For the Bank of Greece, the euro zone is a bloc of 16 members, rather than the full complement of 17. Although many analysts have tipped Greece, in the throes of a long recession, to be the first to leave the currency union, it is tiny Estonia that Greece can live without, at least according to the central bank’s website.
Estonia, which joined the euro zone at the beginning of last year, seems to have completely slipped by the Hellenic central bank, even though Estonian governor Ardo Hansson has the same, single vote on the European Central Bank‘s Governing Council as its own George Provopoulos, or even German Jens Weidmann.
MANNHEIM, Germany (Reuters) – Morale among Germany’s analysts and investors sank in November as the crisis in the euro zone pounded its top economy, which looks increasingly at risk of joining the region’s periphery in recession.
Tuesday’s unexpectedly gloomy survey from the ZEW think tank followed a run of domestic data showing the private sector contracting, business sentiment plummeting, jobless rates rising and industrial orders dropping.
MANNHEIM, Germany, Nov 13 (Reuters) – German analyst and
investor sentiment unexpectedly fell in November as the euro
zone crisis pounds Europe’s largest economy and optimism spurred
by the European Central Bank’s announcement of an unlimited
bond-buying programme wanes.
The main reading from the ZEW think tank’s monthly poll
showed economic sentiment fell to -15.7 from -11.5 in October,
coming in well below the consensus forecast in a Reuters poll of
38 analysts for a reading of -9.8.
FRANKFURT (Reuters) – Banks made it harder for firms to borrow in the third quarter and expect to toughen loan requirements further, even though their own funding constraints have eased, the European Central Bank said on Wednesday.
Worried about the weak economy and tougher regulations that are squeezing their margins, banks are retrenching and slashing costs. UBS announced plans on Tuesday to fire 10,000 staff and Deutsche Bank increased its job loss target by nearly 100 to 1,993 staff.
MANNHEIM, Oct 16 (Reuters) – German analyst and investor
sentiment rose for a second month in a row in October, a survey
showed on Tuesday, suggesting fears that the euro zone’s debt
crisis will escalate and damage the bloc’s largest economy are
The Mannheim-based ZEW said sentiment appeared to have
bottomed out, though it remains deep in negative territory and
the assessment of current conditions in Germany worsened.
FRANKFURT (Reuters) – The European Central Bank indicated on Thursday it may again start buying government bonds to reduce crippling Spanish and Italian borrowing costs but the conditions it set and the dissenting voice of its key German member disappointed markets.
In the latest move to contain the euro zone crisis, ECB President Mario Draghi indicated that any intervention would not come before September – and only if governments activated the euro zone’s bail-out funds to join the ECB in buying bonds.
FRANKFURT (Reuters) – The European Central Bank will gear up to buy Italian and Spanish bonds on the open market but would only act after euro zone governments have activated bailout funds to do the same, ECB President Mario Draghi said on Thursday.
Draghi indicated that any ECB intervention would start at the earliest in September and would depend on countries in trouble on bond markets making a request and accepting strict conditions and supervision.
FRANKFURT (Reuters) – European Central Bank President Mario Draghi was under intense pressure from investors, European leaders and even the United States to deliver on Thursday on his pledge to do whatever it takes to save the euro.
Draghi faced the biggest test of his nine months’ leadership of the central bank at its monthly policy meeting, which began at 8:00 a.m. British time. Any sign that he overplayed his hand when he made the bold pledge a week ago could see markets punish the euro zone.
FRANKFURT (Reuters) – European Central Bank President Mario Draghi faces intense pressure from investors, European leaders and even the United States to deliver on Thursday on his pledge to do whatever it takes to save the euro.
Draghi will face the biggest test of his nine months’ leadership of the central bank when it meets later in the day, and any signs that he overplayed his hand when making the pledge a week ago could see markets punish the euro zone.
FRANKFURT (Reuters) – A rush by consumers and firms to pull their money out of Greek banks continued in June, European Central Bank data showed on Thursday, adding to the pressure on the country’s troubled banking system as doubts grow about Greece’s future in the euro.
Speculation about Greece possibly quitting the euro was intense in May when anti-bailout parties saw a strong showing in elections, but the Greek central bank said the process had reversed after the June 17 election.