ATHENS | July 4, 2015 | By Yannis Mouzakis via MacroPolis | Here we are again, just over five years of the anniversary of the country’s first programme and more than 210 billion euros of financing later, Greece is about to hold the referendum that machinations and backroom dealings averted back in 2011.
BEIJING | July 2, 2015 | By Xu Gao via Caixin | Moves by the Chinese central bank (PBOC) indicate that it is paying close attention to margin trading and the commitment that banks have made to the bourse.
ATHENS | July 2, 2015 | By Nick Malkoutzis via MacroPolis | Since the start of Greece’s bailout programs in 2010, there has been an unrequited desire in Greek public opinion for a referendum. In fact, current Prime Minister Alexis Tsipras urged the then Greek leader George Papandreou to hold one before signing the first memorandum of understanding with creditors five years ago. In late 2011, when Papandreou proposed holding one, Tsipras was against the idea.
The Corner | July 2, 2015 | The number of registered unemployed fell by 94,727 people in June to 4,120,304 people, the lowest figure in four years, according to official figures released today.
July 1, 2015 | BNP | While Grexit is the market concern of the moment, disintermediation and securitisation will be important to monitor for the future.
The Corner | July 1, 2015 | Spanish manufacturing PMI, one indicator of the economic pace of a country, posted 54.5 in June, down slightly from 55.8 in May. However, operating conditions have now strengthened in each of the past 19 months, according to Markit analysts. Manufacturers reported having hired extra staff to meet higher production requirements and prospects of future growth.
LONDON | June 30, 2015 | BNP | On Tuesday the bailout programme expires and Greece is due to make a payment of EUR1.5bn to the IMF. Both important events. However given that the ECB has already capped the ELA ceiling, we don’t expect any further significant measures against the banks.
The US is not investing in their underground infrastructure, often dating back to the 19th century. An estimated 240,000 water main breaks per year in the country.
The Corner | June 29, 2015 | Greece, Greece and more Greece… But in fact, it is Puerto Rico which is closer to default. The island’s governor admitted their debts are not “payable” without a reestructuring, so creditors must now “share sacrifices”.
ATHENS | June 29, 2015 | By Nick Malkoutzis via MacroPolis| Too often SYRIZA approached its dialogue with creditors as it would a street protest. And while the institutions spoke of flexibility, they only showed a limited amount of it in their approach.