A second round of voting in the Greek parliament on the government’s nominee for president takes place today.
Trying to predict the rouble’s path is a fool’s charter but it’s fairly safe to say it won’t return to a level that will take pressure off the Russian economy. It has opened 2 percent higher versus the dollar in Moscow this morning, mirroring a rise in oil from $60 a barrel.
European Central Bank President Mario Draghi pushed the envelope as far as he could last week, saying a review early next year would decide whether money-printing to buy government bonds was needed. He said he didn’t need unanimity within the ECB to force it through.
With the Greek government again in peril and Italy flirting with a junk credit rating, it’s all starting to feel a bit familiar.
Greek stocks suffered their steepest daily fall in more than a quarter century on Tuesday after Prime Minister Antonis Samaras brought forward a presidential election.
Euro zone finance ministers meet in Brussels to discuss member states’ 2015 budget plans. We know the European Commission thinks France, Italy and Belgium are breaking EU deficit rules but will defer decisions on any action until March. At that point, France could face a multi-billion euro fine and Italy and Belgium be put on a disciplinary programme.