Here's my summary of the key news overnight in 90 seconds at 9 am, including news fears about Europe's debt crisis are re-emerging after divisions were laid bare again over the weekend about how to form a single Eurozone banking union.
Germany and France disagreed about the timetable for a single banking union and there were also doubts about the need for Europe to bail out Spain and Italy. See more here at Bloomberg.
Financial markets want news of a bailout for Spain sooner rather than later so the European Central Bank can unleash its 'Big Bazooka' of unlimited bond buying after a country asks for a bailout. However, German Finance Minister Wolfgang Schauble muddied the waters after he said Spain did not necessarily need a bailout.
Elsewhere, Portugal is abandoning plans to increase its social security tax from 11% to 18% after a popular revolt last week saw hundreds of thousands of citizens stage marches throughout the country. The tax increase was required as part of austerity plans required for Portugal's bailout programme. See more here at The Guardian.
Also, Greece is struggling to come up with 11.5 billion euros of cuts required for its next bailout. It is now in its 5th year of depression with unemployment over 25% and the main anti-bailout and anti-Euro party Syriza is now ahead in opinion polls.
The 'troika' of donors negotiating Greece's next bailout say they have found a 20 billion euro hold in Greece's budget plans.
All of this uncertainty about Europe, along with worries about growth in China and America, makes our currency look more attractive, as does unlimited money printing by central banks in the Northern Hemisphere. The euro fell last week for the first week in six weeks after figures showed the Eurozone economy weakening.
The New Zealand dollar is near a one year high on a Trade Weighted Index basis of around 73.7 after it was firm at 82.8 USc and 51 pence over the weekend. It also rose to 63.9 euro cents and is over 79.4 Australian cents.
(Updated with details and links)
the raven the raven zerg rush david wilson playstation all stars battle royale kim zolciak kim zolciak
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.