Draghi’s signal of another rate cut by the European Central Bank doesn’t stem slide
Today, Mario Draghi’s signal that the European Central Bank would step up stimulus in December couldn’t stem declines in EuroZone stocks or weakness in the euro
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...China’s on holiday but the EuroZone announces some news to keep us occupied (and it’s not good)
Growth will be slower than expected, the European Central Bank said. Inflation may turn negative in 2015. And the bank adjusted some of its rules so that it will be able to complete its full 1.1 trillion euro ($1.2 trillion) program of quantitative easing. Stimulus will continue to September 2016 or beyond
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Are promises enough to end the bear in Shanghai and Shenzhen?
The government has arranged for state-run margin fund—China Securities Finance—to have access to 3 trillion yuan ($483 billion) in margin power in its own stock market version of Mario Draghi’s 2012 “whatever it takes” to defend the euro pledge to restore confidence in the Shanghai and Shenzhen markets. Today it’s working with the Shanghai market up 3.51%
Greece gets 900 million euros and time from the European Central Bank
The additional 900 million euros in funding for Greek banks doesn’t really do anything but buy time, but time is exactly what Greece and its EuroZone creditors need as they try to get a bridge loan in place in time for the July 20 deadline for Greece to make a 3.5 billion euro payment to the ECB.
Greek Parliament votes yes on creditor preconditions for resuming negotiation
Tonight—actually the morning of July 16 in Athens–the Greek parliament voted to approve the demands required by the country’s creditors as the price for resuming negotiations on a third bailout program
Strange dynamics of the euro say a Greek debt deal is likely to drive the currency lower against the U.S. dollar–keep looking for a chance to “steal” European stocks
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...IMF on Greek debt plan: EuroZone can’t count on it to contribute to the bailout without debt relief for Greece
The EuroZone has only two alternatives the International Monetary Fund MF report continues: Either stretch out—reprofile—Greece’s debt over 30 years or provide substantial debt relief above levels considered to date.
Yesterday’s Greek debt agreement to agree is already showing stress
Hours after the early Monday morning agreement on an agreement, the plan for a third Greek bailout program and bridge loan had started to come apart. The obstacles could sink the possibility of any deal—if the parties raising a ruckus aren’t willing to compromise.
The horrible Greek debt deal isn’t even actually a deal–just an agreement to negotiate a new bailout program
The EuroZone has forced Greece down this road before and there is no reason to think that tax increases and cuts to government spending will stimulate growth in the Greek economy this time. If the definition of insanity is doing the same thing over and over again and expecting a different result, then this program is insane.
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