How the world sees Greece
The IMF won't take part in another Greek bailout until Greece and its creditors make difficult reforms and grant debt relief. The post IMF Opts Out of Greek Deal appeared first on The National Herald.
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Greek Prime Minister Alexis Tsipras on July 30 called for a vote within his party to sideline rebels opposed to a bailout. The post Tsipras Tries To Quell Mutiny appeared first on The National Herald.
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25% reduction in real purchasing power
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The International Monetary Fund said Thursday it would not join a new bailout program for Greece until conditions for debt sustainability, including debt relief and economic reforms, are clearly assured.
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Within Greece, the money was supposed to help replenish banks' capital, to get them lending to revive the moribund economy. Instead, it sat in banks' ...
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Stocks rebounded from the red to close virtually unchanged after the Dow lost as many as 100 points early in the session. First, the scoreboard: Dow: 17,751.56, +0.17, (0.00%) S&P 500: 2,109.18, +0.61, (0.03%) Nasdaq: 5,131.07, +19.33, (0.38%) And now, the top stories on Thursday: The economy is growing again. Gross Domestic Product advanced at a 2.3% annualized rate, slightly below the forecast for 2.5%. Also, the report from the Commerce Department showed that the economy did not shrink in the first quarter as previously reported. First-quarter GDP growth was revised up to 0.6% from a contraction of 0.2%. "Today's GDP report, including its revisions, will give the FOMC more confidence that the soft patch in Q1 was less significant than previously thought," said BNP Paribas economists in a note to clients. We also got confirmation that there's been a rebound in consumer spending, which makes up about two-thirds of GDP, and which economists found weaker than expected in the first half of 2015. Real personal consumption grew more than expected, at 2.9%, versus the estimate for 2.7%, and compared with 2.1% prior. Core personal consumption expenditures (PCE) grew 1.8%, versus 1.6% expected quarter-on-quarter. Initial jobless claims rose less than forecast last week to 267,000. Economists had expected initial claims for unemployment insurance to total 270,000, up from 255,000 in the prior period. The 4-week moving average of claims also fell this week, to 274,750 from 278,000. SoulCycle is going public. The New York-based fitness company that offers indoor spinning classes filed with the SEC on Thursday. The document showed that the company earned $112 million in revenue in 2014, and it plans to develop an at-home online offering for classes held outside of its studios. Facebook shares slumped 4% even after earnings that topped forecasts. Yesterday, the social network reported earnings per share of $0.50 ($0.47 expected) and revenues of $4.04 billion, also better than expected. Nearly all the sell-side analyst notes we thumbed through maintained their bullish outlook on the company, and several hiked their price targets. The International Monetary Fund's board has decided the IMF's negotiators will not reach an agreement with Greece, as there's no explicit deal, according to the Financial Times. An official told Reuters that "the IMF can only support a program that is comprehensive." The IMF does not know that Greece will be able to pay back money that's lent. DON'T MISS: Steve Wynn nails the devastating mistake China is making with its stock market »Join the conversation about this story » NOW WATCH: KRUGMAN: Here's What America Would Look Like If I Were King
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The representatives of Greece’s creditors will meet at 10:00 am on Friday with Finance Minister Euclid Tsakalotos and Economy Minister Giorgos Stathakis to continue negotiations over the country’s third bailout program. The four representatives – Declan Costello from the European Commission, Rasmus Rueffer from the European Central Bank (ECB), Nicola Giammarioli from the European Stability Mechanism
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