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Oil Still Under Pressure Bearish Due to Excess Supply

Friday, January 30, 2015

arga oil lower in early trading session on Friday after a slight increase on the previous session, in the middle of the analysts say that the outlook remains weak with high production and producers are reducing operational costs for menyeseuaikan lower export earnings.

Global oil prices a little stronger on Thursday, but not before the US WTI oil touched its lowest level in six years and Brent oil reduces its gain on data showing US oil reserves hit a new high.

WTI oil this morning to move in the range of $ 44.60, rose about 7 cents at 9:25 pm, while the Brent oil moves in the range of $ 49.05.

Analysts say that the market outlook is still weak as the manufacturer still maintain high output and menyeseuaikan themselves to the environment of lower prices.

"It looks more and more difficult to see any volunteers who want to reduce supply in the commodity markets," said analysts at ANZ in analyst reports.

"The decline in currency exchange rates and energy prices will probably make a lot of energy and commodity producers to increase production to Balance impairment in price," they added.

Despite the weaker outlook, oil prices have so far received support from a range of current levels since the beginning of the year.

News and Review of European Economic Zone

The Euro Zone Inflation Slows

Friday, January 30, 2015

The annual rate of consumer inflation in the euro zone fell in January, sharper than expected and appear to justify the plan of money printing by the European Central Bank to address the ongoing deflation. European statistics office on Friday released the inflation rate in January fell as much as 0.6% from a year earlier, following a decline of 0.2% in December. The data were below expectations for a decline to 0.5%. The fall in the price of fuel to cause a decrease in the price level. Raw food prices fell as much as 0.9%, offset by 1.0% on the price of services. Core inflation, outside of energy and raw food, fell to 0.6% in January from 0.7% in the previous 3 months.

The inflation rate has been below the level of 1%, which is the 'danger zone' ECB since October 2013. The drop in the price along with the high level of unemployment encourage the European Central Bank to announce a stimulus plan worth 1.1 trillion euros (1.2 trillion dollars) last week aimed at purchase government bonds. Although the magnitude of the program exceeded economists' projections, it remains unclear whether the stimulus is sufficient to return inflation to the ECB's target of just under 2%. "The price drop today and pessimistic outlook proves that the price is right time for the ECB to take action," said Richard Barwell, senior European economist at Royal Bank of Scotland Group Plc in London. "Risk to start QE late in situations of deflation."

News and Review of European Economic Zone (Italy)

Italian Unemployment Rate Dropped Out Estimates

Friday, January 30, 2015

Italy's unemployment rate unexpectedly fell from a record high in December, amid signs of economic recovery this year which will help the reform agenda of Prime Minister Matteo Renzi. The unemployment rate fell to 12.9% from a revised 13.3% in November, according to a report in Rome Istat on Friday. Economists expect the unemployment rate stood at 13.5%. The country's third-largest economy in the European region will begin to rise from the longest recession on record in the coming months, helped by a weaker euro and the drop in oil prices plus monetary stimulus from the European Central Bank, according to Gregorio De Felice, Intesa Sanpaolo SpA's chief economist.

Youth unemployment rate fell to 42% in December from 43% from the previous month, according to a report from Istat in Rome today. Italy's unemployment rate of 13.3% in October and November, the highest level since 1977. The unemployment rate of the euro zone will be released later at 17:00 GMT is expected to remain at the level of 11.5% in December.

News and Review of European Economic Zone (Germany)

German Retail Sales Up 0.2% in December 2014

Friday, January 30, 2015

German retail sales rose less than forecast in December, but annual figures show that consumption continues to be a pillar for economic growth in the final quarter of last year.

Retail sales volumes in December rose by 0.2% in the inflation adjustment date and compared with November, the Federal Statistics Office said on Friday. Economists surveyed by the Wall Street Journal calling for a 0.5% rise.

Compared with last month from a year ago, however, higher retail sales of 0.4%, it is the highest expansion since June 2013, although Destatis noted there is one more shopping day in the month of December 2014 compared with the same period in 2013.

For the full year, sales grew 1.4% retail sales, Destatis said.

German retail sales are volatile indicator, making it vulnerable to major revision.

News and Economic Review Zone Asia (Japan)

Japan Industrial Production Up in Down Estimates in December

Friday, January 30, 2015

Japan's industrial production rose by 1% in December from the previous month, in the government data showed on Friday, it was indicated that the economy might be recovering at a slower pace of decline triggered by the sales tax increase in April.

The increase is smaller than the forecast for a 1.3% rise expected by economists surveyed by The Wall Street Journal and the Nikkei, after adjusting for seasonal factors.

Figures in December came after a decline of 0.5% in November.

Based on a survey of companies that entered into the data, the companies expect output to rise to 6.3% in January and then fell 1.8% in February.

Minister of Economy, Trade and Industry improve the assessment of indicators, they say that the output will recover gradually

Oil Survive Close Low Level 6 Years Since oversupply

Thursday, January 29th, 2015

Oil traded near the lowest level in almost six years after government data overnight showed US crude inventories expanded to its highest level in more than three decades.

Oil futures contract is still moving flat this morning after yesterday fell by 3.9%. Based on the report from the Energy Information Adminustration that US crude oil supplies in the US rose by 8.87 million barrels to 406.7 million barrels last week. It was the highest level since the data compiled since August 1982.

The surge in supply has been increasing speculation that global oil abundant that has driven prices down nearly 50% in 2014 will last. Saudi Arabia, which is the largest exporter in the world, will continue to maintain a high level output to maintain market share, according to a report from Jadwa Investment Co. in Riyadh, when OPEC rejected calls to cut production.

"Once again, we get the increased supply," said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney. "The market still looks pretty weak. If we go back to a level of $ 45, it has the potential to become the basis for a rebound."

WTI oil trading March dikisaran $ 44.46 a barrel in electronic trading on the New York Mercantile Exchange at 9:19 pm. The contract yesterday fell by $ 1.78 becomes $ 44.45, it is the lowest closing level since March 2009.

News and Review of European Economic Zone (Germany)

Unemployment in Germany Continues to Decrease

Thursday, January 29th, 2015

The number of unemployed in Germany declined again for the fourth month in January, signaling growth in Europe's largest economy is strengthening. The number of unemployed fell as much as 9,000 people were 2.84 million people, according to the Federal Labor Agency in Nuremberg on Thursday. Economists forecast a decline of 10,000 people. The unemployment rate stood at 6.5%, a record low in more than two decades. Germany's economy has gone through phases of weakness, with the level of consumer confidence rose to its highest level since 2001 and the index of labor demand poor rose to a record high. The decline in energy prices and the additional monetary stimulus from the European Central Bank for the euro zone may also sustain the growth rate in the coming months.

"Economic development is currently providing a solid foundation for the labor market," said Jens Kramer, an economist at NordLB in Hanover. "People have jobs, money, and they spend it. We are optimistic that the growth rate will continue to decline." The number of unemployed in Germany west fell to 5,000 people and East Germany fell as much as 4,000 people, according to reports today. eurozone unemployment rate is likely to remain at 11.5% in December, according to a separate survey. Eurostat, the statistical office of the European Union, will release the unemployment data on Friday 17:00 pm.

News and Review of European Economic Zone (Greece)

Remove Anti-bailout, Greece Drop Mandate Troika

Thursday, January 29th, 2015

The new Greek government is expected to soon begin friksinya with the EU. The new policy taken by the coalition Syriza party and Independent Greek strengthen discharge indication of this state of the Euro community.

Articles of the bailout were made by the Troika (EU, European Central Bank and the International Monetary Fund) will most likely fall after Syriza Party announced its first policy that is pro-people. The government plans to attract another 10,000 people to jobs and cancel the privatization of assets. A minister even openly called Troika's mandate will be removed gradually by the new cabinet. "If that's the case, then Greece could be difficulties in meeting the operational fund for the year 2015 amounted to 20 billion euros," according to investment bank Barclays analyst team today.

As is known, the party winning the Greek election, Syriza, reached an agreement with the Greek Independent party to form a coalition of anti-bailout. The government will strive to request the removal of most of the Greek debt and stop the implementation of austerity measures required by the IMF, the ECB and the EU. Barclays sees this as the biggest sentiment that could disrupt investment strategies of financial market participants.

News and Review of European Economic Zone (UK)

BOE Governor Supports European Fiscal Union

Thursday, January 29th, 2015

Discourse formation of uni-fiscal or fiscal rules for member Eurozone raw increasingly prominent in recent months. This idea emerged in response to the amount of the financial crisis in some countries due to poor fiscal management of their own.

According to the Governor of the Bank of England (BOE), Mark Carney, the European Union will affect the fiscal-good, not only for crisis-prone countries. However, its existence would also be good for large economies such as Germany. Support Carney expressed in a forum in Dublin Ireland.

In addition, Mark Carney also repeated his support for the efforts of the European Central Bank to accelerate the pace of the economy through quantitative easing. BOE Governor is asking for economic actors to digest the difference between the economic situation in the UK and the Euro zone. According to him, the decline in oil prices in the last six months is quite a positive effect on the UK economy.

In the UK alone, the rate of inflation in the range of 0.5% in December, matching the record low. The central bank believes inflation could be lower again in the next few months with an average of between 0.3% and 0.1%. Carney said that the policy makers in the UK are alert to the risk of economic slowdown in the Euro area, which is the country's largest trading partner.

News and Economic Review Zone Asia (Japan)

Retail sales in Japan Back Down in December 2014

Thursday, January 29th, 2015

Japanese retail sales unexpectedly fell in December, this further emphasizes that the magnitude of the challenges still faced by Prime Minister Shinzo Abe in its efforts to spur recovery in the country with the third largest economy in the world.

Sales fell by 0.3% from November, this is the third consecutive monthly decline, the Ministry of Commerce said on Thursday in Tokyo. The results were compared with the median estimate for a 0.3% rise in a Bloomberg survey. Sales rose by 1.7% in 2014.

Recovery in consumer spending has been injured in the past year due to the increase in sales tax needed to help spur the economy. Talks between business and labor leaders in the spring will determine the continuation of the wage increase is still too small to offset the high cost of living for consumers.

Koya Miyamae, an economist at SMBC Nikko Securities Inc., said that the recovery in domestic consumption after sales tax increase has been much slower than expected. Steady rise in the real wage is still not as expected, people have not been able to increase their spending levels.

Oil Rises For First Time In Last 4 Days

Wednesday, January 28th, 2015

After weakening in the three-day losing streak, crude oil finally able to strengthen due to the weakening dollar and OPEC said oil prices are likely to be dashed if no new investment in the production sector.

The dollar weakened against major currencies after the US Commerce Department reported durable goods orders fell in December. Said durable goods orders fell 3.4% from November. While the core durable goods orders that do not include the transportation sector also recorded a decline in four consecutive months after the end of the year fell 0.8% reported. The data releases broke the expected rise of 0.6% respectively by economists.

On Monday, Secretary General of OPEC, Abdallah el-Badri said oil prices are likely to reach $ 200 per barrel if the manufacturer no longer invest in the production sector, and is priced at $ 45 to $ 55 per barrel would be the lowest.

Oil on Tuesday closed at $ 45.78 a barrel, the lowest level and the highest daily $ 44.81 $ 46.55.

News and Economic Review Zone Asia (China)

China Set Target Growth Plan 2015 in Around 7%

Wednesday, January 28th, 2015

China plans to cut its growth target to around 7% in 2015, targets the lowest in 11 years, according to sources, as the government tries to cope with slowing growth, job creation and the pursuit of reforms aimed at making the economy more driven by market forces. Growth targets, which will be announced by Premier Li Keqiang at the annual parliament session in March, approved by major party leaders and officials present at the Central Economic Conference in December, according to several sources. Target growth, which according to market ekspektai, still has not been released.

"The target of this year's economic growth will be around 7%, but 7% is not going to be the lower limit," said one of the sources of influential economists. "The government needs to balance economic growth, employment, and structural reforms this year," he said. The use of the word "around" to the projected growth of repeating last year's projection to show that they are not pegged to the target. Although the target is supported in December, it is still possible for the home before parliament met

News and Review of European Economic Zone (Greece)

Greece Will Negotiate With Creditors

Wednesday, January 28th, 2015

Greek Prime Minister Alexis Tsipras he uttered a mandate from the people to make radical changes in order to restore the sovereignty of the country. However, Tsipras also said it would negotiate responsibly with international creditors. Tsipras said he would avoid bad behavior with the EU and IMF creditors.

"We do not want to reach the clashes are equally harmful, but we also would not think so," said Tsipras who expect a productive meeting when meeting with leaders of euro-zone finance ministers Jeroen Dijsselbloem the following Friday. Tsipras said his government will achieve a balanced budget but do not want to realize unrealistic budget surplus to pay off debt has now exceeded 175% of GDP. Tsipras government will prioritize the most vulnerable segments of society, eradicate corruption, and lower the unemployment rate

News and Review of European Economic Zone (France)

French Consumer Confidence Stagnant

Wednesday, January 28th, 2015

French consumer confidence unchanged in January, according to a report statistics agency Insee. This monthly survey showed consumer confidence survive at 90 in January, but still below the long term average is level 100.

Details of this report states according to their increased purchasing power of consumers during the month of January, but the view of the financial condition of the present and the future of their deteriorating. As for the view does not change the quality of life recorded.

The end of 2014 the French managed to raise the level of consumer confidence in December to 90 from level 88 in November, as the improvement in living standards.

News and Review of European Economic Zone (Germany)

German consumers more optimistic

Wednesday, January 28th, 2015

German consumer confidence rose in February predictable, low oil prices make consumers can allocate expenditures related to energy sources other expenditure items. Survey market research group Gfk consumer confidence sentiment recorded in the state of Europe's largest economy rose to 9.3 points in February from the previous month's level of 9.0 and 9.2 points exceeded market predictions. This data is a record-breaking 13-year highs, from the previous highest achievement of 9.6 points in November 2001.

"German consumers feel the economy they were enjoying hikes," GfK report. "After a sluggish period in late summer and autumn of last year due to the global climate crisis, successfully stabilized the economy back towards the end of the year."

The stability of the German economy towards the end of 2014 also played an important role in consumer optimism. Various indicators of the German economy at the beginning of the year reported to be higher than the period January sebelumnya.Pertengahan German statistics office reported growth in Germany rose 1.5% in 2014, up 0.1% from the previous year. Consumer income expectations also rose in January to 47.8 points from 41.0 points in December. German business confidence also managed to beat analysts' expectations, with the increase in the monthly Ifo business climate indicator that successfully rose to 106.7 in January from the previous month at the level of 105.5.

Ignore Comments OPEC, Oil Prices Relatively Stable

Tuesday, January 27th, 2015

Crude oil prices tend to move limited in early European trading session on Tuesday, despite an official Organization of Petroleum Exporting Countries said that if the price declines may have found the "bottom".

OPEC Secretary General Abdullah al-Badri said that prices were likely to have touched its lowest point and could soon rebound. He even warned about the risk of price hikes in the future, which is predicted to reach $ 200 per barrel, if the investment to find new sources of supply is too low.

While the pressure on oil prices could rise again this week when the US commercial crude oil stocks showed a larger increase than expected. US crude oil inventories are expected to grow nearly 4 million barrels last week, after posting the biggest increase in 14 years on the previous week.

Currently crude for delivery in March, offered in a range of $ 44.90 per barrel, or about 0.5% below yesterday's closing price

News and Economic Review Zone Asia (China)

Chinese PM Optimistic Open 10 Million New Jobs in 2015

Tuesday, January 27th, 2015

Prime Minister of China, Li Keqiang, boasted his government was able to create at least 10 million new jobs in 2015. The belief is expressed in an interview with China Daily a few moments ago.

Although China's growth rate slows, PM Li saw is still a space for staff to hoist the performance of the domestic economy. One of his main weapon is through the opening of new jobs to build a healthy social conditions. For the record, last year the government to successfully open approximately 13 new jobs for its citizens.

"According to the test in the field, there is the possibility of skyrocketing unemployment vulnerable trigger social instability," said the Chinese premier. Hence he will as much as possible to encourage economic growth by absorption based on SDM.

China's economy grew at a slow pace in the last 24 years in 2014. The combination of the housing sector lethargy and swelling government debt forced the central government to take aggressive steps as soon as possible. These include interest rate cuts late last year to stimulate the business sector.

China is targeting the number of unemployed in the big cities are below the level of 4.6% for 2014. Although the government claims that the target is reached, many observers to assess the social and economic figures failed to be fulfilled because the authority does not include the number of people who migrate from rural to urban.

To value the economy in 2015, the International Monetary Fund (IMF) predicts 6.8% growth in China. While the results of a Reuters survey produces consensus in figure 7% for this year

News and Economic Review Zone Asia (China)

China Crop Output Target Industry 2015

Tuesday, January 27th, 2015

China's industrial output growth target lowered to around 8% for this year from 9.5% in 2014, according to an official of the Ministry of Industry on Tuesday. However, the achievement of these targets remain a challenge for the government given the slowdown in China's economic progress, added Zheng Lixin, a spokesman for the Ministry of Industry and Information Technology, said in a briefing.

The added value of China's industrial production rose 8.3% in 2014 from a year earlier, down from 9.7% rise in 2013, according to official government data. As is known, the Chinese economy expanded 7.4% in the last year, the slowest pace in decades.

Overcapacity and government efforts to reduce the number of environmental pollution has hurt the industry's growth and profit producers. Profit in China's major industrial enterprises grew only 3.3% in 2014, dropped sharply from 12.2% growth in 2013, National Bureau of Statistics reported on Tuesday

News and Review of European Economic Zone (UK)

British Economic Growth Slows in the Fourth Quarter

Tuesday, January 27th, 2015

UK economic growth slowed more than economists forecast in late 2014 as the level of production and construction contracts, covering customers in strengthening the level of demand. Quarterly expansion of 0.5% was the slowest level in a year and compared to 0.7% in the previous quarter. The figure also under economists' estimates of 0.6%, but still marked a period of expansion for 8 consecutive months and closes the best economy since 2007. Joe Grice, chief economist at the Office for National Statistics, said the slowdown is largely due to the sector "labile "including construction and mining. "It's too early to say a slowdown in the economy in general," according to a statement released along with the data.

The UK economy is driven by domestic demand last year, and today's data shows that the retail industry is one of the best-performing sector in the fourth quarter. That helped offset a decline of weak external demand, especially in the eurozone, Britain's main trading partners. The UK economy grew by 2.6% in 2014, the highest level in seven years, according to the ONS. The International Monetary Fund expects the UK economy will expand 2.7% this year sebeasr, which will be the country with the most rapid growth in the G-7 group after the US

News and Review of European Economic Zone (Switzerland)

SNB Still Can Intervention Franc

Tuesday, January 27th, 2015

Swiss National Bank still intends to intervene in the currency market even after unplugging limit franc exchange rate, said vice president of SNB Jean-Pierre Danthine. "Fundamentally we are ready," said Danthine Tages-Anzeiger newspaper: Tuesday. "Limit the minimum exchange rate untenable with bond purchases by the European Central Bank," he said.

The franc traded near parity against the euro since the SNB surprised the market on the date of the repeal 15Januari limit franc exchange rate at 1.20 per euro and increase costs for savings. The flow of funds has added to the pressure on the franc as the weakening euro on speculation the ECB will ease monetary policy to combat the threat of deflation. ECB President Mario Draghi on tangggal January 22 said that the central bank will buy bonds worth 60 billion euros (68 billion dollars) per month starting in March. The newspaper Tribune de Geneve and 24 Heures released a similar interview with Danthine. At the level of -0.75%, the SNB's interest rate savings compared with -0.2% millik ECB. Asked how much longer can the SNB cut interest rates, Danthine said "it is difficult to say that.

Oil Rebounds Post Comments OPEC

Monday, January 26th, 2015

Oil prices turned away from the visible weakening in Asia and Europe as a result of OPEC secretary general reports that prices had hit bottom and potentially suggesting a rebound.

So far the price of US crude oil futures for March contract rose 0.59% to $ 45.83 per barrel, after reaching its lowest point at $ 44.35 intraday and daily highs at $ 46.11 per barrel.

Overall the price of oil has dropped more than 55% since mid-June due to anxiety abundant supply and lower demand. OPEC decided in November not to cut oil output quotas, so oil fell more in related expectations, without the intervention of his annual OPEC will be required in order to shrink the global oil supply.

OPEC Secretary General Abdalla Salem el-Badri said in an interview with Reuters on Monday that the level of prices in the $ 45 to $ 55 per barrel, according to his opinion may have reached a bottom and a potential rebound in the near future.

Another positive catalyst replacement Saudi King succession to the crown prince is also the potential to be a support for oil as expectations Saudi Arabia quota policy changes that could affect the future OPEC decision.

News and Review of European Economic Zone

ECB officials Defending QE Policy

Monday, January 26th, 2015

European Central Bank officials and Ignazio Visco Benoit Coeure underlined that the new bond buying program would be extended if it does not show results. "If we can not achieve what we want to go," said Coeure, the head of the ECB market operations, "then we have to do something more, or even longer." "If we see any difficulty in achieving our target today, we must continue, "said Coeure at the World Economic Forum. "QE is intended to last until September 2016 and then we will review and see if the result is enough or not."

Meanwhile Visco, Italy's central bank governor, said that "We are very open about the purchase of assets". There is no fixed deadline for the bond-buying program of the European Central Bank, said the ECB's policy council member Ignazio Visco in German newspapers. "There is no definite limit to the end of the program we have putiskan," Visco said in Handelsblatt in an interview released Monday, adding that it is also important for the euro zone countries to implement structural reforms and consolidate their budgets. Visco also warned that the ECB should not be overburdened in a situation like this. "Mario Draghi is not responsible for everything," he said.

News and Review of European Economic Zone (UK)

Forbes BoE signaled Opportunities rate hike Faster

Monday, January 26th, 2015

UK interest rates will probably rise faster than expected a lot of people if inflation rebounded sharply from the current downturn, according to one of the board of the Bank of England to interview released Monday. Member of the Monetary Policy Committee, Kristin Forbes said inflation will probably fall further in the short term, but the strong pace of growth in the United States and low oil prices could encourage consumption levels of British society, and then it will trigger the need for a rate hike. "If the risk that I focus on our last projection occurs, I think there is a chance that inflation will rise faster than many people expected in the medium term, which will then trigger the opportunity hike interest rates sooner than expected a lot of people today," said Forbes on the Wall Street Journal.

Last BoE interest rate at a record low of 0.5% since early 2009, and the financial markets are not expecting an increase until the middle of next year. Economists forecast a rise around the end of this year. Comment by Forbes in line with BoE Gbuenrur Mark Carney, who on Friday said it's best to see more clearly the impact of falling oil prices on inflation. Oil prices fell by more than half since the middle of last year, pushing the UK inflation rate to a 14-year low at 0.5% and two officials discourage the BoE to raise interest rates this month. But Carney said tingakt interest rates will have to be raised within a period of 3 years in the future, to prevent inflation to rise above the BoE's target of 2%.

The contrast with this, the US Federal Reserve appears to be on track to raise interest rates much faster, which is expected to occur around June, and Forbes said this should be considered carefully. "When one of the developed countries began to raise interest rates, it will be a reminder to investors and the market that at least in some countries the era of low interest rates, cheap credit, start over," he said.

News and Review of European Economic Zone (Greece)

Greek Government Will Shape Anti-Bailout

Monday, January 26th, 2015

Greek election winning party, Syriza, reached an agreement with the Greek Independent party to form a government coalition of anti bailout. The next Greek government will struggle to request the removal of most of Greece's debt and stop the continuing implementation of austerity measures required by the IMF, the ECB, and the European Union.

Victory Syriza party has returned the fear of Greece's financial problems that could trigger the euro-zone debt crisis in 2009 ago. Greece also will be the first euro-zone members, led by the party who reject the austerity policies digalakan by Germany.

Quick count results showed Syriza getting 149 of the 300 contested seats in the parliamentary elections at the weekend. Greek Independent Party won 13 seats predicted in parliament. This means that the coalition government will next solid enough to pass through parliament policy. Syriza party leader, Alexis Tsipras, will be the next Prime Minister of Greece. Tsipras will have a meeting with party leaders and KKE To Potami to strengthen support in parliament.

News and Review of European Economic Zone

Bundesbank Rejecting Desire Greece

Monday, January 26th, 2015

President of the German central bank, Jens Weidmann, rejected the request trimming debt and termination of the Greek austerity program after the victory of the left-wing Syriza party in elections last weekend.

"Obviously Greece will remain dependent on aid and assistance will be given only when the program is still ongoing," said the president of the Bundesbank.

Greece has agreed to cut public spending and raise taxes as a condition of the loan of the European Union and the International Monetary Fund. But Syriza party leader Alexis Tsipras wants to renegotiate loan terms to discuss and reject austerity measures.

Weidmann also rejected the request Syriza in terms of trimming debt because he thinks Greece has enjoyed cutting the debt of private and public creditors who have given relief requirements. "As long as Greece has not been a strong financial ongoing basis, debt relief will only be short-term relief," he added