Greek debt crisis: German chancellor Angela Merkel says there’s “no doubt” IMF will join third bailout August 16, 2015 In an attempt to assuage fears that a third bailout package for Greece will not have support from international creditors, German chancellor Anglea Merkel went live on national television today to express confidence in the IMF's involvement. Read more: IMF says Greece needs debt relief after new bailout deal In an interview on ZDF, [...]
Noflation: UK inflation expected to remain at zero August 16, 2015 Inflation is expected to remain at zero, or noflation as it has been dubbed, due to falling oil prices and a strong pound. Forecasters believe the official data from the Office of National Statistics due out on Tuesday, will show that prices remained the same in July. "Given renewed oil price weakness, with Brent crude [...]
Greek crisis: IMF says Greece needs debt relief after new bailout deal August 15, 2015 Managing director of the International Monetary Fund (IMF) Christine Lagarde has questioned the ability of Greece to service its debts without some kind of relief, as Eurozone finance ministers approved a third bailout deal. "I remain firmly of the view that Greece’s debt has become unsustainable and that Greece cannot restore debt sustainability solely through actions [...]
The UK 50-plus employment rate has hit a record high August 15, 2015 Britain's workforce is being bolstered by a sea of older workers, with the number of people aged 50 and over in employment at a record high. Official data released earlier this week showed the number of people aged between 50 and 64 who have a job rose by 50,000 in the last quarter. And this [...]
Greek crisis: Eurozone ministers agree to third bailout August 15, 2015 Eurozone finance ministers last night agreed to a third bailout deal for Greece, helping the cash-strapped country avoid bankruptcy and almost certain exit from the single currency bloc. "New loans of up to €86bn (£61bn) will be made available over the next three years to Greece," the European Commission said in a statement made after [...]
Eurozone economic growth misses expectations in the second quarter August 15, 2015 The Eurozone economy put in a disappointing performance in the second quarter, held back by France, despite the European Central Bank's (ECB) generous stimulus package. A flash estimate from Eurostat showed the 19-country bloc grew 0.3 per cent in the three months to June, down from 0.4 per cent in the first quarter, and coming [...]
Greek debt crisis: Germany concedes Greece needs debt relief August 15, 2015 Germany has conceded Greece needs debt relief, as the cash-strapped country races to submit a reform plan in time for its midnight deadline. "Debt sustainability is not feasible without a haircut and I think the IMF is correct in saying that," German Finance Minister Wolfgang Schaeuble told a conference in Frankfurt. However he also said "there [...]
Londoners pay £3,000 more in tax than they receive back: However you slice it, everybody’s getting a raw deal from Britain’s tax code August 14, 2015 “Those with the broadest shoulders must bear the biggest burden”… “We’re doing our utmost to lift the poorest out of tax altogether.” The phrases slip off politicians’ tongues with the regularity of clockwork, as much a part of our political environment as Prime Minister’s Questions. Yet it’s clear from even the most cursory look [...]
Greek GDP growth smashes expectations in the second quarter August 13, 2015 Analysts were incredulous this morning after the Greek economy appeared to shrug off uncertainty surrounding its debt crisis during the second quarter. Figures released today by Greece’s official statistics agency Elstat showed the country's gross domestic product (GDP) grew 0.8 per cent in the three months to June, completely smashing economists' expectations for a 0.5 [...]
Bond buying, risks to growth and Grexit threat: Seven key takes from the European Central Bank’s July minutes August 13, 2015 The European Central Bank (ECB) has released the minutes from the meeting of its governing council which took place on Wednesday and Thursday this week. Here are seven key extracts: Read more: ECB "on track" to complete €1 trillion QE programme 1. Bond buying is becoming more difficult Portfolio managers had reported that purchases of eligible [...]