Is There Any Grecovery or Spainovery?
Public Power Corporation has reported last week that many Greek households and corporations are not able to fulfil their obligation to pay their electricity bills.
We Are Globally Freer
Index of Economic Freedom was released last week. Slovakia ranked 57th – 15 places down from previous year.
Barroso Declares a Victory
Goodbye Ben, and welcome Jannet; but from the point of view of FED policy, nothing has changed, apart from the fact that Yellen could be a more pro stimulus oriented person than Bernanke.
Bitcoin’s Week
If history repeats itself, Bitcoin could fall to 500 or 300 USD. But who knows? The fact is that in the longer term, it still has much greater potential than today’s prices.
ECB Four-Flush
As we have mentioned many times, China is preparing to enter the world currencies sphere. One piece of evidence is its vast activities in currency swaps with many countries, or the alleged increase in their official gold holdings.
Financial and Natural Hurricanes
The Bank of England has not changed its policy, but surprisingly our brothers, Czechs, entered currency wars. Although CNB decided to keep interest rates unchanged, it has decided on interventions on the foreign exchange market that weaken the koruna, so the exchange rate of the koruna against the euro is held close to CZK 27.
More Debt Means Better Rating
What was quite interesting was the reaction of the official China’s credit rating agency, Dagong, which has downgraded the US rating from A to A- due to the fact that the debt growth rate significantly outpaces that of fiscal income and GDP.
Better Tomorrows Are Not Coming
Spain had its public debt at the level of 68.5% of GDP in 2011, and then at 85.9% in 2012, and now Prime Minister Mariano Rajoy believes that this year Spain will end with the debt of 94.2% of GDP. Spain is definitely a big problem for the EU.
Merkel Won but Reforms Failed
It seems that Merkel is willing to create a big and strong coalition with German socialists and, as it is in politics, it means a lot of compromises in the field of economy, austerity measures and social policy.
Italy Is the Same as Spain
I am in favor of a green agenda, but we can’t be religious about this. We need a new energy policy.
