Will they stay or will they go?
MADRID| Sean Duffy | Nobody knows how the Greece debt negotiations will turn out, but aren´t we all getting a little tired of the saga?
In Europe
The EU finally delivers some growth
MADRID | The Corner | EU posts marginal growth stats, but the figures are indicative of slow pace of recovery.
Swedish central bank: “The sins of the father”
SAO PAULO | By Marcus Nunes via Historinhas | And now Sweden joins the “below zero” club and will also join the QE club. According to Riksbank Governor Ingves: “We are prepared to make monetary policy more expansionary,” Governor Stefan Ingves said at a press conference. The bank doesn’t see a lower limit on rates and can buy as much in government bonds as is “appropriate,” he said. It´s never too late, but it is worth remembering all the arguments put forth by Lars Svensson before he quit the Board in disgust.
The Greek government imbroglio
MADRID | JP Marín Arrese | The markets have shown utter dismay at the dim prospects of the euro zone striking a deal that would cut short uncertainties over the current Greek imbroglio. Tsipras seems ready to fight until the very end in a bid to undermine his European partners. As the Brussels bureaucracy works feverishly to broker an honourable truce, Tsipras appears increasingly reluctant to offer anything short of unconditional surrender. His blunt refusal of any rescue linked to the current conditions is eroding confidence in the Greek government’s political wisdom, its brand of refined brinkmanship seems unlikely to bring Athens to a less intractable stance. A devastating crisis may loom ahead should the sides fail to yield ground in the current tug-of-war.
Aena IPO likely to lead sentiment for Spanish markets
MADRID | Sean Duffy | The sale of 49% of Spanish airport group will be in focus from 12 onwards today.
The alternative of (tax-based) capital controls for Greece
By Marios Zachariadis via MacroPolis | At first glance, the potentially catastrophic consequences of Grexit on the rest of the Eurozone provide the Greek government with an important bargaining chip. However, the Greek government should take into consideration that Grexit is not the only possible alternative in case an agreement with the rest of the EZ cannot be reached soon.
HSBC scandal bad timing for Juncker
MADRDD | Sean Duffy | Markets are likely to remain volatile in the week ahead as investors await indication on Greek standoff.
Swiss leaks: HSBC under fire after admitting to have helped conceal $100 billion
MADRID | The Corner | After the biggest banking leak in history, British bank HSBC admitted on Sunday that its Swiss subsidiary systematically helped big fortunes dodge taxes and hide millions of dollars of assets. Switzerland and the whole industry are under the spotlight: long known for its banking secrecy, the country signed a fiscal transparency agreement with Brussels in 2004 which has proved insufficient. A new, enlarged version of the accord is being debated now and expected to be ready in 2018. But will it be enough? And what until then?
Greek government has little to lose
MADRID | By JP Marín Arrese | By taking pre-emptive action against Greece, Draghi is behaving like the Nottingham Sheriff ruthlessly enforcing law and order according to Berlin rules. He was forced to act only by the end of this month. Taking on his own the task of imposing a 7-day ultimatum to Tsipras, he has shattered his neutral stance as a monetary policymaker. Yet, his move might backfire should Greece refuse caving in to pressure. After all, it has little to lose.
Greece edging close to exit?
MADRID | Sean Duffy | A defiant speech on Sunday in the Greek parliament from Alexis Tsipras has heightened tensions once again. The game of brinkmanship continues apace, but is the Greek Government edging itself towards a euro exit?