Wednesday, 08 July, 2015
(Bloomberg) — European leaders talked openly about a Greek exit from the euro ahead of a weekend summit on the country’s economic future, breaking dramatically with years of denial about the possibility. Europe has “a Grexit scenario prepared in detail,” European Commission President Jean-Claude Juncker said late Tuesday night, hours before Austrian Chancellor Werner Faymann said Greece’s Plan B is “another currency.” The European Union set a Sunday deadline to reach a deal with Greece […] Read More
Wednesday, 08 July, 2015
Three years ago, eurozone bond markets almost ripped Europe’s monetary union apart. Not this time. Even as the risks of Greece being thrown out of the eurozone have escalated, bond market reaction has remained tame. One explanation is that investors have had time to prepare for a possible “Grexit”, and believe “contagion” risks for the rest of the eurozone would be manageable. Another — arguably stronger — reason is investors’ faith in the European Central […] Read More
Wednesday, 08 July, 2015
;widows: 1;-webkit-text-stroke-width: 0px;word-spacing:0px”> The research finds current price expectations neither "unusual" nor "irrational". Delivering the preliminary results to a session on housing at the Australian Conference of Economists in Brisbane, and stressing that they should be attributed to him and not the bank, Reserve senior research manager Peter Tulip said that whereas a year ago home prices were "fairly valued", today they are about "30 per cent undervalued". The change has been brought about by much lower mortgage rates and by […] Read More
Monday, 06 July, 2015
(Bloomberg) — Greece voted against yielding to further austerity demanded by creditors, leaving Europe’s leaders to determine if the nation can remain in the euro. Sixty-one percent of voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and tax increases in an unprecedented referendum that’s also taken the country to the brink of financial collapse. Outspoken Greek Finance Minister Yanis Varoufakis resigned after the Sunday vote, giving Greece a chance to lower the […] Read More
Wednesday, 01 July, 2015
(Bloomberg) — European stocks rose with U.S. equity-index futures as Greek Prime Minister Alexis Tsipras signaled he was ready to compromise to end a standoff over a bailout. German bunds and Treasuries declined, while oil dropped amid signs a global glut will persist. The Stoxx Europe 600 Index added 1.7 percent by 7 a.m. in New York, while Standard & Poor’s 500 Index futures advanced 0.8 percent following the index’s first three-month drop in 10 […] Read More
Tuesday, 30 June, 2015
(Bloomberg) — Asian stocks rose with U.S. index futures in the wake of a $1.5 trillion global rout Monday, while the euro pared a quarterly advance as investors watch developments in Greece. Chinese shares reversed losses as the government stepped up efforts to buoy sentiment amid a bear market. The MSCI Asia Pacific Index added 0.9 percent by 2:48 p.m. in Tokyo, while Standard & Poor’s 500 Index futures rose 0.3 percent. The MSCI All […] Read More
Monday, 29 June, 2015
From AFR Contributing Editor Christopher Joye Global traders are up in arms that Greece, a country with only 11 million residents and annual GDP less than that of Israel or Chile, is giving them yet another bout of whip-lash. While there is deep anxiety as to how this chaotic Greek drama plays out, there may be counter-intuitive grounds for optimism. First, there’s a very good chance that the 5 July referendum called by the Greek Prime […] Read More
Monday, 29 June, 2015
WSJ- Greece Orders Banks Closed, Imposes Capital Controls to Stem Deposit Flight – Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, and its central bank moved to impose controls to prevent money from flooding out of the country.The steps, a fateful climax to five years of debt crisis, puts Greece closer than it ever has been to an exit from the euro and pushes the common currency […] Read More
Monday, 29 June, 2015
FT- Whatever the outcome, the result will most likely be deadlock. According to the – Beyond the cost, though, there is the problem that this poll has no real objective. The bailout proposal was not final and it has already been recalled.Voting on a non-existing proposal is surreal and only serves to highlight that the referendum is really about the standing of Greece in Europe.According to the Greek government, a No vote will pressure the […] Read More
Monday, 29 June, 2015
German, Dutch banks ‘well-prepared’ for Greek financial ructions – German and Dutch banks said on Sunday said they were fortified against possible financial turmoil in Greece this week after the country announced it would keep banks closed on Monday and would introduce capital controls…"We are very well-prepared because we’ve been anticipating a situation like this for a long time," said a spokesman for Germany’s second biggest lender, Commerzbank. The Athens stock exchange will also be […] Read More
