ ÎšÎąÎđ Î ÏÏÎĩÎīÏÎŋÏ ÏÎ·Ï ÎÏÎđÏÏÎŋÏÎŪÏ CFA Cyprus Advocacy
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July 8, 2021
ÎÏÎĩÎ―ÎīÏÏÎĩÎđÏ ÏÏη ΞÎĩÏÎą-Covid ÎĩÏÎŋÏÎŪ, ÎąÏÎŋ ÏÎ·Î― ÎÎŧÎÎ―Î· ÎÏÎ―ÏÏÎąÎ―ÏÎđÎ―ÎŋÏ CFA
ÎΚÏÎąÎŊÎą ÏÎąÎđÎ―ÏΞÎĩÎ―Îą, ÏÏÏÏ Î· ÏÏÏÏÏÎąÏη ÏÎąÎ―ÎīηΞÎŊÎą, ÎžÎąÏ Ï ÏÎĩÎ―ÎļÏ ÎžÎŊÎķÎŋÏ Î― ÎģÎđÎąÏÎŊ η ÏÏÏÏÎąÏη ÏÎŋÏ ÏÎąÏÏÎŋÏÏ ÎŧιΚÎŊÎŋÏ ÎžÎąÏ ÏÏÎÏÎĩÎđ Î―Îą ÎēÎąÏÎŊÎķÎĩÏÎąÎđ ÏÎĩ ÎļÎĩΞÎĩÎŧÎđÏÎīÎĩÎđÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎÏ ÎąÏÏÎÏ, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÏÏÎŋ ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎĩÎŊÎ―ÎąÎđ Î―Îą ÎĩÏ ÎļÏ ÎģÏιΞΞÎŊÎķÎĩÏÎąÎđ ΞÎĩ ÏÎŋÏ Ï ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎŋÏÏ ÎžÎąÏ ÏÏÏÏÎŋÏ Ï. ΠΚÏÎŊÏη ÏÎŋÏ ÎīÎđÎąÎ―ÏÎŋÏ ÎžÎĩ ÎąÎ―ÎÎīÎĩÎđÎūÎĩ, ÎģÎđÎą ιΚÏΞι ΞÎŊÎą ÏÎŋÏÎŽ, ÏÎ·Î― ÎđÎšÎąÎ―ÏÏηÏÎą ÏÎ·Ï ÎąÎ―ÎļÏÏÏÎđÎ―Î·Ï ÎĩÏÎĩÏ ÏÎĩÏÎđΚÏÏηÏÎąÏ Î―Îą ΚιÎđÎ―ÎŋÏÎŋΞÎĩÎŊ ÎąÎŧÎŧÎŽ ΚιÎđ Î―ÎÎĩÏ ÎĩÎ―ÎīÎđÎąÏÎÏÎŋÏ ÏÎĩÏ ÎļÎĩΞιÏÎđΚÎÏ ÎĩÏÎĩÎ―ÎīÏÏÎĩÎđÏ. ÎÏ ÏÎÏ ÎąÎ―ÎąÎžÎÎ―ÎĩÏÎąÎđ Î―Îą ÎīηΞÎđÎŋÏ ÏÎģÎŪÏÎŋÏ Î― Î―ÎÎĩÏ ÎąÎģÎŋÏÎÏ ÎšÎąÎđ Î―Îą ΞÎĩÏιΞÎŋÏÏÏÏÎŋÏ Î― ÏÎđÏ Ï ÏÎŽÏÏÎŋÏ ÏÎĩÏ, ÎÏÎŋÎ―ÏÎąÏ ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎšÎąÎđ ΞιΚÏÎŋÏÏÏÎ―ÎđÎŋ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏη ÎķÏÎŪ ÎžÎąÏ. Î ÏÏÎŋÏÎŪÎŧÏÏη, ÎŧÎŋÎđÏÏÎ―, ÏÎĩ ÎēÎąÏÎđΚΎ ÎļÎΞιÏÎą ÎēÎđÏÏÎđÎžÎ·Ï ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÎšÎąÎđ η ÎąÏÎŋÏÏ ÎģÎŪ ÎžÎ· ÎēÎđÏÏÎđΞÏÎ― ÏÎŽÏÎĩÏÎ― ΞÏÎŋÏÎŋÏÎ― Î―Îą ÏÏÎŋÏÏÎÏÎŋÏ Î― ÏÏÎŋÏ Ï ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ ÏÎ·Î― ÎĩÏ ÎšÎąÎđÏÎŊÎą ÎģÎđÎą ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎąÏÎŋÎīÏÏÎĩÎđÏ ÏÏÎŋ ΞÎÎŧÎŧÎŋÎ―.
ÎÎđ ΚÎĩÎ―ÏÏÎđΚÎÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÏÎđÏ ÎąÎ―ÎĩÏÏÏ ÎģΞÎÎ―ÎĩÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎĩÏ ÎÏÎŋÏ Î― ÏÏÎŋÎēÎĩÎŊ, ÏÎą ÏÎĩÎŧÎĩÏ ÏÎąÎŊÎą ÏÏÏÎ―ÎđÎą, ÏÎĩ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎžÎĩÎđÏÏÎĩÎđÏ ÏÏÎą ÎĩÏÎđÏÏΚÎđÎą, ΚÏÎąÏÏÎ―ÏÎąÏ ÏÎą ÏÎĩ ÎđÏÏÎŋÏÎđΚΎ ÏιΞηÎŧÎŽ ÎĩÏÎŊÏÎĩÎīÎą. ÎĢÏ Î―ÎĩÏÎŊÎķÎŋÏ Î―, ÎĩÏÎŊÏηÏ, Î―Îą ÎīÎđÎąÏηÏÎŋÏÎ― ΞÎđÎą ÏÎŋÎŧÏ ÎīÎđÎĩÏ ÎšÎŋÎŧÏ Î―ÏÎđΚÎŪ ÏÏÎŽÏη ΞÎĩ ÏÎĩÏÎŽÏÏÎđÎĩÏ ÎĩÎ―ÎÏÎĩÎđÏ ÏÎĩÏ ÏÏÏÏηÏÎąÏ, ÏÎŋÏ ÏÏÎŋÏÎĩÏÎŋÏ Î― ÏÏÎŋÎ― ÏÎĩÏÎđÎŋÏÎđÏÎžÏ ÏÎ·Ï ÎąÏÎ―Î·ÏÎđΚÎŪÏ ÎĩÏÎŊÎīÏÎąÏÎ·Ï ÏÎ·Ï ÏÎąÎ―ÎīηΞÎŊÎąÏ ÏÏÎđÏ ÎąÎģÎŋÏÎÏ. ÎÏ ÏÏ ÎąÎ―ÎąÎžÎÎ―ÎĩÏÎąÎđ Î―Îą ÏÏ Î―ÎĩÏÎđÏÏÎĩÎŊ ΚιÎļÏÏ ÏÏÎŋÏÏÏΎΞÎĩ ÏÏÎŋ 2021, ÏÎąÏÎÏÎŋÎ―ÏÎąÏ Ï ÏÎŋÏÏÎŪÏÎđÎūη ΚιÎđ ÎĩÎŧÎšÏ ÏÏÎđΚÎÏ ÏÏÎŋÎŋÏÏÎđΚÎÏ ÎąÏÏÎīÎŋÏÎ·Ï ÎģÎđÎą ÏÎđÏ ÎžÎĩÏÎŋÏÎÏ. ÎÎ―Îą ÏÎŋÎēÎąÏÏ ÎĩΞÏÏÎīÎđÎŋ ÎģÎđÎą ÏÎ·Î― ÎąÎ―ÎŽÏÏÏ Îūη ÎļÎą ÎŪÏÎąÎ― η ÎĩÏÎđÏÏÏÎŋÏÎŪ ÏÎŋÏ ÏÎŧηÎļÏÏÎđÏΞÎŋÏ ÏÏÎđÏ ÎąÎģÎŋÏÎÏ, ΚΎÏÎđ ÏÎŋ ÎŋÏÎŋÎŊÎŋ ÎŊÏÏÏ ÎĩÎŊÎ―ÎąÎđ ÎŧÎŊÎģÎŋ Î―ÏÏÎŊÏ Î―Îą ÏÎąÏÎąÏηÏηÎļÎĩÎŊ ÏÏÎŋÏ ÏÎŋ ÏÎąÏÏÎ―.
ΠΚÏÏΞÎŋÏ ÎąÎŧÎŧÎŽÎķÎĩÎđ ÎģÏηÎģÎŋÏÏÏÎĩÏÎą ÎąÏÏ ÏÎŋÏΠΚιÎđ ÎÏÎŋÏ Î― ÏÏÎŋΚÏÏÎĩÎđ ΚΎÏÎŋÎđÎĩÏ ÎđÏÏÏ ÏÎÏ ÏÎŽÏÎĩÎđÏ ÏÎŋÏ ÏÎđÎļÎąÎ―ÏÏÎąÏÎą Î―Îą ÎīÎđιΞÎŋÏÏÏÏÎŋÏ Î― ÏÎŋ ΞÎÎŧÎŧÎŋÎ― ΞιÏ: η ΚÎŧÎđΞιÏÎđΚÎŪ ÎąÎŧÎŧÎąÎģÎŪ, Îŋ ÎąÏ ÎūÎąÎ―ÏΞÎĩÎ―ÎŋÏ ÏÎŧηÎļÏ ÏΞÏÏ, η ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎą ΚιÎđ η ÏηÏÎđιΚÎŪ ÎžÎĩÏÎŽÎēÎąÏη, η ΚιÎđÎ―ÎŋÏÎŋΞÎŊÎą ÏÏÎ·Î― Ï ÎģÎĩÎđÎŋÎ―ÎŋΞÎđΚÎŪ ÏÎĩÏÎŊÎļÎąÎŧÏη. Î ÏÎąÎ―ÎīηΞÎŊÎą, ÎąÎ― Ξη ÏÎđ ÎŽÎŧÎŧÎŋ, ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―ÏÎ― Î―Îą ÎĩÏÎđÏÎąÏÏÎ―ÎĩÎđ ÎąÏ ÏÎÏ ÏÎđÏ ÏÎŽÏÎĩÎđÏ ÏÎĩ ÏÎŧÎŋ ÏÎŋÎ― ΚÏÏΞÎŋ.
ÎηΞÎŋÎģÏÎąÏÎđΚΎ ÏÏÎŋÎđÏÎĩÎŊÎą
ÎÎąÎļÏÏ Îŋ ÏÎąÎģΚÏÏΞÎđÎŋÏ ÏÎŧηÎļÏ ÏΞÏÏ ÏÏ Î―ÎĩÏÎŊÎķÎĩÎđ Î―Îą ÎģηÏÎŽÏΚÎĩÎđ ΞÎĩ ÎąÏ ÎūηÏÎđΚÎŋÏÏ ÏÏ ÎļΞÎŋÏÏ, ÎąÎ―ÎąÎžÎÎ―ÎŋÎ―ÏÎąÎđ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎīÎđÎąÏÎļÏÏÏÎđΚÎÏ ÎąÎŧÎŧÎąÎģÎÏ ÏÏÎ·Î― ÏÎąÎģΚÏÏΞÎđÎą ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą. ÎĨÏÎŽÏÏÎĩÎđ ÏÎąÏÎŪÏ ÎąÎ―ÎŽÎģΚη ÎģÎđÎą ÎĩÏÏÎĩÏη ÎŧÏÏÎĩÏÎ― ÏÏÎŋÎ― ÎąÏÎŋÏÎŽ ÏÏÎđÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎÏ ÎšÎąÎđ Ï ÎģÎĩÎđÎŋÎ―ÎŋΞÎđΚÎÏ ÏÏÎŋΚÎŧÎŪÏÎĩÎđÏ ÏÎŋÏ ÏÎąÏÎŋÏ ÏÎđÎŽÎķÎŋÎ―ÏÎąÎđ. ÎÎđ ÎŽÎ―ÎļÏÏÏÎŋÎđ ÏÏÎđ ΞÏÎ―Îŋ ÎķÎŋÏ Î― ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ, ÎąÎŧÎŧÎŽ ÎĩÏÎŊÏÎ·Ï ÎĩÏÎđÎīÎđÏΚÎŋÏ Î― ÎÎ―ÎąÎ― Ï ÎģÎđÎÏÏÎĩÏÎŋ ΚιÎđ ÎĩÎūÏ ÏÎ―ÏÏÎĩÏÎŋ ÏÏÏÏÎŋ ÎķÏÎŪÏ, ÏÎŋÎ― ÎŋÏÎŋÎŊÎŋ ÎŋÎđ ÎĩÏÎąÎđÏÎĩÎŊÎĩÏ ÎšÎąÎŧÎŋÏÎ―ÏÎąÎđ Î―Îą ÎąÎūÎđÎŋÏÎŋÎđÎŪÏÎŋÏ Î―.
Î ÎĩÏÎđÎēÎŽÎŧÎŧÎŋÎ―
Î ÎąÎĩÎđÏÎŋÏÎŊÎą ÎŪ ÎēÎđÏÏÎđΞη ÎąÎ―ÎŽÏÏÏ Îūη ÎļÎą ÎĩÎŊÎ―ÎąÎđ ÎÎ―Îą ÎąÏÏ ÏÎą ΚιÎļÎŋÏÎđÏÏÎđΚΎ ΚÎđÎ―ÎŪΞιÏÎą ÏÎ·Ï ÎīÎĩΚιÎĩÏÎŊÎąÏ, ΚιÎļÏÏ ÎšÏ ÎēÎĩÏÎ―ÎŪÏÎĩÎđÏ ÎšÎąÎđ ÎĩÏÎąÎđÏÎĩÎŊÎĩÏ ÎąÎ―ÎŽ ÏÎŋ ÏÎąÎģΚÏÏΞÎđÎŋ ÎĩÏÎđÎīÎđÏΚÎŋÏ Î― ÏÎ·Î― Ï ÎŧÎŋÏÎŋÎŊηÏη ÏÎ·Ï ÎÏÎķÎÎ―ÏÎąÏ 2030 ÏÎŋÏ ÎÏÎģÎąÎ―ÎđÏΞÎŋÏ ÎÎ―ÏΞÎÎ―ÏÎ― ÎÎļÎ―ÏÎ― (ÎÎÎ) ÎģÎđÎą Ïη ÎÎđÏÏÎđΞη ÎÎ―ÎŽÏÏÏ Îūη. ÎÎđ ÎĩÏÎąÎđÏÎĩÎŊÎĩÏ ÏÎŋÏ ÎĩÏÎđÎŧÎÎģÎŋÏ Î― Î―Îą ιΚÎŋÎŧÎŋÏ ÎļÎŪÏÎŋÏ Î― ÎÎ―Îą Î―ÎÎŋ ÎŋÎđΚÎŋÎ―ÎŋΞÎđÎšÏ ÎžÎŋÎ―ÏÎÎŧÎŋ ÎąÎ―ÎŽÏÏÏ ÎūηÏ, ÎēÎąÏÎđÏΞÎÎ―Îŋ ÏÎĩ ΞÎđÎą ÎšÏ ÎšÎŧÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą, ÎŪ ÏÎŋÏ ÎšÎąÎđÎ―ÎŋÏÎŋΞÎŋÏÎ― ÎģÎđÎą Î―Îą ΞÎĩÎđÏÏÎŋÏ Î― ÏÎŋ ÎŋÎđΚÎŋÎŧÎŋÎģÎđÎšÏ ÏÎŋÏ Ï ÎąÏÎŋÏÏÏÏΞι, ÎŋÎīÎĩÏÎŋÏ Î― ÏÏÎŋÏ ÏÎ·Î― ΚιÏÎĩÏÎļÏ Î―Ïη ÏÏÎ― ÏÏ ÎļΞÎđÏÏÎđΚÏÎ― ΚιÎđ ΚιÏÎąÎ―ÎąÎŧÏÏÎđΚÏÎ― ÏÎŽÏÎĩÏÎ―.
ÎÎąÎđÎ―ÎŋÏÎŋΞÎŊÎą
Î ÏηÏÎđιΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÎĩÏ ÎīÎŋΚÎđΞÎĩÎŊ ΚιÎđ η ΚιÎđÎ―ÎŋÏÎŋΞÎŊÎą ÏÎĩ ÏÎŋΞÎĩÎŊÏ ÏÏÏÏ Î· Ï ÎģÎĩÎđÎŋÎ―ÎŋΞÎđΚÎŪ ÏÎĩÏÎŊÎļÎąÎŧÏη ΞÏÎŋÏÎĩÎŊ Î―Îą ÏÎąÏÎÏÎĩÎđ ÎļÎĩΞÎđÏÎÏ ÎŧÏÏÎĩÎđÏ ÏÎĩ ΞÎĩÎŧÎŧÎŋÎ―ÏÎđΚÎÏ ÏÏÎŋΚÎŧÎŪÏÎĩÎđÏ. Î ÎąÎ―ÎŽÏÏÏ Îūη Î―ÎÏÎ― ÎĩÏÎąÏΞÎŋÎģÏÎ― ΚιÎđ η ÏÏηÏÏÎđΚÏÏηÏÎą ÏÎ·Ï ÏÎĩÏÎ―Î·ÏÎŪÏ Î―ÎŋηΞÎŋÏÏÎ―Î·Ï (AI) ΚιÎđ ÏÎŋÏ Big Data ÎŪ ÎąÎŧÎŧÎđÏÏ ÂŦÎÎĩÎģÎŽÎŧÎą ÎÎĩÎīÎŋΞÎÎ―ÎąÂŧ ÏÎĩ ÎīÎđÎŽÏÎŋÏÎŋÏ Ï ÏÎŋΞÎĩÎŊÏ ÎļÎą ÎĩÎŊÎ―ÎąÎđ ΚιÎļÎŋÏÎđÏÏÎđΚÎŋÎŊ ÏÎąÏÎŽÎģÎŋÎ―ÏÎĩÏ ÎģÎđÎą ÏÎ·Î― ÎąÏÎūηÏη ÎĩÏÏÎīÏÎ―. ÎÎÎĩÏ ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎĩÏ, ÏÏÏÏ ÏÎŋ 5G, ÎąÎ―ÎŋÎŊÎģÎŋÏ Î― ÏÎŋÎ― ÎīÏÏΞÎŋ ÎģÎđÎą ιΚÏΞι ÏÎĩÏÎđÏÏÏÏÎĩÏη ÎąÎ―ÎŽÏÏÏ Îūη ÏÎĩ ÏÎŋÎŧÎŧÎŋÏÏ ÏÎŋΞÎĩÎŊÏ, ÏÏ ÎžÏÎĩÏÎđÎŧιΞÎēÎąÎ―ÎŋΞÎÎ―Î·Ï ÏÎ·Ï ÎĩÎū ÎąÏÎŋÏÏÎŽÏÎĩÏÏ ÏÎĩÎđÏÎŋÏ ÏÎģÎđΚÎŪÏ, ÏÎ·Ï ÎĩÏÎąÏ ÎūηΞÎÎ―Î·Ï ÏÏÎąÎģΞιÏÎđΚÏÏηÏÎąÏ (augmented reality) ΚιÎđ ÏÎ·Ï ÎąÏ ÏÏÎ―ÎŋÎžÎ·Ï ÎŋÎīÎŪÎģηÏηÏ.
ÎÎŧÎÎ―Î· ÎÏÎ―ÏÏÎąÎ―ÏÎŊÎ―ÎŋÏ , CFA, ÎÎÎŧÎŋÏ Î.ÎĢ. CFA Society ÎÏÏÏÎŋÏ ÎšÎąÎđ ÏÏÏÎĩÎīÏÎŋÏ ÏÎ·Ï ÎĩÏÎđÏÏÎŋÏÎŪÏ Research Challenge and University Relations
Financial Literacy
July 8, 2021
Covid-19 impact on financial markets, Dionysis Sinanos CFA
Letâs start with the medical definition of Coronavirus and the chronology of its expansion to pandemic. Covid-19 is a highly contagious disease caused by severe acute respiratory syndrome coronavirus 2 virus strain. From what we know so far, the virus was transmitted from animals and the first case was mapped in Wuhan, China in December 2019. Although there were reports of Covid-19 expansion during January 2020, few expected the rapid expansion of the disease globally and the labelling as âpandemicâ in March, 11 2020.
At first instance, there was only a ripple in the financial markets. Everyone underestimated the consequences in the global economy, as investors were celebrating the âolive branchâ of US to China and a normalization of their trade relationship. As a matter of fact, the S&P 500 fell -3.8% in late January before recouping the losses quickly in February. The 10 year T-Notes, acting as âsafe havenâ, retracted from almost 2% at the end of December to 1.5% in the same period.
When people started realizing the severity of the virus during February 2020, panic was taking the place of complacency. S&P 500 recorded losses of more than -35% in less than a month (until mid-March), amid high volatility. The central banks worldwide stepped up rate cuts and liquidity boosts, through large scale quantitative easing, to soothe the impact. The Federal Reserve acted decisively in March cutting the Fed fund rate from 1.75% to 0% and expanding its quantitative easing toolbox, with the purchase of government and corporate bonds, both in investment grade and high yield space. Following that âpower actâ from the central bank of the US, the Treasury yields collapsed, with the 10 year note yield falling to as low as 0.31%, whereas the stock markets eventually reachedfinding a floor level.
Greek Text:
ÎÏ ÎūÎĩΚÎđÎ―ÎŪÏÎŋÏ ÎžÎĩ ΞÎĩ ÏÎŋÎ― ÎđÎąÏÏÎđÎšÏ ÎŋÏÎđÏÎžÏ ÏÎŋÏ ÎšÎŋÏÎŋÎ―ÎŋÏÎŋÏ ÎšÎąÎđ Ïη ÏÏÎŋÎ―ÎŋÎģÏÎąÏÎŊÎą ÏÎ·Ï ÎĩÏÎΚÏÎąÏÎŪÏ ÏÎŋÏ ÏÎĩ ÏÎąÎ―ÎīηΞÎŊÎą. ÎĪÎŋ Covid-19 ÎĩÎŊÎ―ÎąÎđ ΞÎđÎą ÎĩÎūÎąÎđÏÎĩÏÎđΚΎ ΞÎĩÏÎąÎīÎŋÏÎđΚÎŪ ÎąÏÎļÎÎ―ÎĩÎđÎą ÏÎŋÏ ÏÏÎŋΚιÎŧÎĩÎŊ ÎŧÎŋÎŊΞÏÎūη ÏÎŋÏ ÎąÎ―ÎąÏÎ―ÎĩÏ ÏÏÎđΚÎŋÏ ÏÏ ÏÏÎŪΞιÏÎŋÏ ÎšÎąÎđ ΞÏÎŋÏÎĩÎŊ Î―Îą ÎšÏ ÎžÎąÎŊÎ―ÎĩÏÎąÎđ ÎąÏÏ ÎŪÏÎđÎą ÎÏÏ ÎļÎąÎ―ÎąÏηÏÏÏÎą. ÎÏÏ ÏÏÎą ÎģÎ―ÏÏÎŊÎķÎŋÏ ÎžÎĩ ΞÎÏÏÎđ ÏÏÎđÎģΞÎŪÏ, Îŋ ÎđÏÏ ÎžÎĩÏÎąÎīÏÎļηΚÎĩ ÎąÏÏ ÎķÏÎą ΚιÎđ η ÏÏÏÏη ÏÎĩÏÎŊÏÏÏÏη ÏÎąÏÏÎŋÎģÏÎąÏÎŪÎļηΚÎĩ ÏÏÎŋ Wuhan ÏÎ·Ï ÎÎŊÎ―ÎąÏ ÏÎŋÎ― ÎÎĩΚÎΞÎēÏÎđÎŋ ÏÎŋÏ 2019. ÎÎ― ΚιÎđ Ï ÏÎŪÏÏÎąÎ― ÎąÎ―ÎąÏÎŋÏÎÏ ÎģÎđÎą ÎĩÏÎΚÏÎąÏη ÏÎŋÏ Covid-19 ÏÎŋÎ― ÎÎąÎ―ÎŋÏ ÎŽÏÎđÎŋ ÏÎŋÏ 2020, ÎŧÎŊÎģÎŋÎđ ÎąÎ―ÎΞÎĩÎ―ÎąÎ― ÏÎ·Î― ÏÎąÏÎĩÎŊÎą ÎĩÏÎΚÏÎąÏη ÏÎ·Ï Î―ÏÏÎŋÏ ÏÎąÎģΚÎŋÏΞÎŊÏÏ ÎšÎąÎđ ÏÎ·Î― ÎĩÏÎđÏÎŪÎžÎąÎ―ÏÎŪ ÏÎ·Ï ÏÏ ÂŦÎ ÎąÎ―ÎīηΞÎŊÎąÂŧ ÏÏÎđÏ 11 ÎÎąÏÏÎŊÎŋÏ 2020 ÎąÏÏ ÏÎŋÎ― ÎÎđÎĩÎļÎ―ÎŪ ÎÏÎģÎąÎ―ÎđÏÎžÏ ÎĨÎģÎĩÎŊÎąÏ.
ÎĢÏÎ·Î― ÎąÏÏÎŪ ÎŋÎđ ÎĩÏÎđÏÏÏÏÎĩÎđÏ ÏÏÎđÏ ÏÏηΞιÏÎŋÏÎđÏÏÏÏÎđΚÎÏ ÎąÎģÎŋÏÎÏ ÎŪÏÎąÎ― ÎŪÏÎđÎĩÏ. ÎÎŧÎŋÎđ Ï ÏÎŋÏÎŊΞηÏÎąÎ― ÏÎđÏ ÏÏ Î―ÎÏÎĩÎđÎĩÏ ÏÏÎ·Î― ÏÎąÎģΚÏÏΞÎđÎą ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą, ΚιÎļÏÏ ÎŋÎđ ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ ÎąÏÎŋÏÎđΞÎŋÏÏÎąÎ― ÏÎ·Î― ÎŋΞιÎŧÎŋÏÎŋÎŊηÏη ÏÎ·Ï ÎĩΞÏÎŋÏÎđΚÎŪÏ ÏÏÎÏÎ·Ï ÏÏÎ― ÎΠΠΞÎĩ ÏÎ·Î― ÎÎŊÎ―Îą. ÎÎąÏÎŽ ÏÎ·Î― ÏÎĩÏÎŊÎŋÎīÎŋ ÎĩΚÎĩÎŊÎ―Î· Îŋ S&P 500 ΞÎĩÎđÏÎļηΚÎĩ -3,8% ÏÏÎą ÏÎÎŧη ÎÎąÎ―ÎŋÏ ÎąÏÎŊÎŋÏ ÏÏÎđÎ― ÎąÏÏ ÏÎ·Î― ÎģÏÎŪÎģÎŋÏη ÎąÏÎŋΚιÏÎŽÏÏÎąÏη ÏÏÎ― ÎķηΞÎđÏÎ― ÏÎŋÏ ÏÎŋÎ― ÎĶÎĩÎēÏÎŋÏ ÎŽÏÎđÎŋ. ÎĪÎą 10ÎĩÏÎŪ T-Notes, ÎĩÎ―ÎĩÏÎģÏÎ―ÏÎąÏ ÏÏ ÂŦÎąÏÏÎąÎŧÎÏ ÎšÎąÏÎąÏÏÎģÎđÎŋÂŧ, Ï ÏÎŋÏÏÏηÏÎąÎ― ÎąÏÏ ÏÏÎĩÎīÏÎ― 2% ÏÏÎą ÏÎÎŧη ÎÎĩΚÎĩΞÎēÏÎŊÎŋÏ ÏÎĩ 1,5% ÏÎ·Î― ÎŊÎīÎđÎą ÏÎĩÏÎŊÎŋÎīÎŋ.
ÎÏÎąÎ― ÎŋÎđ ÎĩÏÎĩÎ―ÎīÏ ÏÎÏ ÎŽÏÏÎđÏÎąÎ― Î―Îą ÏÏ Î―ÎĩÎđÎīηÏÎŋÏÎŋÎđÎŋÏÎ― Ïη ÏÎŋÎēÎąÏÏÏηÏÎą ÏÎŋÏ ÎđÎŋÏ ÏÎŋÎ― ÎĶÎĩÎēÏÎŋÏ ÎŽÏÎđÎŋ ÏÎŋÏ 2020, Îŋ ÏÎąÎ―ÎđΚÏÏ ÎąÎ―ÏÎđΚιÏÎÏÏηÏÎĩ ÏÎŋÎ― ÎĩÏηÏÏ ÏÎąÏΞÏ. Î S&P 500 ΚιÏÎÎģÏÎąÏÎĩ ÎąÏÏÎŧÎĩÎđÎĩÏ ÎŽÎ―Ï ÏÎŋÏ -35% ÏÎĩ ÎŧÎđÎģÏÏÎĩÏÎŋ ÎąÏÏ ÎÎ―Îą ΞÎŪÎ―Îą (ΞÎÏÏÎđ ÏÎą ΞÎÏÎą ÎÎąÏÏÎŊÎŋÏ ), ÎĩÎ― ΞÎÏÏ Ï ÏηÎŧÎŪÏ ÎžÎĩÏÎąÎēÎŧηÏÏÏηÏÎąÏ. ÎÎđ ΚÎĩÎ―ÏÏÎđΚÎÏ ÏÏÎŽÏÎĩÎķÎĩÏ ÏÎąÎģΚÎŋÏΞÎŊÏÏ ÏÏÎŋÎÎēηÏÎąÎ― ÏÎĩ ÎąÏÎŋΚÎŋÏÎÏ ÎĩÏÎđÏÎŋΚÎŊÏÎ― ΚιÎđ ÎĩÎ―ÎŊÏÏÏ Ïη ÏÎĩÏ ÏÏÏÏηÏÎąÏ, ΞÎÏÏ
ÏÎŋÏÎŋÏÎđΚÎŪÏ ÏÎąÎŧÎŽÏÏÏÎ·Ï ÎžÎĩÎģÎŽÎŧÎ·Ï ÎšÎŧÎŊΞιΚιÏ, ÎģÎđÎą Î―Îą ΞÎĩÏÏÎđÎŽÏÎŋÏ Î― ÏÎŋÎ― ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ. Î Federal Reserve ÎĩÎ―ÎŪÏÎģηÏÎĩ ÎąÏÎŋÏÎąÏÎđÏÏÎđΚΎ ÏÎŋÎ― ÎÎŽÏÏÎđÎŋ ΞÎĩÎđÏÎ―ÎŋÎ―ÏÎąÏ ÏÎą ιΞÎĩÏÎđÎšÎąÎ―ÎđΚΎ ÎĩÏÎđÏÏΚÎđÎą ÎąÏÏ 1,75% ÏÎĩ 0% ΚιÎđ ÎĩÏÎĩΚÏÎĩÎŊÎ―ÎŋÎ―ÏÎąÏ ÏÎ·Î― ÎĩÏÎģÎąÎŧÎĩÎđÎŋÎļÎŪΚη ÏÎ·Ï ÏÎŋÏÎŋÏÎđΚÎŪÏ ÏÎąÎŧÎŽÏÏÏηÏ, ΞÎĩ ÏÎ·Î― ÎąÎģÎŋÏÎŽ ΚÏÎąÏÎđΚÏÎ― ΚιÎđ ÎĩÏÎąÎđÏÎđΚÏÎ― ÎŋΞÎŋÎŧÏÎģÏÎ―. ÎÎĩÏÎŽ ÎąÏÏ ÎąÏ ÏÎŪÎ― ÏÎ·Î― ΚÎŊÎ―Î·Ïη ÎąÏÏ ÏÎ·Î― ΚÎĩÎ―ÏÏÎđΚÎŪ ÏÏÎŽÏÎĩÎķÎą ÏÏÎ― ÎÎ Î, ÎŋÎđ ÎąÏÎŋÎīÏÏÎĩÎđÏ ÏÏÎ― ÏÏÎĩÎŋÎģÏÎŽÏÏÎ― ΚιÏÎÏÏÎĩÏ ÏÎąÎ―, ΞÎĩ ÏÎą 10ÎĩÏÎŪ ÎšÏÎąÏÎđΚΎ ÎŋΞÏÎŧÎŋÎģÎą Î―Îą ÎąÏÎŋÎīÎŊÎīÎŋÏ Î― ΞÎÏÏÎđ ΚιÎđ 0,31%, ÎĩÎ―Ï ÎŋÎđ ÏÏηΞιÏÎđÏÏηÏÎđιΚÎÏ ÎąÎģÎŋÏÎÏ Î―Îą ÏÏÎŽÎ―ÎŋÏ Î― ÎĩÎ― ÏÎÎŧÎĩÎđ ÏÏÎŋ ΚιÏÏÏÎąÏÏ ÏÎŋÏ Ï ÎĩÏÎŊÏÎĩÎīÎŋ.
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July 8, 2021
Î ÎĢÏÎ―ÎīÎĩÏΞÎŋÏ Î§ÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎÎ―ÎąÎŧÏ ÏÏÎ― ÎÏÏÏÎŋÏ , ÎąÏÎŋ ÏÎŋÎ― Evgeny Tarakanov CFA
CFA Society ÎÏÏÏÎŋÏ . Î ÎŋÎđÎŋÎđ ÎĩÎŊΞιÏÏÎĩ ΚιÎđ ÏÎđ Ï ÏÎŋÏÏηÏÎŊÎķÎŋÏ ÎžÎĩ.
ÎÏÏ ÏÎŋÎ― Evgeny Tarakanov, CFA
Î ÎÏ ÏÏÎđιΚÏÏ ÎĢÏÎ―ÎīÎĩÏΞÎŋÏ Î§ÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÏÎ― ÎÎ―ÎąÎŧÏ ÏÏÎ― (CFA Society Cyprus), ÎđÎīÏÏÎļηΚÎĩ ÏÎŋ 2003 ÏÎą ÏÏÏÏÎą ÏÏÏÎ―ÎđÎą ÏÎ·Ï ÏÎąÎģΚÏÏΞÎđÎąÏ ÎĩÏÎΚÏÎąÏÎ·Ï ÏÎŋÏ ÎÎ―ÏÏÎđÏÎŋÏÏÎŋÏ CFA.
Î ÎĢÏÎ―ÎīÎĩÏΞÎŋÏ ÏÏÎ·Î― ÎÏÏÏÎŋ, ÏÎŪΞÎĩÏÎą ÎąÏÎąÏÎđÎļΞÎĩÎŊ 187 ΞÎÎŧη ΚιÎđ ÎĩΚιÏÎŋÎ―ÏÎŽÎīÎĩÏ Ï ÏÎŋÏÎŪÏÎđÎŋÏ Ï ÎģÎđÎą ÎąÏÏΚÏηÏη ÏÎŋÏ ÏÎŊÏÎŧÎŋÏ CFA.
Î ÎąÏÎđÎļΞÏÏ ÎĩÎŊÎ―ÎąÎđ ÏÏÎĩÎīÏÎ― ÎīÎđÏÎŧÎŽÏÎđÎŋÏ ÎąÏÏ Ï, ÏÎđ ÏÏÎđÎ― ÎąÏÏ 5 ÏÏÏÎ―ÎđÎą, ÏηΞιÏÎŋÎīÎŋÏÏÎ―ÏÎąÏ ÎžÎđÎą ÎŋÎŧÎŋÎÎ―Îą ÎąÏ ÎūÎąÎ―ÏΞÎĩÎ―Î· ÎķÎŪÏηÏη ÎģÎđÎą ÏÎŋÎ― ÏÎŊÏÎŧÎŋ CFA. ÎÏ ÏÎŪÎ― Ïη ÏÏÎđÎģΞÎŪ Ï ÏÎŽÏÏÎŋÏ Î― 327 Ï ÏÎŋÏÎŪÏÎđÎŋÎđ ÎĩÎģÎģÎĩÎģÏιΞΞÎÎ―ÎŋÎđ ÎģÎđÎą Î―Îą ÎŧÎŽÎēÎŋÏ Î― ÎĩÎūÎĩÏÎŽÏÎĩÎđÏ CFA ÏÎŋ 2021, ÏÏÎŋÏ 30 ÎąÏÏ ÎąÏ ÏÎŋÏÏ ÏÏÎŋÏÏÎąÎļÎŋÏÎ― Î―Îą ÎšÎŽÎ―ÎŋÏ Î― ÏÎ·Î― ÏÎĩÎŧÎđΚÎŪ ÏÎŋÏ Ï ÎĩÎūÎÏÎąÏη CFA. ÎÎĩÎīÎŋΞÎÎ―ÎŋÏ ÏÏÎđ ÏÎŋ ΞÎÏÎŋ ÏÎŋÏÎŋÏÏÏ ÎĩÏÎđÏÏ ÏÎŊÎąÏ ÎģÎđÎą ÏÎ·Î― ÏÎĩÎŧÎđΚÎŪ ÎĩÎūÎÏÎąÏη ÎąÎ―ÎÏÏÎĩÏÎąÎđ ÏÏÎŋ 50%, ÎąÎ―Ï ÏÎŋΞÎŋÎ―ÎŋÏΞÎĩ Î―Îą ÏÏÎŽÏÎŋÏ ÎžÎĩ ÏÎŋ ÏÏÎđÎŋ ÏÏÎ― 200 ΞÎĩÎŧÏÎ― ÏÎ·Ï Charterholder Society.
ÎĪÎŋ ÎŊÎīÎđÎŋ ÏÎŋ CFA Institute ÎĩÎŊÎ―ÎąÎđ η ΞÎĩÎģÎąÎŧÏÏÎĩÏη ÏÎąÎģΚÏÏΞÎđÎą ÎÎ―ÏÏη ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÏÎ―. ÎηΞÎđÎŋÏ ÏÎģÎŪÎļηΚÎĩ ÏÏÎđÏ ÎąÏÏÎÏ ÏÎ·Ï ÎīÎĩΚιÎĩÏÎŊÎąÏ ÏÎŋÏ 1960 ΚιÎđ ÏÎÏÎąÏÎĩ ÏÎÏÎą ÎąÏÏ Ïη ÎÏÏÎĩÎđÎą ÎΞÎĩÏÎđΚÎŪ Ïη ÎīÎĩΚιÎĩÏÎŊÎą ÏÎŋÏ 1980, ÎąÎ―ÏÎąÎ―ÎąÎšÎŧÏÎ―ÏÎąÏ ÏÎ·Î― ÏÎąÎģΚÎŋÏΞÎđÎŋÏÎŋÎŊηÏη ÏÎ·Ï ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ―. ÎĪÎŋ ÎđÎ―ÏÏÎđÏÎŋÏÏÎŋ CFA ÎĩÏÎŊ ÏÎŋÏ ÏÎąÏÏÎ―ÏÎŋÏ ÎžÎĩÏÏÎŽ 162 CFA ÎÎŋÎđÎ―ÏÏηÏÎĩÏ ÏÎĩ ÏÎŧÎŋ ÏÎŋÎ― ΚÏÏΞÎŋ, ÎŋÎđ ÎŋÏÎŋÎŊÎĩÏ ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŋÏÎ― ÏÏ ÎžÎŊÎą – ÎĩÎūÏ ÏηÏÎĩÏÎŋÏÎ― ÏÎ·Î― ÎąÏÎŋÏÏÎŋÎŧÎŪ ÎžÎąÏ – Î―Îą ηÎģηÎļÎŋÏÎ― ÏÎŋÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎŋÏ ÎĩÏÎąÎģÎģÎÎŧΞιÏÎŋÏ ÏÎąÎģΚÎŋÏΞÎŊÏÏ ÏÏÎŋÏÎļÏÎ―ÏÎąÏ ÏÎą Ï ÏηÎŧÏÏÎĩÏÎą ÏÏÏÏÏ ÏÎą ÎīÎĩÎŋÎ―ÏÎŋÎŧÎŋÎģÎŊÎąÏ, ÎĩΚÏÎąÎŊÎīÎĩÏ ÏÎ·Ï ÎšÎąÎđ ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđΚÎŪÏ ÎąÏÎđÏÏÎĩÎŊÎąÏ ÎģÎđÎą ÏÎŋ ÏÎĩÎŧÎđÎšÏ ÏÏÎĩÎŧÎŋÏ ÏÎ·Ï ÎšÎŋÎđÎ―ÏÎ―ÎŊÎąÏ.
ÎÏ ÏÎŪ Î· ÎąÏÎŋÏÏÎŋÎŧÎŪ ÎĩÎūÏ ÏηÏÎĩÏÎĩÎŊÏÎąÎđ ΞÎĩ Ïη ÎīηΞÎđÎŋÏ ÏÎģÎŊÎą ÎąÎūÎŊÎąÏ ÎģÎđÎą ÏÎŋÏ Ï ÎēÎąÏÎđΚÎŋÏÏ ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎŊÎĩÏ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ΚιÎđ Ïη ÏÏ Î―ÎĩÏÎģÎąÏÎŊÎą ΞÎĩ ÏÎŋÎ― ÎēÎąÏÎđÎšÏ ÎšÎŧÎŽÎīÎŋ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÎģÎđÎą ÏÎ·Î― ÏÏÎŋÏÎļηÏη ÏÎ·Ï Î·ÎļÎđΚÎŪÏ, ÏÎ·Ï ÎąÎšÎĩÏÎąÎđÏÏηÏÎąÏ ÏÎ·Ï ÎąÎģÎŋÏÎŽÏ ÎšÎąÎđ ÏÏÎ― ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđΚÏÎ― ÏÏÎŋÏÏÏÏÎ― ÏÏιΚÏÎđΚÎŪÏ, ÏÎą ÎŋÏÎŋÎŊÎą ÏÏ ÎžÎēÎŽÎŧÎŧÎŋÏ Î― ÏÏ ÎŧÎŧÎŋÎģÎđΚΎ ÏÏÎ·Î― ΚÎŋÎđÎ―ÏÎ―ÎŊÎą. ÎĐÏ ÎžÎÏÎŋÏ ÎĩÎ―ÏÏ ÏÎąÎģΚÏÏΞÎđÎŋÏ , ÎąÎ―ÎĩÎūÎŽÏÏηÏÎŋÏ ÎŋÏÎģÎąÎ―ÎđÏΞÎŋÏ, ÎīÎđÎąÎīÏιΞιÏÎŊÎķÎŋÏ ÎžÎĩ ÏÏÎŧÎŋ ÏÏÎŋ Î―Îą ÎĩÎŊΞιÏÏÎĩ ÎīÎđÎąÏÎĩÎđÏÎđÏÏÎŪÏ ÎšÎąÎđ ÏÏÏÏÎąÎļÎŧηÏÎŪÏ ÏÎ·Ï ÎēÎđÎŋΞηÏÎąÎ―ÎŊÎąÏ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ―.
Î ÎđÏÏÎĩÏÎŋÏ ÎžÎĩ ÏÏÎđ ÎŋÎđ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎÏ ÎąÎģÎŋÏÎÏ ÎšÎąÎđ Ï ÏηÏÎĩÏÎŊÎĩÏ ÏÏÎÏÎĩÎđ Î―Îą ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŋÏÎ― ΞÎĩ ÏÎŋÏ Ï ÎąÎšÏÎŧÎŋÏ ÎļÎŋÏ Ï ÏÏÏÏÎŋÏ Ï:
- ÎÎđ ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎŊÎĩÏ ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÏÏ ÎžÎēÎŽÎŧÎŧÎŋÏ Î― ÏÏÎŋ ÏÎĩÎŧÎđÎšÏ ÏÏÎĩÎŧÎŋÏ ÏÎ·Ï ÎšÎŋÎđÎ―ÏÎ―ÎŊÎąÏ ÎžÎÏÏ ÏÎ·Ï ÎēÎđÏÏÎđÎžÎ·Ï ÎąÎūÎŊÎąÏ ÏÎŋÏ ÎīηΞÎđÎŋÏ ÏÎģÎĩÎŊÏÎąÎđ ÎąÏÏ ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÎÏ ÏÏηΞιÏÎŋÏÎđÏÏÏÏÎđΚÎÏ ÎąÎģÎŋÏÎÏ ÎšÎąÎđ ÎąÏÏ ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚΎ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚΎ ÎđÎīÏÏΞιÏÎą.
- ΠΚιÎŧÎŪ ÎīÎđÎąÏÎĩÎŊÏÎđÏη ΚιÎđ ÏÎą Ï ÏηÎŧÎŽ ηÎļÎđΚΎ ÏÏÏÏÏ ÏÎą ÎĩÎŊÎ―ÎąÎđ ÎąÏÎąÏÎąÎŊÏηÏÎą ÎģÎđÎą ÏÎ·Î― ÎĩÎūÎąÏÏÎŽÎŧÎđÏη ÏÎ·Ï ÎĩΞÏÎđÏÏÎŋÏÏÎ―Î·Ï ÎšÎąÎđ ÏÎ·Ï ÎĩΞÏÎđÏÏÎŋÏÏÎ―Î·Ï ÎšÎąÎđ ÎģÎđÎą ÏÎ·Î― ÎĩÎūÏ ÏηÏÎÏηÏη ÏÎ·Ï ÎšÎŋÎđÎ―ÏÎ―ÎŊÎąÏ. ÎÎđ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎÏ ÎąÎģÎŋÏÎÏ ÏÏÎÏÎĩÎđ Î―Îą ÏÎąÏÎÏÎŋÏ Î― ÏÎĩ ΚΎÎļÎĩ ÎĩÏÎĩÎ―ÎīÏ ÏÎŪ ÏÎ·Î― ÎĩÏ ÎšÎąÎđÏÎŊÎą Î―Îą ΚÎĩÏÎīÎŊÏÎĩÎđ ΞÎđÎą ÎīÎŊΚιÎđη ÎąÏÏÎīÎŋÏη.
- ÎÎđ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎÏ ÎąÎģÎŋÏÎÏ ÎĩÎŊÎ―ÎąÎđ ÏÎđÎŋ ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÎÏ ÎžÎĩ ÎģÎ―ÏÏÏÎĩÏ, ÎīÎđÎąÏÎŋÏÎĩÏÎđΚÎŋÏÏ ÏÏ ÎžÎžÎĩÏÎÏÎŋÎ―ÏÎĩÏ.
- ÎÎđ Ï ÏηÎŧÎÏ Î·ÎļÎđΚÎÏ ÎąÏÏÎÏ ÎšÎąÎđ ÏÎą ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđΚΎ ÏÏÏÏÏ ÏÎą ÎĩÎŊÎ―ÎąÎđ ÎąÏÎąÏÎąÎŊÏηÏÎą ÎģÎđÎą ÏÎą ÎļÎĩÏÎđΚΎ ÎąÏÎŋÏÎĩÎŧÎÏΞιÏÎą. ÎÎđ ÎšÎąÎ―ÏÎ―ÎĩÏ ÎšÎąÎđ ÎŋÎđ ÎšÎąÎ―ÎŋÎ―ÎđÏΞÎŋÎŊ, ÎĩÎ―Ï ÎĩÎŊÎ―ÎąÎđ ÎąÏÎąÏÎąÎŊÏηÏÎŋÎđ, ÎīÎĩÎ― ÎąÏΚÎŋÏÎ― ÎąÏÏ ÎžÏÎ―ÎŋÎđ ÏÎŋÏ Ï.
ÎΚÏÏÏ ÎąÏÏ ÏÎą ΎΞÎĩÏÎą ÎŋÏÎÎŧη ÎģÎđÎą ÏÎŋÏ Ï ÏÎĩÎŧÎŽÏÎĩÏ ÏÎŋÏ Ï, ÏÎŋ ÎÏÎģÎŋ ÏÏÎ― ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđÏÎ― ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ΚιÎđ Îŋ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋÏ ÏÎ·Ï ÎēÎđÎŋΞηÏÎąÎ―ÎŊÎąÏ ÎīÎđÎąÏÎĩÎŊÏÎđÏÎ·Ï ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÏÏÎĩÎŧÎĩÎŊ ÎĩÏÎŊÏÎ·Ï ÏÎ·Î― ΚÎŋÎđÎ―ÏÎ―ÎŊÎą ΞÎÏÏ ÎēÎĩÎŧÏÎđÏΞÎÎ―ÏÎ― ÎąÏÎŋÏÎĩÎŧÎĩÏΞΎÏÏÎ― ÏÏÎ― ÎĩÏÎĩÎ―ÎīÏ ÏÏÎ― ΚιÎđ ÏÎ·Ï ÎĩÏιΚÏÎŧÎŋÏ ÎļÎ·Ï ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÎŪÏ ÎšÎąÏÎąÎ―ÎŋΞÎŪÏ ÎšÎĩÏÎąÎŧÎąÎŊÏÎ― ÏÎŋÏ ÎŋÎīηÎģÎĩÎŊ ÏÎ·Î― ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎąÎ―ÎŽÏÏÏ Îūη ΚιÎđ ÎąÎ―ÎŽÏÏÏ Îūη.
ÎÏ ÏÎÏ ÎĩÎŊÎ―ÎąÎđ ÎŋÎđ Î ÎŋÎŧÎđÏÎđÏÏÎđΚÎÏ ÎžÎąÏ ÎÎūÎŊÎĩÏ, ÎŋÎđ ÎŋÏÎŋÎŊÎĩÏ ÎŋÏÎŊÎķÎŋÏ Î― ÏÎŋÎđÎŋÎđ ÎĩÎŊΞιÏÏÎĩ, ÏÎđ Ï ÏÎŋÏÏηÏÎŊÎķÎŋÏ ÎžÎĩ ΚιÎđ ÏÎđ ÏÎđÎŧÎŋÎīÎŋÎūÎŋÏΞÎĩ Î―Îą ÎĩÎŊΞιÏÏÎĩ.
ÎĐÏ CFA Society ÎÏÏÏÎŋÏ , ÎĩÏÎąÏΞÏÎķÎŋÏ ÎžÎĩ ΞÎĩ ÎĩÏÎđÏÏ ÏÎŊÎą ÏÎđÏ ÎšÎŋÏÏ ÏÎąÎŊÎĩÏ ÏÎąÎģΚÏÏΞÎđÎĩÏ ÏÏιΚÏÎđΚÎÏ ÏÎŋÏ CFA Institute. Î ÏÏÏÏÏÎąÏη ÎąÏÎūηÏη ÏÏÎ― ΞÎĩÎŧÏÎ― ÎžÎąÏ ÎĩÏÎÏÏÎĩÏÎĩ ÎŪÎīη ÎĩΚÏÏÏ ÎąÏÏ ÏÎŋ ÎÎđÎŋÎđΚηÏÎđÎšÏ ÎĢÏ ÎžÎēÎŋÏÎŧÎđÎŋ ÏÎ·Ï ÎÏÎąÎđÏÎĩÎŊÎąÏ Î―Îą ÎīηΞÎđÎŋÏ ÏÎģÎŪÏÎŋÏ ÎžÎĩ ÏÏÎĩÎđÏ ÎĩÎūÎĩÎđÎīÎđΚÎĩÏ ÎžÎÎ―ÎĩÏ ÎĩÏÎđÏÏÎŋÏÎÏ ÏÎŋÏ ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŋÏÎ― ÏÏ Î―ÎĩÏÏÏ, ÎŋÎđ ÎŋÏÎŋÎŊÎĩÏ ÎąÎ―ÏÎđΚιÏÎŋÏÏÏÎŊÎķÎŋÏ Î― ÏÎ·Î― ÏÏÎÏÎŋÏ ÏÎą ÎĩÏÏÎŊÎąÏη
- ÎģÎđÎą ÏÎ·Î― ΚιÏÎąÏÎŋÎŧÎΞηÏη ÏÎŋÏ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŋÏ ÎąÎ―ÎąÎŧÏÎąÎēηÏÎđÏΞÎŋÏ – ÎÏÎđÏÏÎŋÏÎŪ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŋÏ ÎģÏιΞΞιÏÎđÏΞÎŋÏ
- ÎģÎđÎą ÏÎ·Î― ÎąÎ―ÎŽÏÏÏ Îūη ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđÏÎ― Ï ÏηÎŧÎŋÏ ÎĩÏÎđÏÎÎīÎŋÏ ÎšÎąÎđ ηÎļÎđΚÎŪÏ ÎĩÏÎÎ―ÎīÏ ÏÎ·Ï – Research Challenge & University Relations Committee ΚιÎđ
- ÏÏÎŋÏÎļηÏη ÏÎ·Ï ÎąÎšÎĩÏÎąÎđÏÏηÏÎąÏ ÎšÎąÎđ ÏÎŋÏ ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎđÏΞÎŋÏ ÏÏÎ·Î― ÏÎŋÏÎđΚÎŪ ÏÏηΞιÏÎŋÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŪ ÎēÎđÎŋΞηÏÎąÎ―ÎŊÎą â Advocacy Committee.
ÎÎđ ÎĩÏÎđÏÏÎŋÏÎÏ ÎžÎąÏ ÎĩÏÎđÏÏÎÏÎŋÏ Î― Î―Îą ÎąÎūÎđÎŋÏÎŋÎđÎŋÏΞÎĩ ÏÎ·Î― ÏÎ·Î― ÎĩΞÏÎĩÎđÏÎŊÎą ÏÎŋÎŧÎŧÏÎ― ÎąÏÏ ÏÎą ΞÎÎŧη ÎžÎąÏ ÏÏÎŋÏ ÏÏÎĩÎŧÎŋÏ ÏÎ·Ï ÏÎŋÏÎđΚÎŪÏ ÎĩÏÎĩÎ―ÎīÏ ÏÎđΚÎŪÏ ÎēÎđÎŋΞηÏÎąÎ―ÎŊÎąÏ ÎšÎąÎđ ÏÎ·Ï ÎĩÏ Î·ÎžÎĩÏÎŊÎąÏ ÏÎ·Ï ÎšÎŋÎđÎ―ÏÎ―ÎŊÎąÏ ÏÏÎ·Î― ÎÏÏÏÎŋ.
ÂŦÎÎđ ÎĩÏÎđÏÏ ÏηΞÎÎ―ÎŋÎđ ÎĩÏÎąÎģÎģÎĩÎŧΞιÏÎŊÎĩÏ ÎĩÏÎĩÎ―ÎīÏÏÎĩÏÎ― ÎĩÎŊÎ―ÎąÎđ ÏÎĩÎđÎļÎąÏÏηΞÎÎ―ÎŋÎđ ΚιÎđ ÏÏ Î―ÎĩÏÎĩÎŊÏ ÎšÎąÎđ ÏΚÎÏÏÎŋÎ―ÏÎąÎđ ÏÎŋÎŧÎŧÎŽ ÎģÎđÎą ÏÎŋ ÏÎđ ÎšÎŽÎ―ÎŋÏ Î― ΚιÎđ ÏÏÏ ÏÎŋ ÎšÎŽÎ―ÎŋÏ Î―Âŧ. Benjamin Graham, The Intelligent Investor (1949)
Evgeny Tarakanov, CFA, ÎÎ―ÏÎđÏÏÏÎĩÎīÏÎŋÏ CFA Society Cyprus
Financial Literacy
June 16, 2021
Commencement of a Pilot Course in Financial Education in Secondary Education in Cyprus
The Financial Education course for secondary education, was developed by the University of Cyprus and adapted by the private school “The Junior & Senior School” for the needs of its students