EU finance ministers meet in Brussels with Ukraine likely to be the centre of attention despite the electoral shockwaves emanating from Athens.
The prospect of dramatic European Central Bank action – coupled with the deflationary threat posed by a plunge in the price of oil and the pain it inflicts on oil producing countries – is putting the financial system under growing stress.
Volatility is back with a bang.
The Swiss franc leapt by an unprecedented 40 percent at one point after the Swiss National Bank scrapped its currency cap out of the blue. Oil may have bounced but it’s still down the thick end of 60 percent since mid-2014, dragging the rouble and other oil-producer currencies with it. Copper, generally a barometer of world industrial demand, is barely finding its feet after plunging this week.
After dozens of world leaders including Muslim and Jewish statesmen linked arms and led more than a million French citizens on a march through Paris, Europe has both security and social problems to face following last week’s Islamist attacks.
Greek Prime Minister Antonis Samaras faces a final parliamentary vote on his presidential candidate. Lose and he will have to call snap elections early next year which polls suggest anti-bailout Syriza would win. A result is expected around 1100 GMT.