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In Europe 13th March 2014

The Greek crisis we don’t see

ATHENS | By Nick Maltkouzis | The social cost of the crisis in Greece is often hidden from visitors and casual observers. In fact if one excludes some parts of Athens and other big cities, the signs of the crisis are not always that visible. However, an increasing amount of Greeks are finding themselves socially excluded. According to the latest figures from the Hellenic Statistical Authority (ELSTAT), 34.6 percent of the population was considered to be living at risk of poverty or social exclusion in 2012, the highest proportion in the European Unión.

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In Europe 12th March 2014

Soros: “German Parliament Imposed Wrong Discipline On Spain”

MADRID | By The Corner Team | Greek billionaire, investor, philanthropist and speculator Geoge Soros is well known for his pessimissm towards the euro and his enthusiasm for getting headlines. During a visit to London for his book tour, he made a case against the excess of austerity in the eurozone and critizised the recipes imposed by the German Parliament on its neighbours like Spain.

In Europe 12th March 2014

A too much strong euro for such a weak euro zone

MADRID | By Francisco López | The climbing of euro against U.S. dollar is increasingly worrying market strategists as it can affect negatively prices and loss of competitiviness in the euro zone. Conversely to the ECB, which has decided not to intervene exchange rate. “It is out of our mandate,” Draghi assured last Thursday, “unless it damages prices’ stability expectations or economy growth.”

In Europe 12th March 2014

Monetary policy at stake

MADRID | By J.P. Marín Arrese | Pressure is mounting on the European Central Bank. Observers blame it for an overcautious approach to rate cutting. They openly express contempt at its reluctance in setting up aggressive asset-buying schemes. Even the IMF advocates an across-the-board cheap money stance. As the ECB fails to act when inflation rates sink far below the 2% target and credit is faltering, most believe Draghi remains hostage to hardliners in Germany.

In Europe 11th March 2014

Inmigrants!

LONDON | By Víctor Jiménez | According to the Organisation for Economic Cooperation and Development, the United Kingdom’s public balance sheet deficit would be even more unpleasant, exactly GBP 16 billion (€19.1 billion) uglier had the country no such ability to attract people from the rest of planet.

In Europe 10th March 2014

Europe’s searching of an impossible balance

MADRID | By Julia Pastor | Expressions such as “two-speed Europe”, or “the gap between core and peripheral European countries” have been hitting the headlines for ages. The reality is that state members have never grown at the same pace and they are not likely to ever do so. Expectations about the end of crisis suggest that not all of them will exit at the same time; imbalances will continue one way or another. British economy could reach 2008 pre-recession growth peak next summer, while EU members like Italy, Croatia or Slovenia may see imbalances increase. Germany’s eagerness for saving and also investing out of Europe could postpone the problem.

In Europe 7th March 2014

Sleeping euro zone slowly awakens

MADRID | By Ofelia Marín-Lozano and The Corner team | Mario Draghi seemed satisfied on ECB’s Thursday meeting when calling the euro zone an “island of stability” on the grounds that the region has returned to growth levels of 2011. Old Europe’s awakening is a reality. Its GDP increased by an annualized 1.2% and its four main economies -Germany, France, Spain and Italy- also saw their individual growth figures go up. But the truth is the euro area is not back to 2008 pre-crisis levels nor is expected to get there until 2015. Europe has lost weight in the global scenario and apparently will continue to lose importance in the future, its GDP representing two thirds of U.S.’s by 2030.

In Europe 6th March 2014

Spain is no longer Europe’s sick man; it’s Italy’s turn

MADRID | By Francisco López | Investment banks and international funds are betting on buying Spanish Treasury’s stocks. In fact, Spain’s 10 years bond yielded under 3.40% on Wednesday, an unprecedented level since 2006. Interests of Italian debt stands even under that of Spanish, but Brussels’ study on the euro zone imbalances pointed Italy as the new sick man of Europe, basically due to its high public debt and the lack of reforms.

In Europe 6th March 2014

Today’s Talk Of The Market In Spain

MADRID | By Jaime Santisteban | Action from the ECB to favor growth and liquidity would be welcomed in the euro zone, where GDP boosted by 0.2 % in 4Q13 after dropping by -0.3% in the prior term. Meanwhile, Sacyr will contribute €30 more million in guarantees to wrap up agreement in Panama and airline Iberia gets to balance offer and demand. Finally, Ibex 35 appreciated by 1.96 % in February and by 1.99 % year-to-date, according to our exclusive market consensus Consenso del Mercado.

In Europe 6th March 2014

Reasons for the ECB not to make a move

MADRID | By The Corner team | Neither the recovery of euro zone leading PMI services index, nor the stability of low inflation levels or financial conditions favouring all the region, including peripheral countries, would justify new significant monetary stimulus from the European Central Bank in today’s meeting. Furthermore, there is not a consensus even within the ECB itself. “Just the continuing appreciation of the euro could make the ECB to take action”, Renta 4’s analysts in Madrid said earlier this morning. As regards central bank’s expectations on inflation up to 2016, Draghi will probably confirm they will continue to be firmly anchored in the medium term, even though levels in the short term are very low.