George Osborne warns Greek debt standoff is threatening global economy – live updates
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Version 0 of 1. 6.20pm GMT18:20 Closing summary Time for a quick recap: George Osborne has said the standoff between Greece and the eurozone is the biggest threat to the global economy, following his meeting at Number 11 with new Greek finance minister Yanis Varoufakis. Meanwhile in an interview with Channel 4, Varoufakis said he expects a deal shortly to “put the Greek crisis away once and for all.” To remind everyone of the weakness of the Greek economy, the country’s factory sector shrank at its fastest rate in 15 months in January, according to Markit. But the Athens stock market ended 4.64% higher at 755.42, helped by some supportive comments from President Obama, who said: You cannot keep on squeezing countries that are in the midst of depression. At some point, there has to be a growth strategy in order to pay off their debts and eliminate some of their deficits.” And on that note it’s time to close up for the evening. Thanks for all your comments, and we’ll be back tomorrow. 5.58pm GMT17:58 Meanwhile European Central Bank governing council member and Bank of France Christian Noyer has also been talking about Greece: ECB's Noyer does not believe France should agree to a Greek haircut however it could be viable to make repayment terms more accomodative 5.51pm GMT17:51 Here’s the full quote from the Channel 4 Varoufakis interview about an imminent deal: There will be a deal within a very short space of time that is going to make it perfectly clear to everyone that Greece can play within the rules and in a way that puts the Greek crisis away, once and for all. 5.36pm GMT17:36 And here’s a clip of the Channel 4 interview: Greece's finance minister tells me he expects a deal with Eurozone "within hours or days": http://t.co/NI66R4UAJZ - 5 minute video 5.27pm GMT17:27 Varoufakis expects deal shortly to solve Greek crisis More from the Channel 4 interview with Vanis Varoufakis, courtesy of Reuters snaps: Updated at 5.54pm GMT 5.08pm GMT17:08 German finance minister Wolfgang Schaeuble is getting antsy about the new Greek government’s attitude to Russia. He told a Reuters summit that Berlin did not like Greece’s new closeness to Russia and said aid from Moscow was not a viable alternative to European assistance. Asked how much the new closeness between Greece and Russia was a concern, he said: We don’t like that. I don’t believe Russia can replace European solidarity. But he added: It’s in our interest to co-operate closely and reasonably with Russia and for Russia to contribute to a stable global economic development. 5.03pm GMT17:03 More from George Osborne after his meeting with Varoufakis: In Europe as in UK now is time for competence over chaos.Urged all involved to act responsibly& Eurozone to have better plan for jobs&growth And an endorsement: This retweet is bullish. pic.twitter.com/as5cw9FY3c 4.31pm GMT16:31 Greek finmin @yanisvaroufakis tells me Osborne found common ground in anti-deflation worries about Eurozone: clip http://t.co/iMXeouxPeZ 4.28pm GMT16:28 More from the Channel 4 interview: Greek FinMin: Determined to end the pretence that has made Greece a "festering wound" on the EZ --C4 4.02pm GMT16:02 Yanis Varoufakis has told Channel 4 he expects some kind of deal shortly: Greek finmin @varoufakis tells me "there will be a deal in a very short space of time... that settles the Greek issue once and for all" Uploading now, interview with @yanisvaroufakis - main takeaway; he’s building some kind of a deal - politicians over central bankers 3.54pm GMT15:54 Video: George Osborne meets Greece's finance minister 3.27pm GMT15:27 If you’re just joining us, here’s our news story on today’s talks at Number 11 Downing Street, by Katie Allen: Greece debt standoff: George Osborne urges Athens and Brussels to strike deal George Osborne has warned that the standoff between Greece and the eurozone poses “the greatest risk to the global economy” after meeting the new Greek finance minister. The chancellor hosted a meeting at 11 Downing Street with his Greek counterpart, Yanis Varoufakis, who is on a whistlestop tour of Europe to win support for a renegotiated debt deal. After the meeting, Osborne warned that the confrontation could affect the stability of the eurozone, the UK’s biggest trading partner. “We had a constructive discussion, and it is clear that the standoff between Greece and the eurozone is the greatest risk to the global economy,” Osborne said. “I urge the Greek finance minister to act responsibly but it’s also important that the eurozone has a better plan for jobs and growth. “It is a rising threat to the British economy. And we have got to make sure that inEurope, as in Britain, we choose competence over chaos.”.... (click here for the full story) 3.21pm GMT15:21 Back in the markets, Greek government bonds have continued to weaken today. That has pushed up the yield on its debt, suggesting that traders see a higher chance of default or restructuring. #Greece bond yields' high ride continues despite stock market rally: The 3-year now at 19.96%, the 5-year at 15.55% & the 10-year at 11.31% 3.09pm GMT15:09 Yanis Varoufakis was channelling the spirit of Happy Mondays/Black Grape star Shaun Ryder as he walked across Downing Street today. So argues Imogen Fox, our head of fashion: It was apparent from the photocall on Downing Street that we were witnessing a bit of a fashion moment. There was Osborne, himself riding high on his rebooted fashion skills with his Julius-Caesar haircut and properly fitting suit, shaking hands with a man wearing a Wetherspoon’s-appropriate bright-blue shirt and an early-1990s madchester drug dealer’s coat. The shaved head, the feet apart hands-in-pockets bouncer’s stance and the easy grin serving to underline the look.... Those were the days More here: Greek finance minister Yanis Varoufakis goes casual at number 11 Updated at 3.44pm GMT 2.33pm GMT14:33 Is George Osborne correct that the Greek debt standoff is the biggest risk to the global economy? Well, the market reaction since Greece’s general election eight days ago is quite muted. Greek bonds have weakened, and its bank shares have slumped (before recovering some value) but there’s been relatively little reaction elsewhere. Rob Wood of Berenberg bank says Greece’s eurozone future is a worry, but not yet a panic: Of course a potential Grexit accident represents a tail risk that markets may be fearful of...... In any case, market moves since Syriza grabbed power in Greece show that the Eurozone’s contagion controls are stronger now than back in 2012. And Mujtaba Rahman of Eurasia Group reckons that the two sides will strike a deal: German Chancellor Angela Merkel will not want to be the Chancellor that presides over the first reversal in 50+ years of European integration. Greek Prime minister Alexis Tsipras does not want to pull Greece out of Europe. There is no way a country can leave the Euro and remain a member of the Union. Historical factors also play a role. Greece’s European orientation predates the linking of the country’s course with the Euro and it is unlikely this link will be broken so easily. And if Tsipras fails and calls new elections, Rahman reckons there’s more chance of a new pro-bailout programme government being formed, rather than Greece leaving the eurozone. Updated at 2.33pm GMT 1.16pm GMT13:16 Lunchtime summary: Osborne sounds alarm over eurozone growth UK chancellor George Osborne has warned that the Greek debt row is “fast becoming the biggest threat to the global economy.” He was speaking after meeting Greece’s new finance minister at Downing Street, on the latest phase of Yanis Varoufakis’s tour of European capitals. During the talks, Osborne urged Varoufakis not to be rash, but also acknowledged that Europe must do more, saying: I urge the Greek finance minister to act responsibly but it’s also important that the eurozone has a better plan for jobs and growth. It is a rising threat to the British economy. And we have got to make sure that in Europe as in Britain, we choose competence over chaos. Interestingly, @George_Osborne's opening gambit to @yanisvaroufakis was: "We stand ready to help as you have your discussions with Europe" Osborne’s comments come hours after Barack Obama called for compromise. The president made an important contribution to the debate, telling CNN that: You cannot keep on squeezing countries that are in the midst of depression. At some point, there has to be a growth strategy in order to pay off their debts and eliminate some of their deficits. Obama’s comments have helped the Athens stock market surge by around 4.5% today, led by banking shares. Varoufakis, the former economics professor, is due to meet City investors and banks this afternoon. Sources say he will promise to keep repaying Greek debt which they hold. Varoufakis maintained the new Greek government’s policy of doing things differently – marching up Downing Street in a wide-collared, thigh-length wax/leather(I’m no fashion correspondent) coat and no tie. Social media was entranced, and divided: @George_Osborne chats to random clubber on the street after a night out. Oh no wait, it's the Greek finance minister pic.twitter.com/SWNqz8kc7R Varoufakis looked so unprofessional arriving at Downing St. Unironed untucked shirt and scruffy coat. How can he be taken seriously? #Greece oh my god yanis varoufakis just gets better and better and better International Klein Blue shirt, check schwartz leather boots, check There are also signs that the Greek political crisis is hurting its economy. Data this morning showed that its factory sector shrank at the fastest rate in 15 months in January. The wider Eurozone’s manufacturing sector only managed meagre growth, although Spain beat forecasts. Updated at 2.16pm GMT 12.40pm GMT12:40 Osborne warns of 'rising threat' to British economy Reuters now have the full quotes from George Osborne, on today’s ‘constructive’ meeting with his Greek counterpart. And it’s clear that Osborne is urging the eurozone to pick up its game: “We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy,” “I urge the Greek finance minister to act responsibly but it’s also important that the euro zone has a better plan for jobs and growth,” . “It is a rising threat to the British economy. And we have got to make sure that in Europe as in Britain, we choose competence over chaos.” 12.28pm GMT12:28 George Osborne has also warned that the stand-off between the eurozone and Greece is fast becoming the biggest risk to the global economy, Reuters reports. Updated at 1.20pm GMT 12.26pm GMT12:26 Message from British Chancellor to new Greek Fin Min Varoufakis 'all sides need to act responsibly.'# Greece 12.25pm GMT12:25 Hat-tip to Sky’s Emily Purser, who’s been stationed on a rather chilly Downing Street taking video and photos of the meeting: Osborne and Varoufakis talking inside No 11. Captions welcome. #greece pic.twitter.com/fWD7CYu3Xf 12.24pm GMT12:24 Newsflash from Downing Street; George Osborne apparently told Varoufakis that all sides must act “responsibly” over the issue of Greece’s debts. The two finance ministers spoke over coffee. Updated at 12.24pm GMT 12.20pm GMT12:20 Greek finance minister Yanis Varoufakis will tell major investors and bankers in the City today that Greece will be able to service its debt with no detrimental impact on private investors, Reuters reports: The source said Varoufakis planned to meet about 100 banks and financial institutions at an event later on Monday. “We will be able to service the Greek debt on terms that will have no detrimental impact on, especially private, bond holders,” said the source who spoke on condition of anonymity due to the sensitivity of the matter. 12.06pm GMT12:06 A group from the Left Unity party gave the Greek delegation a friendly reception at the gates of Downing Street -- as flagged up earlier, they are calling for the ‘burden of austerity’ must be lifted off Greece. 'Greece, we support you': British leftists raise banner in Downing Street - PHOTO - http://t.co/2txHjm1iLG pic.twitter.com/UBnYjT6piW 12.03pm GMT12:03 Video: Varoufakis makes no comment after meeting Osborne The meeting at Number 11 Downing Street has just finished after around 50 minutes. Disappointingly, Yanis Varoufakis only gave a quick wave to the assembled media outside, before jumping into a waiting limo: Yanis Varoufakis studiously avoids questions as he leaves No 11 #greece https://t.co/9JEg33nv2G Next stop, meeting City institutions. Updated at 12.04pm GMT 11.41am GMT11:41 Yanis Varoufakis is due in the City after his meeting with George Osborne. Reuters just snapped up that he’ll meet around 100 institutions, and reassure them that Athens doesn’t plan to default on their loans. 11.30am GMT11:30 The Jubilee Debt Campaign hopes that George Osborne will support their call for debt relief for Greece: The director, Sarah-Jayne Clifton, argues: “Greece’s debt comes from loans to bail out banks and vulture funds across Europe, including in Britain. In 2012 the UK government refused to stop vulture funds that were using UK law to pillage Greece’s finances. George Osborne should now show leadership and support the cancellation of Greece’s debts that is urgently needed.” “The costs of any cancellation should be borne by recovering money from the irresponsible lenders who really benefitted from the bailout, the banks and financial speculators.” I suspect this will not be on Osborne’s agenda... 11.26am GMT11:26 Yanis Varoufakis is my new hero for rocking up in a barbour and boots and making Osborne look more like a stuffed shirt that ever before Awkward,Osborne's done that "turning up in suit to drinks thing that's just casual after all" thing RT @graemewearden pic.twitter.com/nHZiBxGqSL 11.17am GMT11:17 This could be a testy meeting, suggests Ed Conway of Sky News. After all, prime minister David Cameron’s first reaction to Syriza’s win was to tweet that it would increase economic uncertainty across Europe. 11.16am GMT11:16 And here’s that handshake: (via Sky News) 11.10am GMT11:10 Yanis Varoufakis does cut a certain dash in the fashion stakes.... Osborne meets the new greek finance min Yanis Varoufakis - gotta be the brightest shirt on this street in a while pic.twitter.com/2nPwQ47eKi 11.07am GMT11:07 The new Greek finance minister @yanisvaroufakis arrives in Downing St to meet @George_osborne pic.twitter.com/DfNxYJKBlr 11.06am GMT11:06 Yanis Varoufakis arrives at Downing Street Greece’s finance minister has arrived at Downing Street for talks with the UK government. Yanis Varoufakis and George Osborne had a friendly handshake, posed briefly for the cameras, exchanged a few words, and then vanished inside Number 11 Downing Street. Updated at 11.06am GMT 10.59am GMT10:59 Next stop Berlin?..... #Germany Chancellor spokesman says #Greece PM #Tsipras would be 'welcome visitor' to #Berlin 10.52am GMT10:52 Members of Britain’s “Left Unity” party were planning to take a banner to the gates of Downing Street this morning, reading “Greece, we support you” . Left Unity, a “sister party” of Greece’s Syriza, is encouraged by its success in last Sunday’s election: Andrew Burgin of Left Unity said: “We’ve come to welcome Yanis Varoufakis to London – and to see him wipe that smile off George Osborne’s face. “The burden of austerity must be lifted from the Greek people. We stand with them: they are fighting for us all. “After so many years of Osborne’s austerity Britain and across Europe, finally a government has taken power who will tell him ‘no more’.” 10.44am GMT10:44 11am - Austerity showdown: Greek Finance Minister Yanis #Varoufakis meets George Osborne... and then tonight on @Channel4News 10.32am GMT10:32 Yanis Varoufakis is due at 11 Downing Street in 30 minutes time.... 10.28am GMT10:28 Worked well for #Ukraine RT @FGoria: Greek PM tsipras says Greece and Cyprus can become a bridge of peace between Europe and Russia - RTRS 10.17am GMT10:17 Greece’s prime minister is speaking in Cyprus now. Alexis Tsipras says that his government will use its mandate to push for “strong negotiations” with its European partners. He hopes to get a result that is beneficial for all Europeans. He says the abolition of the Troika (as appears likely) would be an “important institutional step” for Europe. #Tsipras says #troika abolishment necessary, timely for Europe; EU must take bold decisions to return to growth He also touches on Russia, saying that Cyprus and Greece can be “a bridge of peace” between Europe and Moscow.[last week, Greece managed to delay new sanctions against Russia]. Tsipras also warns that Europe would be “dismembered on its Southern flank” if it lost Cyprus and Greece. 10.02am GMT10:02 Not for the faint hearted: #Greek banks jump 21% in 3 days after slumping 44% in the prior 3 days... pic.twitter.com/TPW0NIK1jx 10.01am GMT10:01 Here’s a handy summary of the state of play this morning, from AFP: Greek Finance Minister Yanis Varoufakis meets his British counterpart on Monday as he seeks to build support for a renegotiation of his country’s 240-billion-euro ($270-billion) bailout in the face of German opposition. The latest stop on his European charm offensive comes as US President Barack Obama warned the world that imposing tough austerity programmes on Greece could backfire on its creditors. “You cannot keep on squeezing countries that are in the midst of depression,” Obama told CNN’s “Fareed Zakaria GPS”. “At some point, there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits.” Obama said the Greek economy was in “dire need” of reform but warned that drastic changes were tough to implement in a struggling economy. “It’s very hard to initiate those changes if peoples’ standards of living are dropping by 25 percent. Over time, eventually, the political system - the society - can’t sustain it,” the US leader said. Varoufakis meets in London with George Osborne at 1100 GMT after a stop Sunday in Paris where he said he wanted to reach a new debt deal within months to end his country’s loan “addiction”, which was loading ever more liabilities on its economy. Greece therefore did not want a promised loan tranche of 7.2 billion euros from its trio of creditors, the International Monetary Fund, European Union and European Central Bank (ECB), he reiterated. “It’s not that we don’t need the money; we’re desperate,” he said at a joint press conference with his French counterpart Michel Sapin. “What this government is all about is ending this addiction.” Although not in the eurozone, Britain is in the IMF and Varoufakis is looking for as many allies as possible for any future political negotiations within the EU. Varoufakis is also expected to meet with key figures from London’s key financial sector, which is home to many lenders exposed to Greek debt. Greece’s new anti-austerity government has refused to work with the so-called troika of international bailout inspectors charged with overseeing its painful fiscal reforms, instead seeking direct contacts with creditors and governments. British minister Osborne welcomed Varoufakis’s visit, saying the pair would discuss “the stability of the European economy and how to boost its growth.” 9.32am GMT09:32 No sign of the Greek finance minister in London yet. But his boss, prime minister Alexis Tsipras, has now inspected a presidential honour guard in Cyprus, as his first official visit gets underway: 9.20am GMT09:20 Greek factory PMI hits 15-month low Oh dear, Greece’s factory sector shrank at its fastest rate in 15 months in January, data firm Markit just reported. New orders from overseas and domestic customers both fell, showing that the economy was weakening during the run-up to the general election. And input costs fell at the fastest rate for 69 months, as deflation continued to grip Greece. This dragged the Greek factory PMI down to a 15-month low of 48.3 in January (where any reading below 50= contraction). Phil Smith, Markit economist, sounds gloomy: “January saw a further fall in new orders lead manufacturers to reduce their output for the first time in three months. The heightened uncertainty brought about by elections was reportedly a factor behind the sector’s worsening performance, though new business from abroad also fell again and this was the fifth time in a row that the PMI has posted below 50, suggesting that the causes of the sector’s malaise are more deep-rooted.” The overall eurozone factory sector only managed meagre growth, with a PMI of just 51.0. 9.03am GMT09:03 Greek stock market boosted by President Obama's comments This chart confirms that Greek bank stocks are surging again today, driving the main Athens market up over 5%. Athens traders are crediting the rally to comments made by president Obama last night, when the US president appeared to argue for a break from austerity. Omaba told CNN that: “You cannot keep on squeezing countries that are in the midst of depression” “At some point, there has to be a growth strategy in order to pay off their debts and eliminate some of their deficits.” Obama also told CNN that all sides must compromise, to keep Greece in the eurozone. He said: When the financial crisis in Greece flared up a few years ago, we were very active in trying to arrive at some sort of accommodation. I think there’s recognition on the part of Germany and others that it would be better for Greece to stay in the eurozone than be outside of it and the markets will obviously be skittish about this.” These Obama comments on greece "You need a growth strategy" aimed squarely at Berlin. Big moment for EU coming: http://t.co/qDS6NqsAjP #Obama calls on #Europe to end #austerity in #Greece - VIDEO - http://t.co/QDL6JS8f2p pic.twitter.com/6JAHofV8jH Updated at 9.06am GMT 8.57am GMT08:57 More encouraging economic news, this time from Italy. The slump in its factory sector almost ended last month, with its PMI index (based on interviews with purchasing managers) rising to a four-month high of 49.9 in January from 48.4. The 50-point mark is the difference between expansion and contraction. France’s downturn also eased - its factory PMI rose to 49.2 from a pretty dire 47.5 in December. 8.48am GMT08:48 Just checked with the Treasury, and I’m afraid that Osborne and Varoufakis won’t be holding a press conference. Hopefully we’ll hear details of their meeting afterwards.... 8.44am GMT08:44 The Greek stock market has surged by over 5% in early trading, and banking stocks are leading the way. #Greece Athens stock exchange +5.58, banks +14.5% (Eurobank +26%, NBG +13%, Piraeus +13%) Updated at 8.52am GMT 8.38am GMT08:38 Osborne: We will discuss European growth We’re expecting Yanis Varoufakis to arrive at Number 11 Downing Street late this morning, for talks with chancellor George Osborne. Osborne has issued a statement this morning ahead of the talks, saying: “I welcome this opportunity, so soon after the Greek election, to discuss face to face with Yanis Varoufakis the stability of the European economy and how to boost its growth.” So no direct mention of the Greek bailout. Unlike most eurozone governments, Britain isn’t directly exposed to Greece’s bailout through Europe’s share [Germany is owed the most, around €56.5bn]. But, the City does have a stake. UK banks are estimated to have lent around £9bn to Greek banks, customers and businesses, exposing them to losses if the Greek economy plunges into a new crisis. Updated at 10.01am GMT 8.24am GMT08:24 Encouraging news from Spain just hit the wires - its factories grew at a faster rate in January. The Spanish manufacturing PMI, which measures activity in the sector, rose to 54.7 last month from 53.8 in December. 8.17am GMT08:17 Greece’s new prime minister, Alexis Tsipras, is making his first trip overseas today. He’s just arrived in Cyprus; another country which was forced into seeking a bailout during the debt crisis: On first official trip as Greek PM, Alexis Tsipras arrives for talks with Cypriot President Nicos Anastasiades in Nicosia #Greece #Cyprus Updated at 8.27am GMT 8.06am GMT08:06 Greece’s new government has apparently achieved one early goal, persuading Europe to abandon the dreaded Troika. Germany’s Handelsblatt newspaper reports this morning that Commission president Jean-Claude Juncker has agreed to stop the regular, highly unpopular, visits by Greece’s lenders to assess its progress: “We have to find an alternative quickly.” Abolishing the Troika may make good headlines, but it doesn’t actually mean Greece owes any less.. If #troika dissolved to placate Tsipras but #Greece still has to pay back its debts (with a rescheduling), I'd say that's a decent outcome 7.56am GMT07:56 That awkward press conference on Friday may have scuppered Jeroen Dijsselbloem’s chances of a second term leading Europe’s finance chiefs: Dijsselbloem's chances for reappointment as Eurogroup head "close to zero" following Athens debacle ~EU official /via @SZ 7.47am GMT07:47 Some newsflashes from Paris; finance minister Michel Sapin is reiterating that European taxpayers cannot take on Greek liabilities, and urging structural reforms. *SAPIN: GREEK LIABILITIES CAN'T BE TAKEN ON BY EU TAXPAYERS Sapin is also calling for Greece to meet with Angela Merkel’s government: *SAPIN: GREECE MUST ENTER INTO DIALOGUE WITH GERMANY - if they can't agree on a meeting it makes you wonder what they can agree on Updated at 7.53am GMT 7.42am GMT07:42 Varoufakis: Greece needs cold turkey Varoufakis set the scene for today’s London visit in Paris yesterday, where he told reporters that Greece must end its “addiction” to bailout payments. As we wrote last night: Varoufakis – who offered to produce proposals for a reworked debt deal within a month – said Greece had no intention of asking for new loans and it was time to go “cold turkey”. “For the last five years, Greece has been living for the next loan tranche. We have resembled drug addicts craving the next dose. What this government is all about is ending the addiction.” The French finance minister, Michel Sapin, said France was ready to help Greece find a deal, but any agreement would need to include structural reforms. Overnight the Greek fin min said “we have resembled drug addicts craving the next dose".... FT writes that Greece want to go cold turkey Economists fear, though, that Greek banks will bleed deposits while the new government talks about a new debt deal: Theodore Pelagides, a professor of economics at Piraeus University and research fellow at Brookings Institute, warned: “Unless negotiations are completed in the next few days there is a real risk that banks will be unable to respond to the growing uncertainty … The government really doesn’t have the time it thinks it has to reach an agreement that would basically save the economy.” Full story: Greek minister to meet George Osborne about proposed debt deal Updated at 7.45am GMT 7.34am GMT07:34 Greek finance minister heads to London Good morning, and welcome to our rolling coverage of the eurozone, the world economy, finance and business. Has any new finance minister made *quite* as rapid a start as Yanis Varoufakis? Less than a week after being sworn in, Varoufakis is already holding a whistle-stop tour of European capitals to drum up support (he hopes!) for the new Greek government’s push to renegotiate its debts. And this morning he descends on London, to meet George Osborne, the UK’s Chancellor of the Exchequer and investors in the City. Greece’s far-left finance minister Yanis Varoufakis to meet @George_Osborne in London today to discuss renegotiating £180bn bailout Varoufakis is determined to visit as many corridors of power as possible. Yesterday he met French finance minister Michel Sapin in Paris for talks. He’s already spoken with European Central Bank chief Mario Draghi on Saturday night, and is expected to meet Italian PM Matteo Renzi, French president François Hollande and European commission president Jean-Claude Juncker this week. And, of course, he’s already gone toe-to-toe with the head of the eurogroup of finance ministers, Jeroen Dijsselbloem in a tense home fixture. That ended as a gritty draw, followed by a rather unfriendly handshake. Greece’s debt struggle is the main events dominating the markets today. But we also get a flurry of economic data, showing how factories in Europe - and across the world - fared in January. Economists predict that France and Italy continued to struggle, while Germany pulled ahead, highlighting the tensions at the heart of the eurozone. We’ll be tracking all the main events through the day, as usual.... |