by George Friedman
The Greek crisis is moving toward a climax. The issue is actually quite simple. The Greek government owes a great deal of money to European institutions and the International Monetary Fund. It has accumulated this debt over time, but it has become increasingly difficult for Greece to meet its payments. If Greece doesn"t meet these payments, the IMF and European institutions have said they will not extend any more loans to Greece. Greece must make a calculation. If it pays the loans on time and receives additional funding, will it be better off than not paying the loans and being cut off from more?Read more >>
Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).
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Early Headlines: Dr. Oz Under Attack, Berkshire TBTF, China Bonds Default, Greece as a Banana Republic and More
Early Bird Headlines 21 April 2015
Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
Infographic Of The Day: The Hashtag
Like any good story, let’s start at the beginning.
FOREX NEWS by DailyForex
Speaking during a question and answer session in New York on Monday, Reserve Bank of Australia Governor Glenn Stevens told his audience that rate cuts were not "useless," but that their potential had become more limited.
The People’s Bank of China announced earlier that they were slashing banks’ reserve requirements in an effort to encourage bank lending while at the same time attempting to reverse the country’s slow growth trend.
Last week saw all of the world’s major markets losing ground, partially, over concerns about the looming Greek debt crisis and its potential ramifications for the Euro. Time for a deal is running out and there are no signs that a solution is imminent.
According to well-known investor, Marc Faber, Greece is bankrupt and should default, positing that a "geopolitical game of chess" was being played out in the region.
As fears of a default weighed on European and U.S. stock and bond markets, the European head of the International Monetary Fund (IMF) said on Friday that Greece’s growth projections will need to be "significantly" revised down from the estimate made last week that Greece's economy would grow by 2.5 percent this year and 3.7 percent in 2016.
by Michael Grogan, First Class Analytics
With an economic slowdown in China and a fall in commodity prices, Australian iron ore exports have been hit hard. With the commodity being Australia"s largest export and accounting for over 74 billion AUD in the years 2013-14, Chinese iron ore import prices (in $ per tonne) have fallen from approximately $120 during this period to just under a current price of $60.
Money Morning Article of the Week
by William Patalon, Money Morning
It was the spring of 1985, and I was in my second year as a reporter for The Record, a small weekly published in my home county an hour north of Baltimore.
20Apr2015 Market Close: No Surprises Today, Nothing To See, Move Along. Markets Close Up, DOW Up Tri
20Apr2015 Pre-Market Commentary: Premarket Futures Up, Oil Off Last Nights High, U.S. Dollar Trendin
Econintersect: Average gasoline prices rose 7.6 cents per gallon nationwide this past week following the previous week"s 0.5 cent fall. From the same week one year ago, gas prices have fallen $1.19 a gallon.