Partners with Ellas TV to Stream Greek TV Live

This partnership enables GreekBoston.com to stream Greek TV shows live directly on the website. (PRWeb June 05, 2014) Read the full story at http://www.prweb.com/releases/EllasTV/06/prweb11907676.htm

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Parliament Closing Heads Off Critical IMF Report

A sudden and unexplained shut down of the Greek Parliament for two weeks on June 4 was for “procedural reasons,” the government said officially, but it came just a day ahead of what’s expected to be a critical report on the country’s finances, preventing any debate. It wasn’t said who ordered it. Poul Thomsen, an envoy from the International Monetary Fund, one of Greece’s Troika of international lenders along with the European Union and European Central Bank, was due to present his report June 5 at 7 p.m. but that was pushed back at least a day. The Troika has been monitoring Greece’s books while the country is in the last stages of receiving 240 billion euros ($327 billion) in two bailouts. Prime Minister Antonis Samaras has insisted Greece is on the road to recovery, citing a 1.5 billion euro primary surplus and floating of a 3-billion euro bond this spring, the first in four years. IMF spokesman Jerry Rice is expected to discuss the report at the agency’s next news conference. The newspaper To Vima said it will be critical of the country’s financial situation, including what could be a shortfall of 1.8-2 billion euros and a 2015-16 fiscal gap of more than 13 billion euros. The report is also thought to discuss the sustainability of Greece’s 315.9 billion euros ($430 billion) with the IMF previously stating it would still be as much as 122 percent of Gross Domestic Product, from 175 percent now. More alarming to Greece, it allegedly also raises the question of whether to impose the same kind of harsh measures in Greece the IMF did as part of a bailout given Cyprus, which called for confiscation of nearly half the amount of bank accounts of more than 100,000 euros ($136,128). Additionally, the report likely answers the question whether the IMF is still against the Greek government using the 12 billion euros left over from the bank recapitalization to cover its funding gap without having to take out a new loan. Finally, the report will reportedly clarify to what extent the IMF will insist upon strict changes in employment relations. It was said that the IMF favors the deregulation of collective redundancies and revising the minimum wage in 2016.

READ THE ORIGINAL POST AT greece.greekreporter.com

Greece-Bolivia Preview: Santos' side desperate to rediscover goalscoring touch

The 2004 European champions have now gone three games with a goal, so will therefore be intent on picking up a morale-boosting win in their final fixture before flying to Brazil Greece will aim to end their lacklustre World Cup build-up with a positive ...

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Google Starts Street View in Greece After Spat

Google Starts Street View in Greece After SpatABC NewsGoogle has launched its Street View map service in Greece after winning approval from the privacy authority that blocked the ground-level map application five years ago. Company officials said the service went live Thursday after "extensive and ...and more »

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Turkey pipeline not on agenda: Greek Cypriot energy min.

Greek Cypriot Energy Minister Yorgos Lakkotripis said that the Greek Cypriot administration was beginning to form close ties with Lebanon, Egypt and Israel regarding the natural gas reserves in the eastern Mediterranean. Greek Cypriot Energy Minister ...

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Greek jobless rate dips in March, but still EU's highest

Greek unemployment eased marginally in March, data showed on Thursday, but the jobless rate stayed the highest in the European Union as the country struggles to emerge from a devastating recession. Unemployment dropped to 26.8 percent from an upwardly revised 26.9 percent in February, Greek statistics service ELSTAT said. A stubbornly high jobless rate has blighted government efforts to reform ...

READ THE ORIGINAL POST AT finance.yahoo.com

European Central Bank: Markets poised for rate cuts and stimulus measures

Rolling coverage of business and financial news, as Mario Draghi and the ECB's governing council gather in Frankfurt

Will the ECB act to stimulate the eurozone?

The ECB's options

Traders predict 'a crazy hour' in the markets

Q&A: What are negative interest rates?

10.39am BST

The latest Greek unemployment data is out, and confirms that the country is still racked by desperately high joblessness.

Elstat reports that the seasonally adjusted unemployment rate in March 2014 was 26.8%. It also revised up the joblessness rate for February to 26.9%, from a previous estimate of 26.5%.

10.21am BST

The annual eurozone retail sales growth figure of 2.4 per cent is the highest in eight years.

10.19am BST

Deflation expectations, clearly. RT @moved_average: EURO ZONE APR RETAIL SALES M/M: 0.4% V 0.0%E; Y/Y: 2.4% V 1.2%E pic.twitter.com/1z5F0WyNLl

10.13am BST

Just in -- eurozone retail sales rose in April, and by more than expected.

Eurostat reports that the volume of retail sale increased by 0.4% month-on-month in April, beating forecasts of just 0.1% growth. On an annual basis, sales volumes were up by 2.4%.

The fact that inflation is low is not, by itself, bad; with low inflation, you can buy more stuff.

9.59am BST

It is "inevitable" that the ECB will act today, says analysts at Daiwa Capital Markets.

They point out that eurozone inflation slumped last month; at just 0.5%, it's a long way from the ECB's target.

The third month of pronounced undershooting of inflation in May this time clearly visible in core inflation as well as ongoing falls in credit and high bank lending interest rates in the southern periphery, the case for action is irrefutable.

A new, conditional LTRO akin to the BoEs Funding-for-Lending scheme and BoJs Stimulating Lending Facility seems likely, tying the provision of 4-year fixed-rate funding to new credit provision to the private sector.

9.52am BST

There's been a lot of chatter about the negative interest rates on eurozone banks, but what would that mean?

The logic is that banks will be keener to lend to customers if they are forced to pay to leave their money in the ECB's electronic vaults instead. At present, the deposit rate is 0.0%.

9.43am BST

So, what might the ECB do today?

9.27am BST

Back to the big story of the day: whether or not the European Central Bank takes decisive action today to drag the eurozone away deflation and stagnation (see opening post for the details)

With the governing council hard at work in Frankfurt, the WSJ's Richard Barley points out that it will be 'unprecedented' for any major central bank impose a negative interest rate on commercial banks who lodge cash with it.

Some thoughts ahead of today's @ecb meeting: 1. Negative depo rate may be priced in, but will still be unprecedented for major central bank.

2. On credit easing, the devil will be in the detail. What lending is @ecb targeting, and how will looser policy be transmitted?

3. Watch out for @ecb's new staff projections. 2014 inflation has to be revised down, but what happens to the 2016 number?

4. It will still be the case for @ecb that what Draghi says is more important than what he does. Door should be left open to more easing.

9.18am BST

Britain's car industry has recorded its longest ever period of sales growth, after posting a 7.7% increase in new vehicle sales last month.

That breaks the previous record set in the mid-1980s, according to the SMMT's monthly survey of the sector.

9.04am BST

In the UK, the Brazilian real has been flying out of foreign exchange outlets faster than Raheem Sterling as World Cup fever mounts.

Travelex has run out of the currency at Heathrow and Manchester airports, after demand rose more than 1,000%.

Meanwhile the Post Office, which offers travel money at 11,500 branches nationwide, says it won't have the Real until the weekend.

8.45am BST

Speculation of a takeover has pushed shares in Smith & Nephew, the UK medical equipment supplier, up 4% this morning.

Overnight, Bloomberg reported that US rival Medtronic is considering a bid for S&N.

8.44am BST

This morning's tumble means ASOS's shares have more than halved in value since February:

A profits warning often causes a company's share price to fall. ASOS has crashed 37% today, been on slide since Feb. pic.twitter.com/25otchML7U

8.40am BST

Perhaps Britain's housing boom isn't running out of steam after all....

Housing demand is still strong and continues to be supported by a strengthening economic recovery.

Strong Halifax house price 3.9% vs 0.7%e M/M....Y/Y 8.7% vs 7.5%e

8.29am BST

Asos's shocker of a profits warning has hit high street and online retailers across the stock market.

Sports Direct are down 1.9%, Next dipped by 1.4%, SuperGroup has shed 4.5% and Ocado has fallen by 3%.

8.23am BST

Shares in ASOS, the online fashion retailer, have suddenly fallen out fashion after it shocked the stock market with a profits warning.

The stock tumbled 40% at the start of trading, wiping around £1.5bn off its value, after it cautioned investors that its profit margins will be around 4.5%, not 6.5% as expected.

Our profit performance for this financial year is not what we had hoped for due to an unusual combination of factors...

#ASOS down 25%. When a stock at 100 times P/E disappoints....

8.12am BST

The Bank of England's monetary policy committee is also meeting today, but it'll be playing second fiddle to the ECB.

The BoE isn't expected to change borrowing costs today -- the minutes of the meeting, released in 2 weeks time, will show whether any MPC members are ready to raise rates.

8.05am BST

"The prospect of a crazy hour in financial markets is high", warns IG's Chris Weston.

That's because while investors have priced in an interest rate cut, there's much more uncertainty over what 'unconventional' measures might be announced -- or simply hinted at -- in Draghi's press conference.

Mario Draghi holds all the cards. Dont underestimate the ECB presidents power of surprise, and after guiding the market into pricing in action over the last month, Mr Draghi could easily say something that is new news and needs to be in the price.

8.00am BST

Mario Draghi stoked our expectations at last month's press conference by declaring that the governing council was 'comfortable' with acting in June, once its staff had prepared the latest economic forecasts.

The euro has weakened by two cents against the US dollar since then, in anticipation of action. Which means we could see some wild swings if the ECB doesn't take decisive action today.

"If they don't deliver, do we get a pop towards $1.40?"

7.51am BST

Good morning, and welcome to our rolling coverage of events across the financial markets, the global economy, the eurozone and business.

Continue reading...

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