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Markets  |  April 02, 2013 07:20:00

Overview of the most important economic events of the last week of March


Cyprus facing bankruptcy in the eleventh hour was able to arrange with the European Union in terms of its rescue. The island state first proudly refused to conditions in Europe in the form of the imposition of the tax burden on deposits in local banks to finally agreed to this unprecedented solutions. The European Union, the European Central Bank and the International Monetary Fund (Troika) will then conditional tax savings of more than € 100,000 in the bank Laiki. In return Nicosia has promised financial assistance in the amount of 10 billion euros.

Monday evening was marked by expressions of Governors of the world's central banks. The head of the U.S. central bank (Fed) Ben Bernanke's speech in London again advocated the policy of quantitative easing. This time, even adding the argument about the positive impact on the economies of foreign countries.Bond purchase program, which the Fed now done, was there from abroad have repeatedly criticized due to the negative impact of the weak U.S. dollar (USD) currency markets.

Governor Australian central bank (RBA) Glenn Stevens in his speech too surprisingly did not address domestic situation, but rather devoted himself to upcoming presidency of the G20. Stevens wants to appeal to the implementation of the already agreed financial rules, instead of approving new. Australia will chair the G20 next year.

Quiet Tuesday brought news only from the U.S. economy. The local demand for durable goods in February, significantly strengthened and manufacturing activity remained in expansive mood. Incoming orders increased durable goods decreased by 5.7 percent, mainly due to interest in transportation equipment.Orders vehicles rose by 21.7 percent and the demand for civil aircraft by a staggering 95.3 percent. The Boeing Company has received from domestic airline order for 179 new aircraft.

Family home prices rose in the U.S. by the S & P / Case Shiller decreased by 1 percent. Home prices are holding in a rising trend since last February. Compared PODRAZIL new housing by 8.1 percent, which was the largest annual increase since June 2006.

Wednesday was a black day for the UK economy, which has experienced in the last quarter of 2012 contraction of 0.3 percent, which puts Great Britain before the third recession in the past 5 years. UK Office for budget responsibility issued last week, economic forecast, which predicts 0.6 percent GDP growth this year.Provisional estimates for the first quarter of this year speaks unclearly. Domestic production in January significantly lost, but the services sector was strongly reinforced in February. Economists still warn against the effects of bad weather that could damage the English economy.

Thursday's day mainly affected by positive news from Cyprus to reopen the country's banks. People have found themselves without cash, because banks perform unscheduled two-week vacation, which caused them enviable financial situation. Central Bank of Cyprus will control all commercial transactions exceeding € 5,000 and thoroughly examine withdrawals exceed € 200,000. Cypriots themselves can collect only 300 euros a day, get a larger amount, only those who are planning to travel, those allow the central bank to pick up € 1,000.

Italy on Thursday returned to center stage, after the Italian Left chances leader Pier Luigi Bersani on forming a new government dissolved and admitted that he could not form a government. Bersani himself rejected a coalition with Berlusconi and the movement led by comedian Five stars Beppo Grillo Bersanim led government was not going to support. Next steps will then determine President Napolitano. But one must decide in haste, because he's mandate ends in 15th May 2013.

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