Mario Draghi
speaks
As the effects of the Eurozone crisis begin to show in the rest of the world economy, European leaders have expressed their determination to stand by the Euro.
Action is expected from the European Central Bank, and its president Mario Draghi, who in a speech at the British Business Embassy Global Investment Conference, timed to coincide with the London 2012 Olympics, likened the Euro to a bumblebee, which had difficulty flying and needed to ‘graduate into a real bee’.
Nouriel Roubini predicts a 'perfect storm' in 2013.
Awareness is growing around the world that the economic troubles of the Eurozone crisis will affect not only Europe, but the world economy as a whole. The limited ability of established businesses to create new jobs and growth has led more people to turn to startups and individual entrepreneurship as a path to future prosperity.
Perfect Storm
Nouriel Roubini, the New York University professor known as ‘Dr Doom’ because he was one of the few economists to predict the credit crunch, has predicted a 'perfect storm' of factors that could derail the world economy in 2013.
Entering the second half of 2012, economic indicators appear to be negative on a world-wide scale.
Global Growth Forecast to be Downgraded
Christine Lagarde, the head of the International Monetary Fund, has warned that the IMF’s forecasts for global growth will be downgraded because of a more worrisome outlook.
The IMF warned that the US recovery is tepid and risks becoming a recession if political agreement is not reached on how to cut the deficit.
Chinese Premier Wen Jiabao has said there is downward pressure on the Chinese economy, requiring more aggressive action to keep growth on track...
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As the beginning of a solution to the Eurozone Crisis appeared, and stimulus measures were announced in the UK, other banking troubles emerged, including a mis-selling scandal which will lead to business victims being compensated.
Eurozone Solution
The negotiations to find a solution to the Eurozone crisis have arrived at a breakthrough. Chancellor Angela Merkel of Germany gave way to the combined pressure of the leaders of Italy and Spain to agree to immediate action to reduce the cost of their borrowing through bond buying and bank aid. This occurred at the same time as Italy beat Germany at football, for a place in the finals of the European Championship, which Mario Monti, the Italian Prime Minister, said was a double satisfaction for Italy...
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As Britain endures yet another month of rain, and summer is postponed once again, prospects for growth appear to be equally elusive, and the economic outlook looks decidedly cloudy. Yet there are some bright glimmers of hope appearing, and some clouds even bring opportunity.
A Heavy Cloud over Growth
The Eurozone sovereign debt crisis continues to cast a heavy cloud over economic growth prospects, not only for Eurozone countries, but also the UK, the USA and the wider world...
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It can often be helpful to see the ‘bigger picture’ of a company’s financial status. Knowing how large a company is, in terms of its turnover, profits, assets and liabilities, is very useful information in terms of knowing how the company is likely to behave, how substantial its assets are, how good an investment its shares are, how likely it is to be able to afford a service offered, and how well it can afford to pay its debts.
A number of dramatic examples have appeared in the news in recent weeks of how the sheer size of some companies can affect their activities in unusual ways... Read more...
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The past week has brought two further developments in Europe's ongoing sovereign debt crisis. Firstly, a second bailout of Greece has finally been agreed. European governments and financial institutions were able to agree a rescue package for Greece based on austerity measures and commitments made by its government, following a successful bond swap. However this was seen as an orderly 'default', which would likely be followed by the need for a third bailout.
This week we have the news that the investment bank Lehman Brothers has exited bankruptcy protection, in order to sell assets and pay its creditors. The collapse of Lehman Brothers in 2008 was one of the key events at the start of the Credit Crunch, and ushered in a time of financial uncertainty from which the world is still recovering.
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