Report: Greece’s unemployment to rise to 30 percent in 2014
Greece’s unemployment rate will increase to more than 30 percent in 2014 while the economy contracts, a report indicates. A report by the Center of Planning and Economic Research released Friday said the jobless rate will rise to 28.5 percent in 2013 and reach 30.4 percent in 2014.
Merkel party: No to eurobonds and No to Turkey
Chancellor Angela Merkel’s Christian Democratic Union on Sunday (23 June) adopted its political programme ahead of the September elections, vowing to oppose any debt mutualisation in Europe. The main message of the 128-page long manifesto is that Germans should vote for the Christian Democrats and their Bavarian sister party (CSU) as they got Germany and Europe out of the crisis.
Europe Unable to Break Impasse on Who Pays When Banks Fail
Europe failed to agree on how to share the cost of bank collapses on Saturday, as Germany resisted attempts by France to water down rules designed to spare taxpayers in future crises.
Warning of new financial crisis as bond yields spike
The Bank for International Settlements (BIS) has warned spiking bond yields across the world threaten trillion of dollars in losses for investors and a fresh crisis for banks unless they are braced for the shock. Swiss-based BIS said losses on US treasuries will reach $1trn if average yields rise by 300 basis points, reports the Telegraph. It warned losses could range from 15% to 35% of GDP in the UK, France, Italy and Japan and even greater damage in a number of other countries.
Once the economic news shows an increasingly negative trend, and it will, my guess is by the end of the year or by early 2014, they will once again admit the economy’s addiction to QE and manipulation of interest rates, and risk assets will once again be in vogue.”
It is becoming increasingly apparent that the Patient Protection and Affordable Care Act is going to make health care unaffordable to a shockingly large number of poor people—many of them single and childless…Obamacare, sadly, is merely the latest and most painful hit from the regulatory onslaught of Washington, diverting resources that could be better used to address larger and more immediate risks.
Chinese stocks touched a four-and-a-half-year low on Tuesday amid persistent concerns over the government’s credit-tightening policy. The Shanghai Composite SSE index fell as much as 5.8% at one point, before a late rally meant it ended down 0.3%. The rebound came after China’s central bank said that it would guide market rates down to “reasonable” levels.