Greek Finance Minister Yannis Stournaras stated that the economy is recovering due to the reforms imposed by the international community. Stournaras said that “Greece now faces the future with more optimism as it develops its new growth model” and added that “after four years of fiscal consolidation and structural reforms, the Greek economy is beginning to show the first encouraging signs of…recovery.”
The Eurozone has approved another bailout for Greece. An improvement in the state of the economy may strengthen the euro.
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Draghi Pledges to Maintain Price Stability
The central bank has recently kept its interest rate at 0.25%. Further rate cuts may weaken the euro relative to the dollar. The EUR/USD reached its highest level (1.3819) since March 26 this morning.
In order to overcome deflation and stimulate growth, the Japanese government plans to initiate a ¥18.6 trillion stimulus package, raise incomes by 3% and double the country’s monetary base.
The Japanese Government is planning to increase asset purchasing, as well as purchasing risky assets and stocks. There are growing concerns that raising the sales tax would undermine the government’s efforts to stimulate growth.
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German Finance Minister Schaeuble warns that Greece may need yet another bailout from the international community
Cooling down recent claims from Greek government that claimed that Greece has moved past the crisis, Schaeuble said that “it is not the time to speculate but to approve the second package for Athens.”
*Bank of England May Raise Interest Rates Early Than Expected*
BoE policymaker Martin Weale: “while I expect interest rates to remain low over the next two to three years, it is not possible to guarantee this…[if we tighten] too late inflation could take-off.”
Is Japan Closer to Inflation Target?
Kuroda: “qualitative and quantitative easing” is keeping Japan en route to its inflation target
*ECB Rates to “Remain at Current or Lower Levels”*
According to the European Commission, the inflation rate in the Eurozone is expected to stand at 1.5% in 2014 www.netotrade.com/research-and-analysis/daily-analysis/eurozone-interest/?A=677