Investors were quick to give a confident thumbs up to Poland's Europhile opposition bloc's surprise election triumph as it fuelled hopes of better ties with Brussels and those that hold its purse strings.
Donald Tusk, leader of the largest opposition grouping Civic Coalition , delivers a speech after the exit poll results are announced in Warsaw, Poland, October 15, 2023. REUTERS/Kacper Pempel/File PhotoQuestion marks remain over spending plans, interest rates
Daniel Moreno, head of emerging markets debt at investment firm Mirabaud, explained: "It will be a positive development for sure because it will unlock the money that has been withheld and reduce a lot of the tension that has been created with Brussels". earmarked for Poland from the EU's long-term budget and the post pandemic Recovery and Resilience Facility remain frozen due to PiS' record of undercutting liberal democratic rules.
Tusk will not instantly unlock the 35 billion euros in post-pandemic grants and loans that Brussels froze in May 2021 due to concerns about political influence of top judges.in Poland. But like all the country's institutions with a PiS leaning, it could be "quite obstructive", abrdn portfolio manager Viktor Szabo said.
Poland still has a sub 60% debt-to-GDP ratio but already had to triple what it had previously paid investors when it sold a 10-year bond in its local zloty markets at 6% at the end of last year.
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