The saving ratio fell to a record low of 1.7% in the latest sign that rising prices and weak pay growth are hitting living standards * Consumers gloomiest since Brexit vote aftermath * Eurozone inflation eases less than expected * Greek strike ends as piles of rubbish prompt health concerns 3.05pm BST The Bank of Greece has today raised the alarm over the country’s debt pile. Issuing a clarion call to the country’s creditors to deal with a debt mountain approaching 180% of GDP, the central bank warned that failure to address the problem could risk Greece ultimately needing a fourth bailout package when its current rescue programme ends in 2018. Lenders, it said, needed to spell out their commitment to medium-term debt relief imminently. “Letting this pending matter drag on poses potentially serious risks,” the Bank said in its annual monetary policy report. “[It] might even foreshadow the need for a new financial assistance agreement post- 2018, something that neither Greece not its partners would want.” 2.24pm BST The traditional relationship between the level of unemployment and inflation rate appears to have vanished: Death of Philips curve: Core PCE, Fed's fav inflation measure, knocked down to 1.4% in May, further away from 2% tgt as wages up only 0.1%. pic.twitter.com/Jjm4wHROjs Continue reading...
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