Beware of Greeks seeking gifts

The euro zone is in crisis. It seems that not only does Greece have the largest budget deficit in the EU in proportion to the size of its economy, but previous Greek governments have been ‘economical with the truth’ when presenting official statistics. The Greek budget deficit is around 13% of GDP, and the country has agreed to reduce this … Continue reading

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£50bn extra on offer from the Bank of England

Yesterday the Bank of England’s Monetary Policy Committee (MPC) decided to keep the official bank rate at 0.5% but also to extend its programme of asset purchases financed by issuing central bank reserves. This process is generally known as “quantitative easing”. They have decided to increase the size of this fund by £50bn to a total of £125bn.   The … Continue reading

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Eurozone output down by nearly one-fifth in the last year

Industrial output in the 16 countries of the eurozone area fell by 2.3% in February compared to the previous month. Overall, this meant that when February’s output was compared with a year earlier it had fallen by 18.4%.   There has been a general cutback in industrial output as the recession has worsened and demand fallen. However, the fall in … Continue reading

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Euro unemployment up, inflation down – will interest rates be cut this afternoon?

Unemployment in the 16 countries of the euro area rose to 8.5% in February from 8.3% in January, according to figures published yesterday by eurostat. The figure was 7.2% in February 2008. The unemployment rate for the 27 countries of the EU was 7.9% in February, up from 7.7% in January and compares with a figure of 6.8% in February … Continue reading

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