ECB holds Eurozone interest rates July 16, 2015 The European Central Bank (ECB) kept interest rates unchanged at records lows, at a meeting of its 25-member governing council today. "At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain [...]
German finance minister Wolfgang Shaeuble on Grexit: Perhaps temporary exit from the Eurozone would be better for Greece July 16, 2015 Never one to mince his words, German finance minister Wolfgang Schaeuble has suggested that, despite the Greek parliament's overwhelming support for its creditors' reform proposals, a "temporary Grexit" might be a better option. Read more: IMF slams Greece deal This morning Schaeuble told Deutschlandfunkradio that "perhaps [Grexit] would be the better way for Greece". Given [...]
Greece offered Eurozone exit as alternative to bailout as Eurogroup talks continue late into the night July 12, 2015 Greece has been told it could make a temporary exit from the Eurozone if it fails to come to an agreement with its creditors in last-ditch tonight. Read more: Eurozone leaders assemble European leaders are once again locked in late night negotiations, after taking a second break for bilateral talks, as Greek looks to secure the much-needed [...]
Greek debt crisis: Angela Merkel, Alexis Tsipras, Francois Hollande and Eurozone leaders assemble for Brussels bailout talks July 12, 2015 Eurozone leaders have assembled in Brussels to discuss a deal to bailout Greece from its debt crisis after a morning of talks between finance ministers. “We’re now going to inform the leaders we’ve finalised our discussion. We’ve come a long way but a couple of big issues still are open so we’re going to put [...]
Greek debt crisis: Eurozone finance ministers divided in tough talks July 11, 2015 The finance ministers of the Eurozone countries have warned there will be tough negotiations as they meet to discuss whether Greece’s new reform proposals are a basis for a third bailout. Eurogroup chief and Dutch finance minister Jeroen Dijsselbloem said there was a “major issue of trust”, while Wolfgang Schaeuble, Germany’s finance minister, said the [...]
Greece passes first hurdle as it gets green light for its proposals ahead of crucial meeting of Eurozone finance ministers July 11, 2015 The measures that the Greek parliament agreed to in the early hours of the morning have received an initial green light from the European Union and International Monetary Fund ahead of a critical meeting of the Eurozone finance ministers in Brussels. Bailout talks are now very likely after the European Commission, European Central Bank and [...]
As it presents reform plans, is Greece’s position in the Eurozone untenable without debt relief? July 9, 2015 Konstantinos Venetis is an economist at Lombard Street Research, says Yes Greece’s position has been untenable without debt relief for a number of years, but for a time that debt relief was forthcoming. Debt restructuring has already reduced the value of Greek debt in net present value (NPV) terms. This process could go further, with [...]
Oil price drops to three-month low on worries over Eurozone July 6, 2015 Oil prices fell below $60 a barrel yesterday, as the shockwaves from the Greek “no” vote pushed prices further down. Yesterday marked the first time since April that internationally traded Brent crude fell so low, at one point dipping to as little as $56.50 a barrel. US benchmark West Texas Intermediate was also trading at [...]
Eurozone spending stays on the level in June July 6, 2015 June’s Eurozone retail Purchasing Managers’ Index data, published yesterday, showed a slender increase in total retail sales at 50.4, down from May’s 49-month high of 51.4, resulting from strong growth in Germany and an easing downturn in France, while Italy was the principal drag.
Will Greece leave the Eurozone? Crunch time as Greeks heads to the polls in bailout referendum July 5, 2015 Greece will today head to the polls to vote in a referendum which could send the country tumbling into financial disaster and plunge the Eurozone into turmoil. Greeks will vote on whether or not to accept the terms of a new bailout deal which demands austerity measures including VAT rises and pension cuts. The surprise [...]