The Reserve Bank of India is facing a fork in the road for the first time since Governor Raghuram Rajan took office amid much fanfare and started targeting inflation as the central bank’s primary mandate.
After another day of to-and-fro on Greece’s bailout, Finance Minister Yanis Varoufakis said he expected euro zone finance ministers to acknowledge next Monday progress towards a cash-for-reform deal, opening the way to easing Athens’ liquidity crisis.
We’ve heard various dates for when Greece will run out of money and some have already passed without incident but it is clear Athens’ cash position is getting increasingly desperate and it hasn’t yet managed to win over its creditors with economic reform plans.
The U.S. Federal Reserve may find it even more tough to raise interest rates as the year wears on if dwindling expectations for growth are any guide.
In his first major television interview since being elected in January, Greek premier Alexis Tsipras said last night he expected a deal with creditors by May 9 and that he would call a referendum if they insist on demands that the government deems unacceptable, leaving it to the Greek people to decide which way to jump.