Posted by
admin on February 22, 2012 |
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The euro rise for a fourth day, copper advanced and Asian stocks pared victims after a European Union official said finance ministers have reached an agreement on a second bailout package for Greece.
The euro climbed 0.3 percent to $1.3276 as of 12:31 p.m. in Tokyo, reversing an earlier drop. Copper climbed 1.5 percent and oil traded near a nine-month high. The MSCI Asia Pacific Index (MXAP) declined 0.2 percent as airlines retreated on concern higher energy prices will reduce profits. Standard & Poor’s 500 Index futures advanced 0.5 percent. Ten-year Treasury yields rose three basis points to 2.03 percent.
European finance ministers had haggled into the night in Brussels over the terms of new loans to Greece and a possible contribution by central banks. They also bartered with bank representatives over a bond exchange meant to stave off the threat of a Greek default next month. Chinese Vice President Xi Jinping said yesterday that the global economy faces a mounting fight back as it seeks to make progress from a monetary crisis.
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Posted by
admin on February 14, 2012 |
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Greek Prime Minister Lucas Papademos obtained approval from his Cabinet for deeper budget cuts needed to secure a second package of international aid, clearing the latest hurdle in his race to prevent financial collapse. The Greek Cabinet approved the 287-page document unanimously, said a government official, who declined to be named. The sanction means the 300-seat Parliament will vote, most likely tomorrow, on budget measures totaling to 7 percent of gross domestic product over the next three years and a debt swap to slice 100 billion Euros off more than 200 billion Euros of privately-held debt.
The community cost this program involves will be incomplete compared to the financial and social disaster that would follow if we don’t adopt it, Papademos told his ministers previously, according to an e-mailed transcription of his comments. The success of the program and monetary support will strengthen our country’s future in the euro area. The sanction capped a week of worry in Athens as European Union and International Monetary Fund officials argued with Greek government officials over the conditions required to secure the 130 billion-euro rescue package.
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Posted by
admin on February 10, 2012 |
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Germany’s push to treat Europe’s financial crisis with austerity may fail by stifling its exports to the euro area, says Jerome Cahuzac, economic adviser to France’s Socialist presidential candidate. No state in Europe will acquire balanced budgets without development, Cahuzac, a lawmaker who also heads the Finance Committee at the lower chamber of Parliament, said in an interview in Paris Feb. 1. “It is also in the interest of Germany that growth stays everywhere and not just in Germany.”
His comments underscore the schism between Francois Hollande, the Socialist candidate who leads President Nicolas Sarkozy in polls, and policy makers in Berlin. Hollande has vowed to renegotiate the German-inspired treaty tightening budget rules endorsed by 25 European Union leaders last month, saying it is prejudiced against financial growth.
“A Hollande government might be on a collision course with Germany,” George Magnus, senior economic adviser at UBS AG, said in an e-mailed note Feb. 6 that pointed to the rising chance of a Hollande victory in the voting that concludes with a excess on May 6.
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