BOSSA.CZ (BOSSA.CZ)
Markets  |  November 19, 2012 09:43:04

Comment: Events 46th week in Europe and the U.S.


Eurozone finance ministers on Monday agreed to release additional financial assistance to Greece in the amount of 31.5 billion euros. It should be given Aténám in the summer, however, lenders make the loan so far stalled. Referring to the fact that they have to wait for the final report of the inspection of the "troika" of the progress achieved in the field of southerners reforms. This was before the meeting but ministers sent. In addition, Greece last week approved a package of other measures and aggressive austerity budget for 2013.
However, the scene was another problem, which was not due on Monday to decide on loan. It consistsin fear of how, despite the tough cuts and reforms Greek debt without economic growth sustainable. Greece had achieved according to the original plans, debt amounting to 120 percent of annual GDP by 2020. Such a goal, however, now seems to be due to the current state of the local economy too ambitious. Therefore, President of the Eurogroup Jean-Claude Juncker after a meeting of the Eurogroup said Monday that the Hellenic Republic should be given to achieve the planned amount of debt the next two years. This proposal did not like the boss of the International Monetary Fund (IMF). She insists Athens to reach the level of debt in the original term because the extension is for the IMF, as one of the three major lenders, other financial costs.According to her words, the IMF has already done enough to ensure a manageable level of Greek debt by southerners should help more countries, and write off part of their debts. About it but does not want to hear especially Germany. A dispute between creditors and blocks the release of financial assistance. Therefore Euro against the dollar on Monday weakening.
The Eurogroup has a program to continue to address this issue at the 20th meeting November.

On Tuesday, the euro continued its decline against the dollar because of disagreement about Greece and got so up to new two-month low. Since Aténám been re-approved financial assistance, they had to help the Greeks themselves, and selling short-term (1-month, 3 month) government bonds in order to defend bankruptcy. Auction was successful and Aténám fortunately managed to underwrite bonds of over four billion euros.
In the afternoon, the situation on the currency pair EUR / USD German lamina, alleviated message Das Bild, whereby said the German government wants Greece to send only tranche loan for the second quarter (which is now playing), but also for the third and fourth. Overall, over 44 billion euros.

On Wednesday afternoon, U.S. data showed that for the first time in four months in October retail sales fell. Consumption is a major component of GDP of the local economy, so a decrease in this indicator has led to the weakening of the USD.
Evening was published the minutes of the meeting U.S. central bank (Fed), which took place on 23 and October 24. revealed that some members of the Monetary Committee of the U.S. central bank believe that next year will be necessary to proceed to further quantitative easing (QE) monetary policy.U.S. dollar (USD) after the report went down sharply since the release means further bond purchases and currency depreciation.

Thursday was marked by the publication of GDP. In addition to the euro area and its member countries, published by the state of its economy in the third quarter and the economies of Central Europe.
In the Czech Republic qoq GDP fell by 0.3 percent and by 1.5 percent. QoQ GDP in Hungary also fell, by 0.2 percent and by 1.5 percent. The Slovak Republic, the situation was better. The local economy continues to grow, by 0.6 percent quarter and 2.2 percent a year.
As for the euro area itself, so positively surprised economies of France and Germany, which albeit slowly, but still growing. Both in the third quarter improved by 0.2 percent.
Eurozone economy as a whole, but fell into recession, the second consecutive quarter down, by 0.1 percent.
In the afternoon, investors shocked n egativna data from the labor market in the U.S., significantly increased the number of new applications for unemployment benefits. In addition, a decrease in industrial activity in the Philadelphia area. This was indeed one of the areas affected by the storms Sandy, where he still lives return to normal. Moreover, manufacturing companies are slightly pessimistic, because he does not know how to solve the threat to the U.S. government fiscal cliff face that haunts American budget. Important for them to be mainly the issue of taxes, which can significantly affect the next year their profits.

On Fridayeuro weakened in the morning, after the IMF chief Lagarde announced that prematurely terminates his visit Asia to next Tuesday to attend an extraordinary meeting of the Eurogroup on funding Greece. tense situation around Athens and re-solving European problems at the last minute on the financial markets are a source of uncertainty and sales.

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