Tag: eurozone

Czech GDP: it gets worse

May 15, 2013 4:29pm by Jan Cienski

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The Czech Republic is in a terrible downturn that shows no sign of coming to an end with new flash GDP data showing a first quarter annual contraction of 1.9 per cent, much worse than analysts had predicted and the Czech economy’s worst performance since the depths of the first wave of the crisis in 2009. Continue reading »

Tags: eurozone, GDP Posted in Czech Republic, Europe | Permalink

Slovenia: family silver for sale

May 13, 2013 6:02pm by Kester Eddy

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Question: What’s the link between a national airline, a global-brand ski factory and an organic flour producer?

Answer: none at all, except in Slovenia, where any half-aware citizen would immediately recognise them as state-owned companies being prepared for privatisation to raise the cash to bail out Slovenia’s heavily indebted banks and balance the national budget. Continue reading »

Tags: eurozone, fiscal policy, privatisation Posted in Europe, Slovenia | Permalink

EBRD: sharpish cut in forecasts

May 10, 2013 10:05am by Stefan Wagstyl

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Rarely has a forecast been cut so fast. The European Bank for Reconstruction and Development on Friday slashed its 2013 growth forecast for the emerging economies of central and eastern Europe and North Africa from 3.1 per cent in January to just 2.2 per cent.

While the effects of the eurozone crisis have abated, economic activity is slowing faster than expected in the region’s biggest two markets – Russia and Poland. Structural reforms are needed, and needed now, says the bank. But it always says that. Continue reading »

Tags: EBRD, economy, eurozone Posted in Europe, Poland, Russia, Turkey | Permalink

Slovenia’s ratings: why so varied?

May 1, 2013 1:55pm by Rob Minto

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Credit rating agency Moody’s downgraded Slovenia on Tuesday to junk status, citing its weak banking system. After its being so often compared to Cyprus, you might think that’s fair enough.

But the downgrade leaves Slovenia in something of an odd position: it now has the widest range of ratings from the three main agencies out of any sovereign. Why the spread? Continue reading »

Tags: credit ratings, eurozone, Fitch, Moody's, Slovenia economy, Standard and Poor's Posted in Europe, Slovenia | Permalink

Poland-Czech-euro: date or no date?

Apr 26, 2013 4:32pm by Jan Cienski

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Poland and the Czech Republic seem to be heading in different directions over the euro.

The Czech Republic has long been one of the region’s greatest sceptics on joining the common currency, preferring to hang on to the koruna and enjoy a reputation for fiscal and monetary probity at least equal to that of the EU and the European Central Bank.

Czech governments have for years refused to set a firm date for entry. But now Milos Zeman, the country’s new centre-left president, said in a German press interview that his country could be in the euro by 2018 – a marked departure from the eurosceptic views of his predecessor Vaclav Klaus, who famously even refused to fly the EU’s blue banner over his residence. Continue reading »

Tags: Czech politics, EU membership, eurozone, Poland politics Posted in Czech Republic, Europe, Poland | Permalink

[video] Estonia’s euro advice for Latvia

Apr 23, 2013 6:46pm by beyondbrics

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Latvia hopes to become the 18th EU member state to join the eurozone. Estonia became the 17th in 2011. The FT’s Nordic and Baltic correspondent Richard Milne spoke to the President of Estonia, Toomas Hendrik Ilves, about his country’s experience in the eurozone and his advice to Latvia.

Tags: eurozone, video Posted in Estonia, Europe, Latvia | Permalink

Poland and the euro: closer

Apr 22, 2013 5:44pm by Jan Cienski

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In or out? That’s the question as Poland’s leaders send mixed messages about just how aggressively the country plans to move towards adopting the euro.

Donald Tusk, the prime minister, was in Berlin on Monday where he said he wants Poland to join “as soon as possible”, according to Reuters. Continue reading »

Tags: eurozone Posted in Europe, Poland | Permalink

Guest post: Slovenia – not as bad as Cyprus?

Mar 26, 2013 12:20pm by beyondbrics

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By Petra Lesjak of KD Funds

Alenka Bratušek became Slovenia’s new prime minister last week, the first female head of government of this Alpine state of 2m people. She could hardly have had a tougher start to the job, as Monday’s last-minute deal to rescue Cyprus left many wondering if Slovenia might be next in the queue for a bailout.

Slovenia needs to refinance approximately €1bn in treasury notes by June. Its banks have a hole in their combined balance sheets of about €4bn. The banks still have liquidity but it is streaming out of deposits that they are paying heftily for – about 4 per cent a year for 12-month deposits. Bratušek and her new government have a lot of work to do. Continue reading »

Tags: Cyprus, eurozone, guest post Posted in Cyprus, Europe, Slovenia | Permalink

Latvia goes for the euro

Mar 4, 2013 12:21pm by Stefan Wagstyl

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Premier Dombrovskis

A vote of confidence in the euro: Latvia on Monday formally decided to join the troubled common currency, with the prime minister, finance minister and central bank governor jointly signing the application.

It might not make headlines in the ECB’s headquarters in Frankfurt. But for Riga this is big news – its most important economic decision since it joined the European Union in 2004. Continue reading »

Tags: EU, eurozone, Latvia economy Posted in Europe, Latvia | Permalink

Greece: not yet an EM, but something for the adventurous investor

Dec 20, 2012 9:04am by beyondbrics

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By David Edgerly

Given the endless sovereign debt crisis in Greece, the collapse of the economy, the chaos and corruption of the country’s politics it is perhaps understandable that reasonable investors have lost interest in the Athens Stock Exchange. Index provider MSCI is mulling whether to reclassify Greece as an emerging market.

There’s quite a frontier feel to Greece at the moment. Phone calls to inquire about investing in Greece, in any form, are often met with either stunned silence or gales of laughter. Continue reading »

Tags: Athens Stock Exchange, eurozone, Greece Posted in Europe | Permalink

OECD: EMs and the eurozone hit

Nov 27, 2012 4:58pm by Rob Minto

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The OECD Economic Outlook, published on Tuesday, has rung a few alarm bells for developed economies, as the FT reports.

But what about emerging economies? What’s the impact on them from the eurozone “negative feedback loop”, as the organisation puts it? Continue reading »

Tags: emerging markets, eurozone, eurozone crisis, GDP, OECD Posted in Global | Permalink

Russian rates: election boost is over, time to worry about growth

Nov 9, 2012 8:20am by Jonathan Wheatley

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Russia’s central bank kept its policy interest rates unchanged on Friday morning, as widely expected. But the non-event is worth noticing as it shows the Russian economy moving into its post-election phase – ie, one of slower growth. Continue reading »

Tags: eurozone, inflation, Russia interest rates Posted in Europe, Russia | Permalink

Poland rates: enter the easing cycle

Nov 7, 2012 1:00pm by Jan Cienski

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Poland’s slowing economy prompted the central bank’s interest rate-stetting Monetary Policy Council on Wednesday to cut its benchmark rate by a quarter point to 4.5 per cent – the first step in what most analysts expect is the start of a longer term loosening of monetary policy.

The Polish MPC was the only central bank in the EU to increase rates earlier this year, when prospects for the Polish economy seemed a lot brighter and the big problem was persistently high inflation. Continue reading »

Tags: eurozone, interest rates, monetary policy, Poland economy Posted in Europe, Poland | Permalink

Asia: goodbye savings, hello bonds

Nov 2, 2012 9:06am by Paul J Davies

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The crisis in the eurozone has been causing plenty of worries in Asia – particularly around the supply of credit to the region. But the bigger problem for many countries lies closer to home – in a dramatic reversal of the build up of surplus cash that has been Asia’s hallmark for the past decade.

Across the region, according to research from Morgan Stanley analysts, declining exports and strengthening domestic demand for goods produced locally and abroad are combining to cut current account surpluses. Continue reading »

Tags: Asian debt, banking, bonds, credit, eurozone Posted in Asia, Global | Permalink

Panama: stop that eurozone, we want to get on

Oct 19, 2012 8:29pm by Andres Schipani

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These are tough times for Angela Merkel, the German chancellor: a nasty welcome in Athens last week, an increasingly contentious conflict with François Hollande, the French president, over banking union, and a fierce attack on her crisis management in the German parliament.

So it must have been nice to get a pat on the back this week, even it if was from an unlikely source: Ricardo Martinelli, president of Panama, who told Merkel on a visit to Berlin he would like to introduce the euro as Panamanian legal tender alongside the US dollar, because he has “full confidence in the euro, full confidence in Europe.” Continue reading »

Tags: currencies, euro, eurozone Posted in LatAm, Panama | Permalink

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Tag: eurozone

Czech GDP: it gets worse

Slovenia: family silver for sale

EBRD: sharpish cut in forecasts

Slovenia’s ratings: why so varied?

Poland-Czech-euro: date or no date?

[video] Estonia’s euro advice for Latvia

Poland and the euro: closer

Guest post: Slovenia – not as bad as Cyprus?

Latvia goes for the euro

Greece: not yet an EM, but something for the adventurous investor

OECD: EMs and the eurozone hit

Russian rates: election boost is over, time to worry about growth

Poland rates: enter the easing cycle

Asia: goodbye savings, hello bonds

Panama: stop that eurozone, we want to get on

BB: time to register

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