The word of the day is "crexit," which was coined by Allianz Chief Economist Michael Heise. This is the idea that Greek will exit from its economic crisis this year. However, many point to a speech given by European Central Bank president Mario Draghi as the turning point for the eurozone crisis as a whole.
Athens (AFP) - As the sun rose above Greece on Sunday, young and old were already queuing to have their say in a referendum which could be a new dawn for their crisis-wracked country, or plunge its finances deeper into the dark.
True that the recent UK credit downgrade attracted a lot of attention, however as some analysts pointed out, it did not reveal anything new. We all know UK growth is flat-lining and the Government’s austerity measures are failing to translate into deficit reduction. The Eurozone faces an even greater challenge as the economic fortunes of member countries diverge.
Indeed, there are many factors which suggest that a loosening of ties with the Eurozone by British businesses is possible, if not already under way.
TORONTO — The Toronto stock market was slightly higher at the open amid rising gold stocks and economic concerns.
The S&P/TSX composite index rose 27.33 points to 12,885.82 while the Canadian dollar inched up 0.02 of a cent to 97.45 cents US.
European stocks slid deeper into the red on Tuesday and the euro fell on rising expectations that Greece is set for a default despite fresh international efforts to resolve the debt crisis.German Chancellor Angela Merkel sought to ease fears over a possible Greek bankruptcy, saying the 17-country eurozone had to stick together and that an "uncontrolled insolvency" must be avoided.US President Barack Obama warned overnight that the world economy would remain weak until the eurozone crisis was solved, as market anxiety mounted over debt woes in Greece, Spain and Italy.
Brussels (AFP) - Eurozone leaders will hold an emergency summit in Brussels Tuesday to discuss the fallout from Greek voters' defiant "No" to further austerity measures, with the country's Prime Minister Alexis Tsipras set to unveil new proposals for talks.
Vilnius (AFP) - Lithuania switched over to the euro on Thursday, becoming the last Baltic nation to adopt Europe's single currency, in a bid to boost stability despite fears of inflation and eurozone debt woes.
Brent crude oil futures sank more than 2% on Monday, as concerns of an imminent strike on Syria eased, and traders reduced positions that had reflected fears of oil supply disruption in the Middle East.
Brent crude oil sank to its lowest mark in one week, narrowing its premium over the U.S. crude oil contract which did not fall by as much.