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Stock Market / Finance in Southern Europe

  • Europe’s biggest nations will share data in attempt to end tax evasion after Panama Papers leak

    EUROPE, 2016/04/16 Europe’s biggest nations launched a joint effort on Thursday to clamp down on tax evasion, responding to damaging revelations of financial wrongdoing by the rich and powerful in the so-called Panama Papers. The finance ministers of Britain, Germany, France, Italy and Spain agreed to share detailed data on the ownership of companies, trusts and foundations, making it additional difficult for actual owners to hide their wealth and gain from tax authorities.

  • Serbia Inflation eases slightly in November

    SERBIA, 2016/01/17 In November, consumer prices decreased 0.1% over the previous month. The print was slightly up from the 0.2% drop seen in October, which had marked a three-month low. According to the Statistical Office of the Republic of Serbia (SORS), November’s print mainly reflected a decrease in prices for food and non-alcoholic beverages. On the other hand, prices for health and communication increased over the previous month. Inflation in November inched down from 1.4% in October to 1.3%, thus hitting a four-month low. Annual average inflation as well inched down from October’s 1.5% to 1.4% in November.

  • European Stocks Extend Declines For Second Day

    EUROPE, 2015/12/10 European shares fell to their lowest level in additional than two months on Wednesday even as commodities steadied and positive data out of Japan and China helped relieve world increase worries. Closer home, German trade surplus rose to 20.8 billion euros in October from about 19.2 billion euros a month ago as imports fell additional than exports, figures from Destatis showed. Exports fell 1.2 % from the previous month, while imports declined 3.4 %. The British Chambers of Commerce (BCC) cut its UK gross domestic product (GDP) increase estimate for the year to 2.4 % from a previous estimate of 2.6 %, citing weaker-than-expected trade figures and a worse than predicted manufacturing performance.

  • EU warns Italy's 2016 draft budget "at risk of non-compliance"

    ITALY, 2015/11/18 The European Commission (EC) warned Italy's draft budget for 2016 was at risk of breaking EU fiscal rules and will be subject to a final assessment in spring, the Italian Economy and Finance Ministry confirmed Tuesday. "The EU Commission considers the balance sheet presents a risk of non-compliance with the rules of the Stability and Increase Pact," Italy's Economy Ministry said in a statement. In particular, Italy would be in danger of a "significant deviation from the required adjustment path towards the medium-term fiscal objectives in 2016," according to the EC press release.

  • S&P raises credit outlook of Cyprus to BB- from B+

    CYPRUS, 2015/09/29 Standard and Poor's Rating Services (S&P) raised the long-term foreign and local currency sovereign credit ratings of bailed-out Cyprus to "BB-" from "B+" with a positive outlook on Friday, citing economic stability and the removal of capital controls. S&P said the positive outlook means that it could raise the ratings in the next 12 months if there is economic increase and further stabilization of the financial sector, and a reduction of the government deficit. Cyprus was pulled back from the brink of economic meltdown in March 2013, in a three-year 10-billion-euro (11.2 billion U.S. dollars) economic adjustment program.

  • Athens stocks plunge on reopening, end trading at -16% Banking stocks drop sharply, almost all with 30% loss

    GREECE, 2015/08/05 The Athens stock exchange plunged on its initial day of trading next being closed for five weeks. The benchmark index was very weak at the beginning of trading and ended down by 16%. Banking stocks all lost heavily, most of which near 30%. Greek national bonds were instead stable next remaining in trading in recent weeks even during talks between the Greek government and its international creditors. The ten-year bond is steady at 11.5%, while the two-year one has seen a slight rise in the yield by about 50 basis points and a 20.5% interest rate.

  • My plan to resist the troika’s attack on Greek sovereignty

    GREECE, 2015/08/03 Aparadox lurks in the foundations of the eurozone. Governments in the monetary union lack a central bank that has their back, while the central bank lacks a government to support it. This paradox cannot be eliminated without fundamental institutional changes. But there are steps member states can take to ameliorate some of its negative effects. One such step that we contemplated during my tenure at the Greek ministry of finance focused on the chronic liquidity shortage of a stressed public sector and its impact on the long-suffering private sector. In Greece, where the central bank is unable to support the national’s endeavours, government arrears to the private sector — both companies and individuals — have been a drag on the economy, adding to deflationary pressures since as far back as 2008. Such arrears consistently exceeded 3 % of gross domestic product for five years.

  • Russia Prepares amid Greek and China Crises

    CHINA, 2015/08/02   In response to the Chinese and Greek crises, the Russian government is keeping a tighter lid on its currency, according to Bloomberg. The Bank of Russia purchased $200 million in daily reserves to increase the total all to $500 billion, which may take anywhere from five to seven years, and Russia has only purchased $7.4 billion thus far. Finance Minister Anton Siluanov stated that Russia is prepared to prevent any volatility in the country’s exchange rate. The Russian ruble remains weak, but producers are benefiting from a weaker currency, as Russia hopes to spur the economy forward. Rumors circulated that Russia was prepared to step in and rescue Greece, but it appears that the Russians are being additional careful in averting any risk. In a recent BRICS summit, which is an annual conference comprised of such nations as Russia, India, China and Brazil, the finance minister made no mention of Greece.

  • Debt relief open to Greece, says Merkel

    GERMANY, 2015/07/28   Greece could receive relief on its deficit mountain within months as any minute at this time as creditors confirm that it is making good on promised economic reforms, Angela Merkel has said. In an interview with German TV network ARD on Sunday (19 July), the German chancellor said that measures to cut Greece’s debts could any minute at this time be offered to Athens, although she ruled out a ‘classic haircut’ on deficit. "Greece has by presently been given relief. We had a voluntary haircut part the private creditors [in 2012] and we again extended maturities once and reduced interest rates," said Merkel. “We can presently talk about such possibilities again... once the initial successful review of the programme to be negotiated has been completed," she added.

  • Troika’s proposal to Greece still negotiable - French Finance minister

    FRANCE, 2015/06/07 The Troika’s proposition of cash-for-reform rejected by Greece was negotiable and if Athens wanted to seek consensus, it should come up with an alternative option to a cut in pension benefits, France’s finance minister said on Saturday. “No one ever said - neither the [lending – Ed.] institutions nor the [euro zone – Ed.] nations - that it was take-it-or-leave-it, that it was an ultimatum,” Michel Sapin told Reuters on the sidelines of a ruling Socialist Party congress. Sapin agreed the long-conducted negotiations could fail over the issue of pensions. However, he stressed that Greek government’s arguments were legitimate and urged it to seek new alternatives.
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