This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/business/2012/may/22/eurozone-crisis-greece-eu-summit-tsipras
The article has changed 19 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Eurozone crisis live: Austria blasts French 'nonsense' as markets rally again | |
| (40 minutes later) | |
| 8.32am: Another event this morning - George Osborne and Christine Lagarde are meeting in London. A press conference is scheduled, so we should get an update from the International Monetary Fund chief on the state of the crisis. | |
| Here's the full agenda: | |
| • UK inflation data for April: 9.30am BST • UK public finances for April: 9.30am BST • Lagarde + Osborne press conference: from 10am BST • OECD economic outlook data: 10am BST • Eurozone consumer confidence for May: 3pm BST / 4pm CEST | |
| Spain, Hungary and the Netherlands are holding bond auctions too – the Spanish sale could be interesting, given the state of the crisis. | |
| 8.12am: European markets are rallying in early trading, on hopes of progress in Brussels tomorrow -- and speculation that China will take steps to keep its economy growing briskly. | 8.12am: European markets are rallying in early trading, on hopes of progress in Brussels tomorrow -- and speculation that China will take steps to keep its economy growing briskly. |
German DAX: up />French CAC: up />Spanish IBEX: up 49 points at 6564, + 0.6% Italian FTSE MIB: up 175 points at 13188, up 1.37% | FTSE 100: up 54 points at 5358, + 1% German DAX: up 57 points at 6388 + 0.9% />French CAC: up 28 points at 3050, up 0.9% />Spanish IBEX: up 49 points at 6564, + 0.6% Italian FTSE MIB: up 175 points at 13188, up 1.37% |
| Andrew Taylor of GFT warned that the merry mood could soon turn sour: | Andrew Taylor of GFT warned that the merry mood could soon turn sour: |
| Optimism that the EU summit will produce results (haven't they learnt!) and comments that 'China will make growth a priority' have also added to positive market sentiment. | Optimism that the EU summit will produce results (haven't they learnt!) and comments that 'China will make growth a priority' have also added to positive market sentiment. |
| Traders need to be wary of the uplifting tone that surrounds the Summit and China as it is merely talk at this stage with no real action plan for either. | |
| 8.02am: Evidence that the eurozone crisis is casting a shadow the global financial markets: Temasek Holdings, Singapore's sovereign wealth fund, has predicted that "markets may be entering a period of stress in the next 12 to 24 months due to the Euro zone crisis". More here. | 8.02am: Evidence that the eurozone crisis is casting a shadow the global financial markets: Temasek Holdings, Singapore's sovereign wealth fund, has predicted that "markets may be entering a period of stress in the next 12 to 24 months due to the Euro zone crisis". More here. |
| German finance minister Wolfgang Schäuble made a similar comment last week, saying the crisis will last another two years. | |
| 7.59am: Austria's finance minister has launched an outspoken attack on the new president of France ahead of tomorrow's summit. | 7.59am: Austria's finance minister has launched an outspoken attack on the new president of France ahead of tomorrow's summit. |
| Maria Fekter claimed that François Hollande's proposals, including the introduction of eurobonds, were 'nonsense', and would push Europe deeper into the debt crisis. Fekter told Austrian newspaper Oberoesterreichische Nachrichten that: | Maria Fekter claimed that François Hollande's proposals, including the introduction of eurobonds, were 'nonsense', and would push Europe deeper into the debt crisis. Fekter told Austrian newspaper Oberoesterreichische Nachrichten that: |
| Growth financed by debt? Those are the recipes from the day before yesterday. | Growth financed by debt? Those are the recipes from the day before yesterday. |
| The arguments that France's new president François Hollande is putting forward again are nonsense and got us into this whole mess in the first place. | The arguments that France's new president François Hollande is putting forward again are nonsense and got us into this whole mess in the first place. |
| Fekter's comments do chime with the concerns of some Germans, who fear that Hollande is planning to make them pay for the French banking sector's heavy exposure to Greece (where SocGen and Credit Agricole both own subsidies). | Fekter's comments do chime with the concerns of some Germans, who fear that Hollande is planning to make them pay for the French banking sector's heavy exposure to Greece (where SocGen and Credit Agricole both own subsidies). |
| Fekter does have previous form on speaking out of turn - last week she managed to upset Germany by suggesting that Greece could be thrown out of the European Union. | Fekter does have previous form on speaking out of turn - last week she managed to upset Germany by suggesting that Greece could be thrown out of the European Union. |
| 7.45am: Good morning, and welcome to our rolling coverage of the eurozone financial crisis. | 7.45am: Good morning, and welcome to our rolling coverage of the eurozone financial crisis. |
| There's just one day to go before European leaders meet in Brussels for an informal summit on growth. It's shaping up to be quite an event – with France pushing for radical new measures, and Germany resisting firmly (as reported last night). | There's just one day to go before European leaders meet in Brussels for an informal summit on growth. It's shaping up to be quite an event – with France pushing for radical new measures, and Germany resisting firmly (as reported last night). |
| Adding to the drama, Alexis Tsipras of Syriza will be holding talks in Berlin today, following Monday's visit to Paris – where he warned that a "wind of change" was blowing towards Europe, and that Greece's pain would soon be felt by other countries unless leaders change course. | Adding to the drama, Alexis Tsipras of Syriza will be holding talks in Berlin today, following Monday's visit to Paris – where he warned that a "wind of change" was blowing towards Europe, and that Greece's pain would soon be felt by other countries unless leaders change course. |
| On the economic front, we have UK inflation and public finance data this morning, and eurozone consumer confidence data this afternoon. | On the economic front, we have UK inflation and public finance data this morning, and eurozone consumer confidence data this afternoon. |
| Financial markets are expected to open higher, on optimism that progress will be made at tomorrow's summit. So often, hopes have swiftly been dashed. But maybe this time it's different ... | Financial markets are expected to open higher, on optimism that progress will be made at tomorrow's summit. So often, hopes have swiftly been dashed. But maybe this time it's different ... |