The president of the European Central Bank warned in a speech in Frankfurt that although the eurozone economy was ‘robust’, recovery was still heavily reliant on stimulus from the European Central Bank * Pound hits two week high amid sharp dollar sell-off * Carillion shares plunge after third profit warning 12.52pm GMT OVER IN GREECE, EU AUDITORS HAVE GIVEN A MIXED VERDICT ON THE HANDLING OF THE COUNTRY’S THREE BAILOUTS. _HELENA SMITH REPORTS FROM ATHENS:_ The three financial lifelines thrown Greece in 2010, 2012 and 2015 achieved their overarching goal of averting default but were far from successful in other respects, EU auditors have concluded. The [EU] commission did not comprehensively consider Greece’s implementation capacity in the design process and thus did not adapt the scope and timing accordingly. 12.09pm GMT THE FTSE 100 HAS REVERSED ITS EARLIER LOSSES AND IS NOW UP 15 POINTS, PARTLY BECAUSE THE POUND’S EARLIER GAINS HAVE LARGELY BEEN ERASED. The FTSE tends to do better when the pound is weaker, because so many of the companies listed have significant overseas earnings. Continue reading...
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