News and Reviews European Economic Zone

[mynameisandhy]

News and Review of European Economic Zone (Italy)

 

Step Berlusconi tripped Bribery Case

Friday, March 1, 2013

 

Not complete the nomination as prime minister of Italy, Silvio Berlusconi has tripped a new case. Former number one in the government was being investigated on charges of bribing a member of the senate. The goal that the senator changed his mind and turned to support the government's decision-making process.

 

Berlusconi's attorney, Niccolo Ghedini, denied all the allegations and called the lawsuit "without any reason at all '. The case came to light after emerging leaked documents published by prosecutors in the Italian parliament website. The court ordered a search of a private deposit box Berlusconi and opening access to the phone. Aroma political sticking because the case was opened some time after the election is over, in which the competing parties failed to win a majority of seats in parliament.

 

According to published documents, former senator Sergio de Gregorio admitted to prosecutors that he paid 3 million euros ($ 3.92 million) by Berlusconi to change the course of his party in 2006. Attitudes de Gregorio then impact on the instability of left-wing governments and contribute to the destruction of the party. "I told him to give the money, it's up to cash in his pocket or his party," explained the senator. He admitted that he was having trouble making money justifies the means. In a separate case, the leader of the People of Freedom party (PDL) is also facing a lawsuit over the case of last year's campaign gaffe. Berlusconi was then promised to restore property tax that has been paid by the citizens last year if the right-wing coalition won elections this year.

[mynameisandhy]

News and Review of European Economic Zone

 

Consistent Eurozone Manufacturing Performance Weakens

Friday, March 1, 2013

 

Euro zone manufacturing activity slowed in February, the same rate as the performance of the previous month. Recent data reflects Euro zone economy still struggling to emerge from recession.

 

Research firm data, Markit, a poll released Friday monthly (February) for manufacturing company executives that the numbers appear in 47.9. The number of digits below 50 illustrates contraction or slowdown in the economy, which had lasted for 19 months.

 

"The manufacturing sector is a scourge that caused the decline of GDP for four consecutive quarters. However seen that the downward trend is no longer as severe as in previous months," said Chris Williamson, chief economist at Markit. Decrease in the number of new product orders from the Euro area is not as bad as expected and predicted to improve in March. Manufacturing activity in Germany and Ireland are more powerful, but unfortunately fell in six other countries, as shown by the data Markit. Minimal attenuation in Greece with the index stands at 43.0 as well as a manufacturing best performance since last month's pop-ups.

 

German manufacturing activity rose to 50.3, the highest in the past year. The fact that shows just how big the gap between the economic performance of the country with other countries. Factory activity in France even decline in the ratio significantly. Euro economy is in recession category in nine months in 2012. The recession itself is a condition in which a region's economy recorded negative for two consecutive quarters.

[mynameisandhy]

News and Review of European Economic Zone

 

ECB: Kian LTRO Decreasing Returns

Friday, March 1, 2013

 

Returns loans obtained Euro zone banks through the Long Term Refinancing Operation (LTRO) will experience a significant decline next week, according to the European Central Bank on Friday.

 

The ECB said that 12 banks will pay back € 4.18 billion loan fund, which was launched in late 2011, while 54 banks will pay a total of € 8.32 billion of liquidity operation was launched two months later. So that when viewed as a whole the total loan that will be repaid only about € 12.5 billion, down sharply from the return of € 62.8 billion recorded for the week.

 

The news from the Euro zone have allegedly brought a negative impact on sentiment in regional funding markets, particularly the Italian election results have revived euro zone debt crisis threat. In the midst of a period of high uncertainty, banks are more likely to utilize funding from the ECB in order to ensure that they have substantial liquidity reserves to withstand market pressures.

[mynameisandhy]

News and Review of European Economic Zone (Spain)

 

Unemployment in Spain The Increase

Monday, March 4, 2013

 

Economic and employment conditions in the country of Spain has become increasingly serious in the second month of 2013. Recent government data today showed that the number of Spaniards without jobs rose to over 5 million people for the first time.

 

Spanish jobless claims rose 1.2% compared to January 2013 as the continuing recession in the country's fourth biggest economy of Europe. February jobless claims increased by 59.444 compared notes last January. However, this increase was the lowest since 2008 ago and better than the last in February 2012 in which the unemployment rate spike even reached 112.269 people.

 

On an annual basis, jobless claims rose 7% or as many as 328,124 people. Approximately 26% of people of reproductive age in Spain does not have a livelihood at the end of December 2012. The ratio is the highest in the second euro country after Greece.

[mynameisandhy]

News and Review of European Economic Zone

 

Inflation Rate Rises in Euro Zone Manufacturers In January

Monday, March 4, 2013

 

The inflation rate in the Euro zone factory gate rose for the first time in four months in January as energy prices continue gains, although the annual rate of inflation for manufacturers rate hit a low of 6 months. Inflation at the factory gates in the 17 countries that use the euro rose as much as 0.6% in January from December, according to the EU statistical office Eurostat on Monday, slightly above economists' expectations of 0.5%. Compared to a year ago, the producer price index by 1.9% in January, following a 2.1% in December. On a monthly basis, the index was at 5 month high, but the yearly basis the index was at a low of 6 months.

[mynameisandhy]

News and Review of European Economic Zone

 

European Commission: Latvia Will Join To Block Euro

Monday, March 4, 2013

 

Latvia plans to file a formal request to join the euro bloc on Tuesday, according to a spokesman for the European Commission earlier this week.

Finance Minister of Latvia, Andris Vilks, will deliver the request during a meeting with European Union economic affairs commissioner, Olli Rehn, on Tuesday. Small Baltic country is expected to be able to start using the single currency on January 1, 2014.

"Euro Convergence Report is usually done every two years, but member states can request a fabulous and that's what will happen this time," said European Commission spokesman, Simon O'Connor, told reporters.

Such a request will usually be processed by the European Commission together with the European Central Bank in recent months to make judgments about the readiness of Latvia joining. The new decision will be issued after the EU leaders gave their support later.

[mynameisandhy]

News and Review of European Economic Zone (Cyprus)

 

Cyprus EU Ready to Accept Help

Tuesday, March 5, 2013

 

Cyprus is now ready to accept aid from the European Union, after EU finance ministers pledged to continue assistance to the country. The decision will be made ​​at the end of March, with details still unknown.

 

European Union finance ministers welcomed rose Cyprus, Michalis Sarris, and the information related to the situation following the elections and new government policies related purposes. Agreement before apparently going well.

 

With a new government in Cyprus, the EU believes that the conclusion of negotiations currently switching to be embodied in a memorandum of understanding may be imminent.

 

The European Union welcomes the commitment of the president Anastasiades, restarted by Sarris, to work with our fellow European countries towards the possibility of settlement of the loan agreement.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

UK Service Sector Drove The Month February

Tuesday, March 5, 2013

 

UK service sector rose above estimates reported in February the fastest pace in five months, indicating that the economy may be able to avoid a triple-dip recession.

 

PMI index for the services sector rose 51.8 reported last month compared to 51.5 in the month of January, exceeding economists' estimates at the level of 51.0.

 

Growth in the services sector above 50 level for two consecutive months showed that the growth in this sector is quite in contrast to the contraction phase that appears to exist in the UK manufacturing sector last month.

[mynameisandhy]

News and Review of European Economic Zone

 

Europe still show GDP contraction

Wednesday, March 6, 2013

 

Decreased levels of business investment and consumer reluctance to shop even when the holidays have hurt the economy in the euro zone the last three quarters of last year, which is expected to be the lowest point of the recession in Europe. Economic output of the 17 countries that use the euro fell by 0.6% in the fourth quarter of 2012, according to European Union statistics office Eurostat on Wednesday, confirming previous data, the biggest quarterly decline in a recession for a year. As expected, the euro zone closed last year with a second recession since 2009, the actual reality was felt by millions of people in Europe who suffer from high unemployment and debt crisis that nearly split the euro zone last year.

[mynameisandhy]

News and Review of European Economic Zone

 

Rate of Export Zone Euro Falls Sharply

Wednesday, March 6, 2013

 

Exports from the 17 countries that use the euro zone member single currency fell sharply in the fourth quarter reported the biggest decline rate for the last 4 years, fueling concerns that the euro exchange rate that is too high start hinder the pace of recovery.

 

Figured this data must also signal that the euro zone recession likely to last longer than previous estimates. So the ECB decision, tomorrow still has the potential to surprise monetary easing decision of the President of the ECB, Mario Draghi.

 

The rate of reported exports fell -0.9% in Q4, turned sharply from +1% export growth in the previous period. This decrease is also the steepest quarterly decline since 2009.

[mynameisandhy]

News and Review of European Economic Zone (Portugal)

 

S & P Revised Outlook Portugal

Thursday, March 7, 2013

 

Standard & Poor's revised its outlook for Portugal's credit rating from negative to stable with increasing European support to help finance Portugal. S & P estimates that Europe will extend the maturity of loans granted to Portugal so as to reduce the risk of financing. S & P also expects the troika will give Portugal more flexibility to achieve the fiscal targets, especially with the economic performance is not so provide.

 

"The process of adjustment Portugal more sustainable both economically and socially so as to reduce the risk," said S & P which still give Portugal BB / B. Meanwhile, the euro rose on the London session. EUR / USD is now trading 1.3030, moving away from a daily low of 1.2964

[mynameisandhy]

News and Review of European Economic Zone (Greece)

 

Greek Unemployment Rate Down

Thursday, March 7, 2013

 

Greek unemployment rate fell for the first time in the last year, although still high for the euro-zone standards. The unemployment rate reached 26.4% for the month of December; less than 26.6% the previous publication. This is certainly good news for Greece is still difficult to fix the fiscal and debt problems.

 

However, the unemployment rate is still high compared to the average in the euro zone reached 11.9%. Improvement in economic conditions may also slow as the government pursuing a policy of austerity as a prerequisite to securing the next bailout fund disbursement.

 

Meanwhile, the euro rose on the London session. EUR / USD is now trading 1.3022, moving away from a daily low of 1.2964

[mynameisandhy]

News and Review of European Economic Zone

 

ECB Keep Interest Rate 0.75%

Thursday, March 7, 2013

 

The ECB kept interest rates again at a low level of 0.75% at the March meeting. This is according to predictions and unchanged from the previous meeting in February. ECB seem reluctant to ease monetary policy further even though the recession has hit the euro-zone economy. Stable inflation at high levels seems to successfully resisted the central bankers to cut interest rates to a level that is even lower.

 

Euro still maintain reinforcement after the ECB decision. The euro is now trading 1.3033, moving away from a daily low of 1.2964. Investors are now waiting for the ECB's Draghi konverensi news at 20.30 pm to find further clues will be the central bank's monetary policy outlook for Europe.

[mynameisandhy]

News and Review of European Economic Zone

 

ECB Draghi: Economy Will Gradually Restored In Second Semester 2013

Friday, March 8, 2013

 

European Central Bank President Mario Draghi suggested the eurozone governments to implement structural reforms on Thursday, warning that the economy should be stabilized at the end of 2013 but the risk of decline in the rate of growth is still there. ECB hold interest rates at a record low 0.75% on Thursday, as expected.

 

"The pace of our policy will remain accommodative," Draghi said at a press conference after the ECB decision. "The impact of the continued implementation of structural reforms will be felt by the economy, he said." Policy Board will continue to monitor the economic outlook fatherly risk worsening the euro zone, "he said. He also added that the economy will return gradually recover in the second half of 2013.

Edited March 8, 2013 by mynameisandhy

[mynameisandhy]

News and Review of European Economic Zone (France)

 

Bank of France: France Will Grow 0.1% In Q1

Friday, March 8, 2013

 

French economy will expand in the first quarter of 2013, according to the Bank of France on Friday. The statement expressed as indicators measuring business sentiment in the manufacturing sector showed marginal improvement.

 

2nd-largest economy in the euro zone is likely to grow 0.1% in the first quarter, according to the central bank's monthly survey. Business sentiment in the French industrial sector rose to 96 in February from 95 in the previous month, while the service sector sentiment fell to 88 from 90 in January, the Bank of France.

[mynameisandhy]

News and Review of European Economic Zone (Italy)

 

Fitch Actions weaken Yield Bonds Italia

Monday, March 11, 2013

 

Italian government bonds fell for a second day after ratings agency Fitch cut its credit rating of the country, they said conditions inconclusive polls could threaten the ability of the country in response to the recession that is going on.

 

Yield 2-year bond rose to the highest in almost two weeks as Fitch said after the market closed last week that ranks scaled Italy to BBB + from A-with a negative outlook.

 

"Step in Italy seen associated with the movement Fitch downgraded the country after the market closed," said LucaCazzulani, senior analyst at UniCredit Global Research in Milan. "We should be prepared for a long period of great uncertainty and volatility uncertainty in bond yields Italy. This complicates the market to see clearer direction. "

[mynameisandhy]

News and Review of European Economic Zone

 

European Leaders Back Focus to Cyprus To Prevent Widespread European Crisis

Monday, March 11, 2013

 

European leaders are struggling with the condition of political deadlock in Italy and rising unemployment in France and the focus returned to the financial rescue to Cyprus in an attempt to prevent volatility in the market over the debt crisis.

 

EU leaders will meet for a summit on 14-15 March in Brussels to discuss terms for Cyprus, including debt sustainability in the island nation, and may be imposing losses on depositors. It comes as Italy is struggling to form a government after an inconclusive election on February 24 to 25, and also concerns over the French economy with a high unemployment rate reached its highest level in 13 years.

 

"We have not changed, but we were on the right track," rich German Finance Minister Wolfgang Schaeuble told the Austria's Der Standard in an interview on March 8. "It would be wrong at this point if we change direction."

[mynameisandhy]

News and Review of European Economic Zone (Germany)

 

Anti-euro sentiment is widespread in Germany

Monday, March 11, 2013

 

The latest survey shows widespread anti-euro sentiment in Germany where 1 of 4 German population would vote for a party that wants to get out of the euro. It certainly intimated keengenan communities for the costs to be borne by Germany to resolve the euro zone debt crisis. The survey uses a sample of 1007 residents of Germany and performed on 6-7 March by TNS-Emnid institution for Focus magazine.

 

However, the main party in Germany will remain solid despite appearing dislikes the bailout funding. Anti-euro party in Germany so far have not been able to show the fallen. One of the anti-euro party, Free Voters, have gained parliamentary seats in the region of Bavaria, but still failed to put their representatives on the national level. Chancellor Angela Merkel's party still expected to win the election in the month of September.

 

Meanwhile, the euro looks difficult to maintain momentum in strengthening the New York session. EUR / USD is now trading 1.2997, try to avoid high levels of daily 1.3023

[mynameisandhy]

News and Review of European Economic Zone

 

Weidmann: Central Banks Alone Can not Fix Europe

Wednesday, March 13, 2013

 

Politicians should take steps to mengharapi European financial crisis because the central bank can not do it alone, says Jens Weidmann, president of the Bundesbank, Germany's central bank, on Tuesday. "We face a structural crisis in Europe. Crisis of confidence, and this can only be solved if politicians addressing the root causes," said Weidmann. "Monetary policy is just playing for time, and I'm anxious mgenenai strength and potential."

[mynameisandhy]

News and Review of European Economic Zone (France)

 

Hollande: French Probably Failed Pruning Meet Deficit Target

Wednesday, March 13, 2013

 

French President Francois Hollande said on Tuesday that the state budget deficit is likely to miss much of what he promised at the beginning of his term of office 10 months ago, and Europe should strengthen austerity measures to encourage economic recovery.

 

President of the Socialist Party which came to power in May last year had previously been promised to lead France towards the growth path while trying to push the budget deficit to 3% of GDP in 2013 from 5.2% in 2011. Although the worst contraction since the recession of 2008-2009 hit in the last quarter of 2012, the government Hollande insisted not to take additional austerity measures this year to cut the deficit. Hollande argued that it would be able to hurt the already weak economy.

 

"The deficit is likely to reach the level of 3.7% of GDP in 2013, even if we are forced to suppress it," Hollande said in a televised speech in Dijon, eastern France.

 

Hollande is scheduled to attend a European summit in Brussels on Thursday and Friday, and hold a meeting with German Chancellor Angela Merkel in Berlin next week. And he will use this opportunity to invite other European Union member states to try to encourage economic growth in the region as strong as possible.

[mynameisandhy]

News and Review of European Economic Zone

 

Weidmann: Crisis In Europe Not End

Wednesday, March 13, 2013

 

German central bank chief, Jens Weidmann, said that the crisis in the euro zone, despite having reduced because of the promise of help from the ECB, still has not ended. He urged the government to resolve the root causes of their reforms.

 

Weidmann has rejected the ECB bond purchase plan which was approved in September last year and believes that eurozone governments should improve their economies out of the crisis rather than ask for help ECB.

 

He saw that economic reform in France appear deadlocked. While in Italy, filled with uncertainty due to electoral reform and in Cyprus that the bailout process, the situation is still unclear.

[mynameisandhy]

News and Review of European Economic Zone

 

ECB: Greece Has Had Much Progress

Thursday, March 14, 2013

 

Greece has made ​​significant progress in rebuilding its economy although there are still many problems to be resolved, based on the statement of the European Central Bank on Thursday. The report was issued as part of the evaluation program by the country's economic crisis creditor.

 

"Significant progress has been seen, but some problems still remain," the ECB said in a statement after a visit to Athens for 2 weeks with a team of staff from the European Commission and the IMF, known as the Troika.

 

The addition of "technical work" still needed to resolve these issues, according to the ECB, adding that the troika mission to Greece was also intended to ensure the sustainability of fiscal reform. Troika djadwalkan to re-visit Athens in early April.

[mynameisandhy]

News and Review of European Economic Zone (Cyprus)

 

Cyprus problem is not liquidity

Thursday, March 14, 2013

 

German finance minister, Wolfgang Schaeuble, said that Cyprus does not have a severe liquidity problem. "Even the Cyprus government itself has expressed no liquidity issues in the coming months," said Schaeuble. "However, Cyprus does have a measure of banks that are too large compared to the economy of Cyprus itself. We have to think about solutions to the magnitude of problems that can be caused by the Cyprus banking sector."

 

On the other hand, interviewees Reuters reported that European Union summit that will take place March 14 to 15 next-Cyprus will not specifically scheduled the meeting. "Cyprus issue may only be discussed informally during the summit took place. There will be no decision to be taken of the European Union or the euro-zone on Cyprus at a meeting at the weekend.

 

Meanwhile, the euro was down at the New York session. EUR / USD is now trading 1.2945, moving away from a daily low of 1.3063

[mynameisandhy]

News and Review of European Economic Zone

 

Euro-zone Will Stay Intact

Thursday, March 14, 2013

 

No need to predict whether there will be a country out of the euro zone, according to the ECB board member Jens Weidmann. "I do not believe any country out of the euro zone," Weidman said when asked to respond to comments Bruederie Rainer, one of the officials in Chancellor Merkel's coalition of supporters, who point out Italy may decide to leave the euro zone or take action drastically.

 

Meanwhile, the euro was down at the New York session. EUR / USD is now trading 1.2926, moving away from a daily high level 1.3063

[mynameisandhy]

News and Review of European Economic Zone

 

ECB: LTRO Returns To Increase Next Week

Friday, March 15, 2013

 

Euro zone banks have committed to return the loan more funds obtained through the Long Term Refinancing Operation (LTRO) next week, according to a report the European Central Bank on Friday.

 

The ECB said that 5 euro zone banks will pay a total of € 385 million ($ 499.1 million) loan which they obtained from the first phase of the ECB liquidity operations in late 2011. Meanwhile, 15 other banks will pay a total of € 6.43 billion loan obtained from the LTRO 2nd stage disbursed in February last year.

 

Overall, a total of € 6.82 billion will be paid in euro zone banks on Wednesday. The amount is higher than the fee of € 4.2 billion were made ​​this week, although it remains much lower than the initial payments reached € 137 billion.

 

Thus, so far the Euro zone banks had repaid € 235.8 billion loan fund received more than € 1 trillion provided by the ECB to address the funding crisis.