Grexit? Eurogroup says ‘Greece has closed the door’ with its referendum idea

AFP reports that Eurogroup head Jeroen Dijsselbloem on Saturday said Greece’s decision to hold a referendum over the future of its bailout programme was a “sad” decision that shut the door to further talks.

“The Greek government has apparently rejected … Read the rest

Le Pen and Wilders announce new EU parliamentary group

Marine Le Pen, the leader of France’s National Front, announced the creation of Europe of Nations and Freedoms, a new far-right European Parliament group that will qualify for up to €17.5 million of EU money over the next four years.… Read the rest

Yuan inclusion in SDR basket inevitable

The IMF is due to re-examine the composition of its currency basket for Special Drawing Rights, a foreign-exchange reserve asset for fund members, later this year says Zhao Yongsheng.

“Our assessment now is that the substantial real effective appreciation [of … Read the rest

The IMF is due to re-examine the composition of its currency basket for Special Drawing Rights, a foreign-exchange reserve asset for fund members, later this year says Zhao Yongsheng.

“Our assessment now is that the substantial real effective appreciation [of … Read the rest

Lord Rothschild warns dark clouds are gathering in Europe, Russia, ME

Lord Rothschild has warned about the dark cloud on the horizon for the global economy, characterizing the geopolitical situation as the most dangerous since the end of World War II.

“We are confronted by a geopolitical situation perhaps as dangerous … Read the rest

Lord Rothschild has warned about the dark cloud on the horizon for the global economy, characterizing the geopolitical situation as the most dangerous since the end of World War II.

“We are confronted by a geopolitical situation perhaps as dangerous … Read the rest

Switzerland stuns markets by giving up on currency peg

Bowing to the inevitable, Switzerland has ditched an increasingly expensive policy to limit the export-sapping rise of the Swiss franc — a decision that propelled the currency a whopping 30 percent higher against the euro within minutes.

Thursday’s decision by … Read the rest

De-dollarization: Europe and China start direct trading

China will started direct trading between the yuan and the euro today as the world’s second-largest economy seeks to spur global use of its currency.

The move will lower transaction costs and so make yuan and euros more attractive to … Read the rest

The euro will remain the world’s favourite tradeable currency

With the rise of Bitcoin and general hostility towards so-called fiat currencies, notwithstanding the euroskeptic animosity towards the euro, many people are speculating about the ultimate demise of the euro. However, as French politician Marine Le Pen recently intimated to … Read the rest

Dollar soars on news of diminishing US stimulus

dollarThe dollar soared Thursday as global markets reeled from the US Federal Reserve’s signal it may start to taper its massive stimulus this year.

News of a cash crunch in China also sent jitters through the market, driving investors into … Read the rest

‘The American Dream is a Myth’

The finance industry must take the blame for the growing divide between the rich and poor in the United States, says Nobel Prize-winning economics professor Joseph Stiglitz. In an interview with SPIEGEL, he accuses the industry of preying on the … Read the rest