David's Feed
Feb 28, 2015

Greek PM accuses Spain, Portugal of anti-Athens ‘axis’

ATHENS (Reuters) – Greece’s leftist Prime Minister Alexis Tsipras accused Spain and Portugal on Saturday of leading a conservative conspiracy to topple his anti-austerity government, saying they feared their own radical forces before elections this year.

Tsipras also rejected criticism that Athens had staged a climbdown to secure an extension of its financial lifeline from the euro zone, saying anger among German conservatives showed that his government had won concessions.

May 8, 2013

Ferguson’s retirement shocks Manchester United’s global fans

ABUJA/LONDON (Reuters) – Nigeria, they say, has almost as many Manchester United fans as there are Canadians on the planet – 33 million.

Such a figure is hard to verify, but a big contingent of the English soccer team’s huge global following undoubtedly lives in the West African nation.

Mar 21, 2013

Egypt raises rates to curb inflation, support pound

CAIRO, March 21 (Reuters) – Egypt’s central bank raised
interest rates on Thursday, hoping to curb soaring inflation and
slow a sliding pound currency, but the first increase in over a
year is likely to hurt a very weak economy.

The bank’s Monetary Policy Committee (MPC) announced 50
basis point increases in both its main rates, taking the
overnight deposit rate to 9.75 percent and the overnight lending
rate to 10.75 percent.

Mar 21, 2013

Egyptian reassurance may fail to woo investment dollars

CAIRO, March 21 (Reuters) – Egypt’s revival of a scheme
meant to protect foreign buyers of government debt and stocks
will struggle to achieve a wider aim – easing an acute dollar
shortage.

Earlier this month the central bank reopened a modified
version of a mechanism last used in 2003 which ring-fences
dollars invested in Egyptian securities.

Mar 19, 2013

Analysis: Election limbo keeps Egypt’s IMF loan on ice

CAIRO (Reuters) – Once parliamentary elections are out of the way, Egypt stands a chance of securing an International Monetary Fund loan to help address its currency and budget crisis; the problem is that no one knows when that will be.

With face-to-face contact between Egypt and the IMF re-established this week after a two-month gap, both sides are pushing for urgent action, but with strikingly different emphases.

Mar 5, 2013

Analysis: Egypt is in for trouble with or without the IMF

CAIRO (Reuters) – Egypt is at risk of a “revolution of the hungry” two years after Hosni Mubarak was ousted in a popular uprising, as food and energy prices will soar with or without an IMF deal.

Failure to get the $4.8 billion loan or some other funding would have dire consequences: if Egypt keeps burning foreign currency at the rate it has done since the 2011 uprising, it will have none left in little more than a year.

Mar 2, 2013

Egypt needs to fix economy, strike IMF deal: Kerry

CAIRO (Reuters) – Egypt’s need to get the economy back on its feet is paramount and urgent, and the government should strike a loan deal with the IMF, U.S. Secretary of State John Kerry said on Saturday.

The country’s foreign currency reserves have dived to little more than a third of levels before the 2011 revolution and the budget deficit is soaring as a sliding Egyptian pound pushes up the cost of state subsidies for imported fuel and food.

Feb 26, 2013

Analysis – Egypt’s options narrow to IMF, Qatar as money runs out

CAIRO (Reuters) – Egypt seems to realise the money has nearly run out and it must turn to the IMF or a willing friend in the Gulf, where it now has just one, Qatar.

After months of delays, the Islamist government has produced a new plan to reverse a slide in its foreign currency reserves and tackle a budget deficit that could overwhelm a stable wealthy nation, let alone a country riven by political conflict.

Jun 8, 2012

European shares, oil, euro fall as Spanish reality dawns

LONDON (Reuters) – European shares, the euro and oil fell on Friday as hopes for more global monetary easing dwindled despite the prospect of slower economic growth in Germany and China, and expectations of a bailout for Spanish banks failed to stop the rot.

A credit rating cut for Madrid forced investors to confront the reality of the euro zone crisis after Fed Chairman Ben Bernanke damped recent hopes that the central bank would announce new moves to stimulate the U.S. economy later this month.

Jun 8, 2012

Global Markets – Shares, oil, euro fall as Spanish reality dawns

LONDON (Reuters) – European shares, the euro and oil fell on Friday as hopes for more global monetary easing dwindled despite the prospect of slower economic growth in Germany and China, and expectations of a bailout for Spanish banks failed to stop the rot.

A credit rating cut for Madrid forced investors to confront the reality of the euro zone crisis after Fed Chairman Ben Bernanke damped recent hopes that the central bank would announce new moves to stimulate the U.S. economy later this month.