Ifo business climate index for Germany fell from 108.5 in May to 107.4 (expected 108.1) in June, while the business expectations index was down from 103 to 102 (also missing expectation for 102.5) and the current assessment index fell from 114.3 in May…
Hans Werner Sinn (Ifo) to Greece: “Will ya, just default, for the love of…”
Greece has been ‘repaired’ with an application of yet another plaster to a gaping shark wound.ECB hiked ELA once again, this time, reportedly, by ‘just under’ EUR1bn.
As every well-baked economist would know, there are many ways to pickle misery. Here’s one novel jar from the Bloomberg (http://www.bloomberg.com/news/articles/2015-06-22/greece-is-in-a-worse-spot-than-america-was-in-1933):The above shows Greek real GD…
Yesterday, I noted that Greece is now on a daily drip of liquidity injections by ECB via ELA (http://trueeconomics.blogspot.ie/2015/06/21615-ecb-ela-for-greece-welcome-to.html) and so here we have the latest. Per reports, ECB hiked Greek ELA today to E…
Two days ago, I speculated on ECB’s motives for drip-feeding ELA liquidity provisions to Greek banks (http://trueeconomics.blogspot.ie/2015/06/1962015-greek-ela-and-ecb-whats.html). And I have noted consistently that ELA is now running against availabl…
Danske Bank latest outlook and forecasts for Russia:
The price of getting Greece ejected or pushed out of the euro has now risen once again as ECB added to the ELA provided to Greek banks amidst a bank run that is sapping as much as EUR800mln per day.In basic terms, ECB is allowing lending via Eurosystem…
Recently, speaking at a banking conference in St Petersburg, Elvira Nabiullina, head of the Central Bank of Russia outlined the CBR position on foreign exchange reserves. Nabiullina note that Russian reserves are large – sufficient to cover almost 11 m…
The latest reading for the European Policy Uncertainty Index (measuring economic policy uncertainty as reflected in the media sources) has continued to trend within the range of the crisis period averages in April-May 2015. This range has been now sust…