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Dollar Turned Stronger , Oil Back Pressed

Friday, March 20th, 2015

After the rally on Wednesday, oil retreated on Thursday as a result of the dollar rebounds and Kuwait that stated OPEC has no other choice but to maintain production despite market has excess supply.

Oil trade on Wednesday managed to rise from the lowest level six years after the dollar slumped to respond to the Federal Reserve's dovish statement. However, the dollar return trade show of force on Thursday. The strengthening of the dollar could dent demand from consumers holders of other currencies. Of Kuwait's Oil Minister Ali Omair said OPEC will maintain production number, although he also expressed concern over oil prices have dropped 50% since last summer.

Although many oil companies reduce exploration budget and number of rigs operating in the US is at its lowest level in four years, but the US shale oil output is only slightly reduced. US oil inventories reported by the Energy Information Administration rose as much as 9.6 million barrels to 459.5 million barrels in the week ended March 13.

Oil on Thursday to close at $ 43.85 per barrel, with daily highs $ 44.71, and the lowest $ 42.75

News and Economic Review Zone Asia (Japan)

BOJ Kuroda Not Seeing The existence of Signals 'Currency War'

Friday, March 20th, 2015

Bank of Japan Governor Haruhiko Kuroda on Juamt refute the view that the program massive monetary stimulus by developed countries triggered a "currency war" to the devaluation of the exchange rate competitive. Central banks around the world, including in Asia such as South Korea and India, have followed the steps of Japan and the euro zone in order to boost growth kebiajkan loosening. Kuroda said he did not see any signal tensions between developed and developing countries regarding the currency exchange rate movements, denied the view that countries are vying to weaken the currency to make their exports more competitive sector.

I do not see any currency war is ongoing at this time, Kuroda said at a press conference at the Foreign Correspondents' Club of Japan in Tokyo. According to the monetary policy measures by the Federal Reserve, Bank of Japan and the European Central Bank has taken to achieve the target of price stability their own, and not to weaken the currency. While the central bank does not recognize, easing monetary policy as it has been done by the BOJ and the ECB has been weakening their currencies, giving the main transmission channel to trigger growth. The BOJ has come under fire from a number of trade competitors Jerpang after the adoption of the policy of "quantitative and qualitative easing" (QQE) in 2013 sparked a weaker yen.

News and Review of European Economic Zone

Merkel Set Terms Tight To Help Greece

Friday, March 20th, 2015

German Chancellor Angela Merkel said Friday that Greece will only receive assistance to avoid a crisis when the creditors agree to a comprehensive list of promised reforms will be presented in the near future. However, he signaled some flexibility about what reforms should be made of Athens, and European Commission President Jean-Claude Juncker offering Greek Prime Minister Alexis Tsipras said sweeteners available 2 billion euros from the EU budget to ease the humanitarian impact of policy tightening for 5 years .

The two leaders spoke after Tsipras promised on euro zone leaders in discussion last night on the sidelines of the EU summit that the government will move quickly to bring the full package of economic reforms in order to avoid bankruptcy. Post both sides to mess around for 2 months since Tsipras was elected with a mandate to end the tightening, he held discussions for 3 hours with the leaders of Germany, France, and the main EU institutions to try to break the deadlock at risk eject Greece from the eurozone.

News and Review of European Economic Zone

Merkel: Greece Must Respect "Every paragraph" agreement in February

Friday, March 20th, 2015

German Chancellor, Angela Merkel, on Friday (20/3) asks Greece adhere to "every paragraph" of the bailout extension agreements in February with the Euro zone. But Merkel gives little relief will give consideration if the Prime Minister of Greece Alexis Tsipras can provide equal reform agreement. Merkel pointed pension reform or tax related to the Greek economic reform proposals, "as long as it still has the same effect" with the agreed commitments.

At the end of the Summit (Summit) The European Union, Merkel gave a statement related to the development of the Greek negotiations in a press conference. Merkel stressed the importance of each paragraph in the agreement and reforms Greece must be given in the next few days

News and Review of European Economic Zone (UK)

UK Public Sector Financial Deficit Down In February

Friday, March 20th, 2015

British government finance for new funds in the amount of income tax revenue in February based on data from the Office for National Statistics (ONS) on Friday. UK public sector borrowing of 6.9 billion pounds sterling ($ 10.1 billion) in February excluding state banks, down 3.4% from the previous year. Before the data was released, a Reuters survey of analysts predict the difference between expenditure and income of public companies, government and local authorities will reach 8.5 billion. The financial deficit following reports budget surplus in January, the month when most tax revenues are recorded.

The latest report describes the condition of the British financial recovery of the UK economy eventually increase the wage rate. The UK economy drove faster than the economy of western countries in 2014. However, the low level of wages and income tax revenue pressing complicate the government's financial management.

The level of income tax revenues in January and February reached 44.8 billion pounds, the highest number since the ONS began to record the data in 1997. Revenue from income tax up 16% over the previous year to 18 billion pounds. This condition is a good start in 2015 to help finance minister George Osborne's pledge when the budget speech on Wednesday to achieve a surplus budget for speeding away from austerity to prosperity

Worsening Oil prices, Influenced By Sentiment oversupply

Thursday, March 19th, 2015

Oil prices continue to sink in the Asian trading session on Thursday, strengthening restore the previous session, as the oil market back alarmed over rising US oil supply back up to record highs touched.

On the New York Mercantile Exchange, light sweet crude April contract traded the range of $ 43.49 a barrel, down by $ 1.20, or 2.7% in electronic trading. Meanwhile, the oil price contract may run the range of $ 45.64 a barrel at 13:47 pm.

The price of oil has risen in the previous trading session, the WTI contract to stop the decline for six consecutive sessions after the Federal Reserve said that they were not in a hurry to Raise interest rates.

But the abundance of oil reserves have returned weighed on oil prices.

Overall, US oil inventories rose more than expected, rose by 9.6 million barrels to 458.5 million barrels last week, EIA said yesterday. In oil refinery hub Cushing, Oklahoma, reserves rose as much as 2.9 million barrels, approaching full capacity even though it has not stop here.

Analysts at Societe Generale said that the rate of increase of oil reserves in Cushing and the US as a whole should be waning in April and May.

He added that overall, the current spare capacity is only 63% of its capacity, with room for 192 million barrels tersisia, there are still many remaining space than we thought before.

News and Economic Review Zone Asia (China)

China Growth Concerns Return eroded Iron Ore Price

Thursday, March 19th, 2015

Iron ore prices plunged to their lowest level since the financial crisis of 2008 on Wednesday, amid concerns that China's weak demand and an increase in mining output will aggravate the flood of global supply.

Prices main steelmaking ingredient has lost about 23% so far this year, after falling 47% in 2014. The increase in the supply of Australian iron ore exporter in the world, have flooded the global market and help suppress the price. At the same time demand from China, which accounts for about 60% of global iron ore demand, should decrease with slowing growth in the 2nd largest economy in the world.

Negative pressure on the price of iron ore has increased, especially after the Chinese government earlier this month launched the economic growth target of 7% for the year 2015. This figure is low compared to the expansion of surplus of 7.4% achieved in 2014. Iron ore prices become sensitive to changes in the economic outlook because steel is widely used in commercial and residential construction, as well as in various industrial applications.

News and Review of European Economic Zone (Switzerland)

Strengthening Swiss franc Pressing Export Demand

Thursday, March 19th, 2015

Swiss export levels fell in February as the strengthening of the Swiss franc erode the level of demand from the European Union and Asia for pharmaceutical products, chemicals, and machinery from Switzerland. The level of exports in February fell as much as 3.9% from a year ago, for a real level, becoming 16:12 billion Swiss francs (16.5 billion dollars), according to the customs office on Thursday. In nominal terms, the level of exports also fell as much as 3.9% level of imports reached 13.65 billion francs, down as much as 2.1% in real ringkat and 5.3% in nominal terms.

Switzerland's trade surplus narrowed in February to 2:47 billion francs from 3.4 billion francs in January. Export levels fell as much as 2.0% watch in February, according to the customs office. Watch exports reached 1.69 billion francs worth, for a decrease of 1.5% in real terms.

News and Review of European Economic Zone

ECB Rate Loans Banking 97.8 Billion Euro Into Eurozone

Thursday, March 19th, 2015

European Central Bank (ECB) provided 97.8 billion euros (104.5 billion) to financial institutions in the euro area in the third round of a program designed to stimulate the economy. Realization of the target loan, higher than expected 40 mliar Euro, be evidence that the Euro zone began to recover has managed to convince banks to be more willing to lend to the private sector. These conditions while providing better growth prospects for the euro bloc in the coming months.

Long-Term Financing Option (LTRO) or long-term loans with low cost, sometimes called "free money", in 2015 is slightly higher than a similar program, TLTRO, in September and December last year. In December, the ECB gave a loan of 129.8 billion euros, while in September of banking in the 19-nation bloc took 83.6 billion euros. Charge rate is considerably higher than the benchmark interest rate and the inflation outlook worsens make the ECB added stimulus to do great berksala asset purchases in January. The ECB also lowered by 10 basis points borrowing costs applicable to the two TLTRO to 0.05% for the current program

News and Review of European Economic Zone (UK)

Haldane: UK Interest Rates Still Possible Down

Thursday, March 19th, 2015

Chance of further movement in UK interest rates, to go up or down roughly balanced, according to the chief economist at the Bank of England, Andy Haldane. He said that while he does not see the need for a change in interest rates in the near future, according to the opportunities trimming or rise quite balanced. In other words, according to Haldane policy may have to step in either direction, depending on whichever is the greater risk. Haldane strive menekankank that's just personal views and should not be regarded as a change of view of the BoE Monetary Policy Committee as a whole, but the speech will re-open the debate on whether the UK can come back to the era of low interest rates.

Haldane said that while inflation risks are still balanced, I think the risk is greater for the decline. He says, if the policy is not set by the MPC but alogritma, BoE projection models have also demonstrated that the lower limit is set at zero levle, the optimal path for the interest rate was cut gradually towards zero level in about 1 year.

WTI Oil Down To Lowest Level Since March 2009

Wednesday, March 18th, 2015

Crude oil prices fell on Tuesday as expectations of rising US oil inventories in the 10 weeks in a row, but the weakening of the dollar keep the oil from further deterioration. Traders and investors surveyed by Reuters expect the US oil supply will rise more than 452 million barrels last week.

Dollar-denominated oil slightly weaker US currency helped the oil price becomes cheaper for holders of other currencies, so as to limit the decline. Estimated dollar toward parity against the euro on Tuesday, down about half a percent against the currencies of 19 countries.

Meanwhile, the American Petroleum Institute after the US trading session closed reported US oil inventories in the week ended March 13 rose to 10.5 million barrels. Analysts surveyed by Platts had forecast a rise of 3.7 million barrels. Inventories rose 583,000 barrels besnis reported, while distilling oil inventories fell 252,000 barrels.

Oil on Tuesday closed at $ 42.43 per barrel, with daily highs $ 44.20, and the lowest was $ 42.41.

News and Economic Review Zone Asia (China)

China Buy Foreign Currency Amounting to $ 6.75 billion in February

Wednesday, March 18th, 2015

According to The Wall Street Journal calculations based on data released by the central bank on Wednesday, financial institutions and the central bank to buy foreign currency amounted to 42.2 billion yuan ($ 6.75 billion) in February.

Figures in February, as opposed to sales of 108.3 billion yuan in January, probably will relieve some of the anxiety about the flow of capital flowing out of China.

Total currency position of the banking system amounted to 29.34 trillion yuan at the end of February, up from 29 301 trillion yuan at the end of January, according to central bank data.

Although the data include purchases by commercial banks and other financial institutions, they mostly reflect purchases by the central bank.

This figure is seen as an outline to guide changes in domestic liquidity conditions, but it does not indicate how much of the inflow to the central bank which has been sterilized by the central bank penerbutan debenture or other measures.

News and Review of European Economic Zone (UK)

Employment Growth Slows In English Early Years

Wednesday, March 18th, 2015

UK labor growth rate slowed in January with a decrease in the unemployment rate to its lowest level and a 6-year wage levels are slightly lower because fewer bonus payments. Official for National Statistics (ONS) reported employment data were lower than expected before the government's annual budget statement by the Minister of Finance, George Osborne.

UK unemployment rate in February was steady at 5.7%, matching the lowest level since 2008, but higher than the expectations of economists polled by Reuters, namely a decrease to 5.6%. The ONS added that the number of labor rose 143,000 into 30 939 million during the three months to January. The unemployment rate is 73.3%, the highest level since record keeping.

Average weekly income, including bonuses, rose 1.1% in January compared with the same month last year, slower than the 2.4% growth in December. The ONS said the British companies less pay bonuses in January compared to December. Including bonuses, wages rose 1.8% in the 3-months to January, slower than the growth of 2.1% during October to December last year and expectations of a 2.2% rise by economists surveyed by Reuters.

News and Review of European Economic Zone (Greece)

IMF Suppose Greece Not Cooperative

Wednesday, March 18th, 2015

Officials International Monetary Fund said on his colleagues in the eurozone that Greece is a "patient" most uncooperative that must be faced in during the 70-year history, according to two sources close to the discussions. In a brief teleconference Tuesday, officials from the IMF, European Central Bank and the European Commission protesting the Greek government that does not comply with the extension of the bailout deal reached last February or cooperate with the creditors, according to the source, who declined is identified.

German finance officials say tried to persuade the Greek government in order to put together a program of strict economic policy is like riding a dead horse, according to the source, while the IMF team said the Greek attitude on the part of creditors unacceptable. German Finance Minister did not respond and refused to comment. Anxiety among the leaders began to grow that stubbornness by Prime Minister Alexis Tsipras might lead a Greek exit from the euro zone, as the debt burdened countries refused to take the necessary steps to obtain further financial assistance. Tsipras dependent and hope for a breakthrough at a meeting with ECB President Mario Draghi, German Chancellor Angela Merkel, French President Francois Hollande and European Commission chief Jean-Claude Juncker this week in Brussels.

News and Review of European Economic Zone (UK)

Bank of England Looking Strengthening Risk Sterling

Wednesday, March 18th, 2015

Bank of England officials see the risk of further strengthening of sterling and makes the rate of inflation is below the target for much longer, according to minutes of the BoE meeting in March which was released today. BoE MPC Meeting Minutes March 4-5 shows all the 9th member believes that the inflation outlook is very weak in the short-term interest rates requires to survive at a record low 0.5%. As with the previous month, two MPC members describe their decision "fairly balanced", but no other member of the waffle on interest rate cuts in the near future. BOE officials assess the overall economic outlook is not much changed since comprehensive projections released last February BoE.

BoE minutes showed officials felt the risk in the short term that the differences trend and strong monetary policy outlook for economic growth than the eurozone Britain puts upward pressure on the exchange rate of sterling. According to the minutes, it has the potential to increase the time for the CPI inflation rate is below the target and increase the risk that the expected slowdown in the rate of inflation will become more attached.

Oil falls to Lowest Level 6 Years

Tuesday, March 17th, 2015

US crude oil prices fell to their lowest level in six years on Monday, investor sentiment is still burdened amount of oil supply. Oil prices remained depressed despite the Organization of the Petroleum Exporting Countries forecast a decline in US oil production by the end of this year.

Energy Information Administration on Wednesday reported US oil inventories rose 4.5 million barrels in the week ended March 6. Report an increase in the inventory of the EIA also above analysts' estimates by a rise of 4.4 million barrels. Gasoline inventories fell by EIA reported by 200,000 barrels, while distillate fuel rose 2.5 million barrels.

Meanwhile Goldman Sachs analysts said the decline in the number of rigs operating little impact on the decline in oil production in the second quarter of this year. Oil on Monday's trading to close at $ 43.79 per barrel, with daily highs $ 45.00, and the lowest $ 42.85

News and Economic Review Zone Asia (China)

The number of China's Foreign Direct Investment Up 0.9% in February

Tuesday, March 17th, 2015

China attracted $ 8.56 billion of foreign direct investment (FDI) in February, an increase of 0.9% from a year ago, said the Ministry of Commerce said in a statement on Tuesday.

The numbers are down significantly from January, which amounted to $ 13.92 billion, 29.4% higher than a year ago. Figures for the first two months are usually volatile, given that the Lunar New Year holidays fall time is always different in each year, it usually affects the comparison.

FDI period January-February rose by 17.0% in the annual rate of $ 22.48 billion.

Non-financial foreign direct investment rose by 68.2% from a year ago in February to $ 7.25 billion. For the first two months of this year, the figure rose by 51% in the annual rate of $ 17.42 billion.

Although China is still the highest FDI recipient in the world, wages and land prices have risen and ekonokmi growth has slipped in recent years, it makes it unattractive to foreign investors who rely on low-wage workers to produce goods at low prices.

In 2014, FDI increased by 1.7% to $ 119.6 billion, with the largest growth coming from South Korea, the United Kingdom and Hong Kong. Investment services accounted for approximately 55.4% in the last year and manufacturing accounted for about 33.4%, with the remainder divided into other categories.

News and Economic Review Zone Asia (Japan)

Maintaining the Bank of Japan Monetary Policy Unchanged

Tuesday, March 17th, 2015

The Bank of Japan on Tuesday decided to keep monetary policy unchanged, indicating optimism that policy makers will continue the trend of the price until the end of the year without the need for additional stimulus.

BoJ estimates cheaper energy prices and expectations of wage increases on large companies will eventually stimulate consumer spending, boost growth and help banks achieve the inflation target of 2% around spring 2016. In a statement issued after holding a 2-day meeting, The BoJ said that if the voting results show comparisons policy board voted 8-1 to maintain the pace of annual asset purchases in figure ¥ 80 trillion ($ 660 billion).

Faced with the fall in energy prices, the Bank of Japan in October last year has led a number of global central banks to loosen credit to cool fears of deflation and shore up the flagging economy

News and Review of European Economic Zone

Euro Good Responding Both data Germany

Tuesday, March 17th, 2015

The euro rebounded against the US dollar continued on Tuesday, after data showed economic sentiment in Germany improved to its highest level in 13 months in March, although the inflation data tends to limit the strengthening of the euro zone. In a report, the ZEW Centre for Economic Research said its index of German economic sentiment rose as much as 1.8 points hers be 54.8 this month from the month of February at 53.0. Analysts expect the index rose as much as 5.2 points to 58.2 in March. Euro zone economic sentiment index rose to a 13-month high at 62.4 in March from 52.7 in February, above the estimate for a rise to 58.2. The euro had gained to a high level in the range of 1.0621 per dollar before then slightly trim the gain to be traded in the range of 1.0606. The euro also managed to strengthen against the pound to beraa in the range of 0.7182.

Separate data showed the rate of consumer price inflation in the euro zone fell by 0.3% last month, in line with expectations and previous estimates. Eurozone inflation rate fell as much as 0.6% in January. The inflation rate is still far below the target of the European Central Bank to be close below the level of 2%. Core inflation, in addition to the price of food, energy, alcohol, and tobacco rose 0.7% in February, up from a previous estimate of 0.6%.

Meanwhile, market participants are focused on the Federal Reserve's statement on Thursday morning to see whether the Fed will not use words to guide patient interest rates and signal that the central bank is ready to raise interest rates depends on the economic data. Tonight, the US will release a report on housing starts and building permits.

News and Review of European Economic Zone (Germany)

ZEW: Investor and Analyst Germany Optimistic In March

Tuesday, March 17th, 2015

German investor confidence continued to rise in the five months to March, bolstering optimism economic recovery in Europe's largest country. The economic sentiment index is done is done ZEW research center conducted a survey of 275 German investors and analysts related to the development of the German economy in the next six months. For March, the ZEW index of consumer sentiment rose to 54.8 from level 53 in February. The results of this survey is lower than the 58.2 predicted by Reuters. But the data is still above the threshold of 50 indicates the condition of the German economy is still considered to be expanding.

German economic growth accelerated in the fourth quarter as lower oil prices and the exchange rate of the Euro to support the level of consumption and strengthen confidence in the business area. Quantitative easing program of the European Central Bank (ECB), which begins this month also stimulate business activity by lowering yields and cheer the stock market.

Oil Keep Weakens Ignore OPEC Comments

Monday, March 16th, 2015

WTI crude oil is not getting out of the 6-year lows remain focused on the high level of oil supplies despite OPEC predicted US oil production will fall at the end of the year. In its monthly report, the Organization of the Petroleum Exporting Countries, or OPEC did not change the level of supply this year, but the decrease of US shale oil production have an impact on the drop in oil prices. The organization also raised the daily global oil demand in 2015 to about 50,000 barrels to 92.3 million barrels.

In the Asian session, crude oil has been getting pressure abundance of Iranian oil prospects in the global oil market has been excessive. Late last week, the International Energy Agency does not see the effect of the decline in production in the US helped reduce inventory levels of crude oil. At the beginning of the week, negotiations between the US nuclear program and Iran is nearing the end as well as a potential expiration of sanctions against Iran and unlock the potential influx of Iranian oil exports in high amounts in the oil market. These projections make WTI crude oil fell in early trading week below $ 45.

WTI crude oil is now traded down 1.5% at $ 44.14 per barrel range, with daily lows $ 43.56 and $ 44.96 daily highs

News and Economic Review Zone Asia (China)

Shanghai index rally, Supported By Chinese prime minister Statement

Monday, March 16th, 2015

China's stocks rose, with the benchmark index rose to its highest level since August 2009, after Prime Minister Li Keqiang pledged to act if economic growth slows down too much.

Shares Hundsun Technologies Inc. and Glodon Software Co. jumped more than 9% as the index of technology stocks extend gains this year to 40% after Li encourage the development of e-commerce sector. Shares of China Mobile Ltd. rose to its highest level in a month in Hong Kong. Shares Haudong Medicine Co. shot up to a daily limit of 10% to lead the consumer sector stocks higher.

Shanghai Composite Index rose 2.3% to 3,449.31 at the close of trading, extending a gain of 4.1% in the last week. Li on Monday said that the government will take additional measures if growth in China, which is targeted by the government for about 7% for this year, the government is moving towards lower limit and reduce the number of workers or wage. About 3 trillion yuan ($ 479 billion) is prepared to go public last week, according to the median estimate in a Bloomberg survey of brokers.

Yen Chiu, traders in Shenwan Hongyuan Group Co. in Hong Kong said that the positive tone of Li has improved investor confidence. Technology stocks get support on economic dependence on the sector for growth. "

News and Review of European Economic Zone (Switzerland)

Swiss Retail Sales Decline in Early 2015

Monday, March 16th, 2015

Swiss retail sales unexpectedly fell in January, eclipsing optimism improving economy while reversing the position of the Swiss franc back flat against the US dollar. Prior to the data released Swiss franc surged against the currency pair as optimistic market statistics bureau Swiss Federal Statistical Office or will present data better than a month at the end of the year report.

Switzerland's annual retail sales in January fell 0.3%, 2.6% estimated increase disappointing. The Federal Statistical Office also revised downward its report in December last year to increase 1.9% from 2.2% rise time of the report released early last month. Based on the press release, in addition to the food sector into the cause of the decline in retail sales at the beginning of the year with negative growth of 1.4%, down 3% after the price adjustment. While retail sales of food, beverages and tobacco recorded an increase of 1.4%, up 1.9% after penyusaian price.

News and Review of European Economic Zone

Germany Urges Greece To Respect Commitment His reforms

Monday, March 16th, 2015

Germany wants Greece remains in the euro zone, but this time the decision is in the government in Athens to honor its commitment to overhaul the economy, said German government officials.

Steffen Seibert, spokesman for German Chancellor Angela Merkel said that the goal of the German government, the chancellor and finance minister for the next few years, especially since the outbreak of the crisis, is to keep all members of the euro zone as a whole and to stabilize it all. Our political goal remains the same: to retain Greece in the Euro zone.

He insisted that the resolution of the Greek problem is not as "personal feud" or bilateral issue between Berlin and Athens, but this is a task between Greece and the Eurozone.

The comments came after German finance minister Wolfgang Schauble said in a television interview on Thursday evening that a Greek exit from the euro zone is possible, highlighting the growing frustration of Germany with the new Greek leader, who they say has done little to help secure the latest from the Euro zone and the IMF although payment of debt maturing this month.

Schauble told reporters during a visit to the Austrian ORF that as a form of responsibility, the possibility to decide on what will happen, only with Greece and as we know exactly what the Greek form of responsibility, we can not rule out the rules "of the possibility of a Greek exit from the Euro area.

News and Review of European Economic Zone (Greece)

Tsipras: Greece Will Not Be Back In Tightening

Monday, March 16th, 2015

Greece will not return to the tightening, according to Prime Minister Alexis Tsipras on Monday, adding that he is confident that it can reach an agreement with international partners to rescue the financial sector. According to Tsipras statement quoted by the daily Ethnos, the key to a compromise with the troika is to realize that the tightening policies have failed, not only in Greece, but in the whole of Europe. Greek left-wing government won an election in January in the promise to overhaul tightening budgets and renegotiate the terms bailout worth 240 billion euros. However, it received strong opposition from its partners in the euro zone countries are not willing to compromise a lot.

Although the Athens have earned during the four-month extension on the bailout deal, the agreement dated February 20 and not provide access to aid Greece from the eurozone and the International Monetary Fund, which would trigger a financial crisis. To get the rest of the aid, Athens parties must agree on a package of reforms that have been revised. With the increasing lack of money, the government tried to issue bonds in short-term, but the European Central Bank has so far refused to give the green light.