Greek Prime Minister Alexis Tsipras meets Angela Merkel in Berlin late today.
The strategy in Athens seems to be to seek mercy from EU leaders, going over the heads of euro zone finance ministers and the European Central Bank and IMF, hoping that they will see the broad political cost of a Greek collapse rather than focus on the nitty gritty of funding and required economic reforms.
That doesn’t look like a winning strategy.
A Greek deal has been pulled from the fire at the last moment. The country’s bailout programme will be extended for four months averting a potential cash crunch in March that could have forced the country out of the currency area.
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.
from The Great Debate:
The conversations at the U.S-Africa Leaders Summit in Washington this week, Secretary of State John Kerry said on the first day, are very different from discussions about Africa 15, or even 10, years ago.