European Central Bank has raised its growth forecasts, and cut its inflation forecasts, after dropping pledge to lower rates if needed. * Draghi announces new forecasts * ECB drops easing bias and leaves rates on hold * UK was slowest-growing member of EU in Q1 2017 * Sterling volatility has soared today * How the pound might react to the election result 5.41pm BST Finally, away from the Triple Threats, there are developments concerning Greece. The IMF has confirmed that the fund’s managing director will attend next week’s critical meeting of eurozone finance ministers as efforts intensify to resolve the rift over how to lighten the country’s debt load. Helena Smith reports from Athens: Its official: Christine Lagarde will attend the June 15 eurogroup meeting in Luxembourg according to IMF spokesman Gerry Rice. Her presence now leaves the door open to the Fund approving a program “in principle” if the impasse over debt relief isn’t resolved at the meeting – an effective get-out clause that would allow the EU more time to come to an agreement while emergency loans were disbursed to Greece in time for €7.5bn worth of debt repayments in July. The IMF has made clear it will not contribute to disbursements until a debt relief formula is devised permitting Largarde to make the case for further bailout participation before the body’s board. “We would still be insisting on reforms and debt relief before the IMF would disburse any of its funds,” Rice told reporters this afternoon. “So this is not a backing down or a walking away in any respect.” 5.34pm BST The testimony of ex-FBI director James Comey certainly does not appear to be troubling the US markets. The Dow Jones Industrial Average has just hit a new peak of 21,265. Its last record was just under a week ago on 2 June. Continue reading...
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