Has the ongoing Greek crisis irrevocably tarnished the single European currency? July 5, 2015 Ruth Lea, economic adviser to the Arbuthnot Banking Group, says Yes. The euro was first and foremost a political project, albeit one with the profoundest of economic ramifications. Its launch was a major step towards the “ever closer union of the peoples of Europe”, as first articulated in the Treaty of Rome. But Greece’s current [...]
Greek referendum – when will the results come in? Voters set to reject bailout offer July 5, 2015 Greece has entered uncharted territory after it overwhelmingly rejected austerity measures in exchange for unblocking aid in a historic referendum. It's been over six hours since the polls closed, and around 95 per cent of the votes have been counted, with 61.31 per cent voting "no" and 38.69 per cent voting "yes". This flies in the [...]
Greek referendum “no” vote: What the analysts say July 5, 2015 As Greece inches towards a historic "no" vote against austerity measures such as VAT rises and pension cuts, analysts are already reacting to the potential victory for Tsipras and co. With three hours since the polls closed, and over half of the votes have been counted, so far 61.26 per cent voted "no" and 38.74 per cent [...]
China freezes IPOs as stock markets nose-dive July 5, 2015 China has reportedly stepped up efforts to stabilise its tumultuous stock market by suspending initial public offerings and creating a market stabilisation fund. The world's second-largest economy halted new share offerings yesterday according to the Wall Street Journal. This could improve liquidity because large amounts of money are frozen when subscriptions are taken, diverting it away from current [...]
July Budget 2015: Make investments easier through tax reforms to create “equity economy”, business leaders urge George Osborne July 5, 2015 George Osborne must make radical changes to the tax system to unlock the investment potential of millions of Brits and inject growth into the economy. The chancellor's Budget, due on Wednesday, should include ambitious reform of the tax system to encourage people to buy a stake in businesses and create an "equity economy", the Institute of [...]
July Budget 2015: George Osborne to cut housing welfare for higher earners July 5, 2015 George Osborne plans to cut housing welfare for those earning higher wages in a move that is expected to raise £250m a year for the Treasury. Those earning more than £30,000, or £40,000 in London, and living in Local Authority or Housing Association properties will have to pay the going market rent, the chancellor will [...]
CBI says UK economic growth slowed in the second quarter, warns of the effects of Greek debt crisis on UK trade July 4, 2015 UK manufacturing, retail, and services growth was down for the second quarter of the year. According to a survey business lobby group the Confederation of British Industry (CBI), the main reason for the drop was the fast rate of growth reported in the previous quarter. The CBI has said it expects growth to be strong [...]
Greece referendum: Greek banks prepare to trim clients’ savings as fears circulate ATMs could run out of cash next week July 4, 2015 Greece’s banks are preparing the ground for a haircut of deposits over €8,000 in a raid to prevent collapse. According to the Financial Times, sources in the sector said the trimming would be at a rate of “at least 30 per cent” of all deposits above the €8,000 mark, and that such a scenario was [...]
Greek court rejects referendum appeal July 3, 2015 A court in Greece has rejected an appeal against the referendum on whether or not to accept creditors' bailout conditions, due to be held on Sunday. Two Greeks citizens appealed against the referendum, saying the country's constitution prevents votes on fiscal issues. Critics have also complained that with capital controls in place, many inhabitants of [...]
Greek referendum: European markets dip as court prepares to rule on referendum July 3, 2015 European markets closed down today as Greek court prepared to rule on the legality of Sunday's referendum on creditors' bailout conditions. Read more: Even pro-Europeans admit the Greek crisis has been disastrous for the EU The FTSE 100 closed down 0.67 per cent, while Germany's Dax closed down 0.37 per cent and France's Cac was 0.57 [...]