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Greece holds Independence Day parade amid scramble to agree reforms - live updates Greece holds Independence Day parade amid scramble to agree reforms - live updates
(35 minutes later)
2.45pm GMT14:45
Kristin Forbes; UK inflation probably turning negative
Bank of England policymaker Kristin Forbes has told the Evening Standard that UK inflation will probably keep falling after hitting zero last month.
And if it falls too far, the BoE could cut interest rates from their current record low of 0.5%, she added
Reuters has snapped the key points
Chatter about a potential UK rate cut is growing, points out economist Sean Richards (who has been predicting for months that this could happen).
With a UK establishment insider like @Peston of the BBC discussing possible #BoE Base Rate cuts are we being warmed up for them? #BoE #GBP
2.13pm GMT14:132.13pm GMT14:13
ECB said to be planning to increase the Greek bank ELA ceiling to €71B (€69.8B last week) #FT71 #ES_FECB said to be planning to increase the Greek bank ELA ceiling to €71B (€69.8B last week) #FT71 #ES_F
2.10pm GMT14:102.10pm GMT14:10
ECB "raises Greek liquidity limit again"ECB "raises Greek liquidity limit again"
Newsflash from Bloomberg: The European Central Bank has reportedly agreed to raise the emergency liquidity on offer to Greek banks, to €71bn.Newsflash from Bloomberg: The European Central Bank has reportedly agreed to raise the emergency liquidity on offer to Greek banks, to €71bn.
That’s good news, as it means they shouldn’t run out of funds tomorrow. But also bad news, as it suggests they continue to leak deposits as anxious savers withdraw funds.That’s good news, as it means they shouldn’t run out of funds tomorrow. But also bad news, as it suggests they continue to leak deposits as anxious savers withdraw funds.
Bloomberg also has details of the conference call that took place between Greece and its lenders today -- Athens has apparently been given until Monday to produce a new programme of reforms.Bloomberg also has details of the conference call that took place between Greece and its lenders today -- Athens has apparently been given until Monday to produce a new programme of reforms.
Greece gets until Monday to come up with a plan http://t.co/XkOgtflwWl pic.twitter.com/avMsiJQGGGGreece gets until Monday to come up with a plan http://t.co/XkOgtflwWl pic.twitter.com/avMsiJQGGG
Yesterday, Greece said it would have this plan ready by Monday “at the latest”; it could be a busy weekend at the Finance Ministry.....Yesterday, Greece said it would have this plan ready by Monday “at the latest”; it could be a busy weekend at the Finance Ministry.....
2.00pm GMT14:002.00pm GMT14:00
Unions alarmed by Heinz/Kraft mergerUnions alarmed by Heinz/Kraft merger
British unions fear that the mega-merger announced between Heinz and Kraft today will lead to job losses.British unions fear that the mega-merger announced between Heinz and Kraft today will lead to job losses.
Unite is urgently seeking a meeting with Heinz management, to find out what the deal means for their UK operations.Unite is urgently seeking a meeting with Heinz management, to find out what the deal means for their UK operations.
National officer Julia Long says:National officer Julia Long says:
“We and our trade union colleagues in the food industry around the world know from experience that deals like this often involve job losses and ruthless cost-cutting, as global capital wants a quick return on its investment.“We and our trade union colleagues in the food industry around the world know from experience that deals like this often involve job losses and ruthless cost-cutting, as global capital wants a quick return on its investment.
News of this merger is a bolt from the blue for our members at Heinz. They deserve better, and we will be fighting for a better deal for them.News of this merger is a bolt from the blue for our members at Heinz. They deserve better, and we will be fighting for a better deal for them.
Kraft shareholders are sharing in a $10bn special dividend, paid for by Heinz owners, Berkshire Hathaway and 3G Capital, to ease the deal through. Workers don’t get such sweeteners, though.Kraft shareholders are sharing in a $10bn special dividend, paid for by Heinz owners, Berkshire Hathaway and 3G Capital, to ease the deal through. Workers don’t get such sweeteners, though.
Long says:Long says:
“The fact that shareholders have been hosed down with cash, while workers seem to have been kept in the dark is concerning.“We sincerely hope that this is not the shape of things to come. These companies have worked with unions to build their prosperity in the past and need to do so in this new entity too.”“The fact that shareholders have been hosed down with cash, while workers seem to have been kept in the dark is concerning.“We sincerely hope that this is not the shape of things to come. These companies have worked with unions to build their prosperity in the past and need to do so in this new entity too.”
More than 1,000 Unite members work at Heinz’s canning operation in Wigan, with others based at Hayes, Kendal, Leamington Spa, Luton, Norfolk and Telford, as well as Dundalk in the Irish Republic.More than 1,000 Unite members work at Heinz’s canning operation in Wigan, with others based at Hayes, Kendal, Leamington Spa, Luton, Norfolk and Telford, as well as Dundalk in the Irish Republic.
1.44pm GMT13:441.44pm GMT13:44
The US dollar has lost ground in the currency markets after weaker than expected durable goods data hit the wires.The US dollar has lost ground in the currency markets after weaker than expected durable goods data hit the wires.
Orders for US durable goods (such as long-lasting consumer products and machinery), fell by 1.4% in Febuary, extending the worst run since the depths of the financial crisis.Orders for US durable goods (such as long-lasting consumer products and machinery), fell by 1.4% in Febuary, extending the worst run since the depths of the financial crisis.
At 6 consecutive months of flat/negative growth, this is the worst run for Core Durable Goods since the 6 months ending February 2009.At 6 consecutive months of flat/negative growth, this is the worst run for Core Durable Goods since the 6 months ending February 2009.
This sent the euro up almost half a cent, to $1.096, and the pound up exactly half a cent to $1.49.This sent the euro up almost half a cent, to $1.096, and the pound up exactly half a cent to $1.49.
12.55pm GMT12:5512.55pm GMT12:55
The German finance ministry has now confirmed, to Reuters, that Greece’s claim that €1.2bn of its money was wrongly taken by Brussels last month has been rebuffed.The German finance ministry has now confirmed, to Reuters, that Greece’s claim that €1.2bn of its money was wrongly taken by Brussels last month has been rebuffed.
* German finance ministry spokesman says sees no reason for 1.2 bln Euros of EFSF funds to be released to Greek gov't - RTRS* German finance ministry spokesman says sees no reason for 1.2 bln Euros of EFSF funds to be released to Greek gov't - RTRS
12.38pm GMT12:3812.38pm GMT12:38
Blow for Greece over €1.2n refund hopesBlow for Greece over €1.2n refund hopes
Bad news for Athens. Brussels journalists are reporting that Greece will not be receiving €1.2bn back from the European Union’s bailout fund.Bad news for Athens. Brussels journalists are reporting that Greece will not be receiving €1.2bn back from the European Union’s bailout fund.
#Greece hopes of getting €1.2bn back from #ESM scrapped on morning call w/eurogroup deputies. Decision was Athens has no legal claim on cash#Greece hopes of getting €1.2bn back from #ESM scrapped on morning call w/eurogroup deputies. Decision was Athens has no legal claim on cash
#EFSF spokesperson says that there w agreement with EWG in February that legally there was no overpayment from the HFSF to the EFSF.#Greece#EFSF spokesperson says that there w agreement with EWG in February that legally there was no overpayment from the HFSF to the EFSF.#Greece
This relates to almost €11n of unused rescue funding which Brussels recovered from Greece in February. Greece had argued that Brussels officials had wrongly taken €1.2bn which didn’t actually belong to the rescue fund, and wanted it back to cover its funding needs.This relates to almost €11n of unused rescue funding which Brussels recovered from Greece in February. Greece had argued that Brussels officials had wrongly taken €1.2bn which didn’t actually belong to the rescue fund, and wanted it back to cover its funding needs.
Updated at 12.55pm GMTUpdated at 12.55pm GMT
12.00pm GMT12:0012.00pm GMT12:00
And here’s a better picture of the tanks which rolled past the Athens parliament this morning:And here’s a better picture of the tanks which rolled past the Athens parliament this morning:
11.51am GMT11:5111.51am GMT11:51
11.49am GMT11:4911.49am GMT11:49
There was a different feel about today’s Independence Day parade in Athens, as Greece’s PM and president both mingled with attendees afterwards.There was a different feel about today’s Independence Day parade in Athens, as Greece’s PM and president both mingled with attendees afterwards.
The new government’s decision to take away the security gates ouside parliament also helped, as Keep Talking Greece explains:The new government’s decision to take away the security gates ouside parliament also helped, as Keep Talking Greece explains:
The new Greek government decision to remove barriers and allow people to attend the parades at close range has a strong symbolism aiming to demonstrate that neither the government is afraid of protests nor the people feel the need to protest austerity.The new Greek government decision to remove barriers and allow people to attend the parades at close range has a strong symbolism aiming to demonstrate that neither the government is afraid of protests nor the people feel the need to protest austerity.
Crowds of people joined the school students’ parade yesterday and the military parade in downtown Athens today. No stiff lip, no riot police around, no metro stations closed to public.Crowds of people joined the school students’ parade yesterday and the military parade in downtown Athens today. No stiff lip, no riot police around, no metro stations closed to public.
More here: Greeks enjoy Independence Day parades without barriersMore here: Greeks enjoy Independence Day parades without barriers
11.23am GMT11:2311.23am GMT11:23
Greek thoughts, from Bank of America-Merrill Lynch’s analysts:Greek thoughts, from Bank of America-Merrill Lynch’s analysts:
Bank of America-Merrill Lynch: Three scenarios for Greece pic.twitter.com/j0MT7LMp5FBank of America-Merrill Lynch: Three scenarios for Greece pic.twitter.com/j0MT7LMp5F
11.19am GMT11:1911.19am GMT11:19
Greece’s finance minister, Yanis Varoufakis, has been marking Independence Day on Crete:Greece’s finance minister, Yanis Varoufakis, has been marking Independence Day on Crete:
Varoufakis in Crete to attend Independence Day parade – PHOTOS - http://t.co/VKNORoS1a5 pic.twitter.com/uOjtpVyNQqVaroufakis in Crete to attend Independence Day parade – PHOTOS - http://t.co/VKNORoS1a5 pic.twitter.com/uOjtpVyNQq
11.16am GMT11:1611.16am GMT11:16
With the military parade over, let’s look at the Athens stock market.With the military parade over, let’s look at the Athens stock market.
And shares are rallying today, adding to yesterday’s gains, on hopes of a breakthrough with Greece’s creditors.And shares are rallying today, adding to yesterday’s gains, on hopes of a breakthrough with Greece’s creditors.
The main index has jumped by 3.6%, to a near two-week high.The main index has jumped by 3.6%, to a near two-week high.
11.04am GMT11:0411.04am GMT11:04
Across the eurozone to Ireland, there are signs that the recent property boom is cooling.Across the eurozone to Ireland, there are signs that the recent property boom is cooling.
Prices fell by 0.4% last month, but are still almost 15% higher than a year ago -- or over 20% higher in the capital.Prices fell by 0.4% last month, but are still almost 15% higher than a year ago -- or over 20% higher in the capital.
10.50am GMT10:5010.50am GMT10:50
Back in the corporate world, a major deal has just been announced.Back in the corporate world, a major deal has just been announced.
Consumer giants Heinz and Kraft are being merged, to create the world’s fifth largest food and drinks company.Consumer giants Heinz and Kraft are being merged, to create the world’s fifth largest food and drinks company.
The deal is orchestrated by Warren Buffett’s Berkshire Hathaway group and Brazilian private equity giant 3G Capital, who together own Heinz.The deal is orchestrated by Warren Buffett’s Berkshire Hathaway group and Brazilian private equity giant 3G Capital, who together own Heinz.
And what a collection of foodstuffs they bring together:And what a collection of foodstuffs they bring together:
It’s official: Meet Kraft Heinz. http://t.co/CdJ1hk3YCZ pic.twitter.com/4BJ33udx5YIt’s official: Meet Kraft Heinz. http://t.co/CdJ1hk3YCZ pic.twitter.com/4BJ33udx5Y
Updated at 11.29am GMTUpdated at 11.29am GMT
10.44am GMT10:4410.44am GMT10:44
#Greece fly-past marking Independence Day defo shorter than in previous years - did the defense min has fuel costs in mind?#Greece fly-past marking Independence Day defo shorter than in previous years - did the defense min has fuel costs in mind?
10.42am GMT10:4210.42am GMT10:42
More peaceful scenes now in Athens - dancers in traditional dress are performing to the crowds:More peaceful scenes now in Athens - dancers in traditional dress are performing to the crowds:
The livefeed is still running.The livefeed is still running.
10.33am GMT10:3310.33am GMT10:33
The parade is wrapping up, after scores more soldiers have marched past the parliament as Chinook helicopters and jets flashed by above them.The parade is wrapping up, after scores more soldiers have marched past the parliament as Chinook helicopters and jets flashed by above them.
Crowds of spectators line March 25 parade route from starting point. Helicopters, warplanes fly overhead. #Greece pic.twitter.com/leyN5d1bcnCrowds of spectators line March 25 parade route from starting point. Helicopters, warplanes fly overhead. #Greece pic.twitter.com/leyN5d1bcn
Updated at 10.33am GMTUpdated at 10.33am GMT
10.20am GMT10:2010.20am GMT10:20
Back in 2012, Helena wrote about the thorny issue of Greece’s military budget. Worth a reread:Back in 2012, Helena wrote about the thorny issue of Greece’s military budget. Worth a reread:
Related: German 'hypocrisy' over Greek military spending has critics up in armsRelated: German 'hypocrisy' over Greek military spending has critics up in arms
10.15am GMT10:1510.15am GMT10:15
This parade reminds me that Greece spends more on defence, as a percentage of national output, than any other EU member.This parade reminds me that Greece spends more on defence, as a percentage of national output, than any other EU member.
And around a quarter of that bill is spent in Germany.And around a quarter of that bill is spent in Germany.
Updated at 10.19am GMTUpdated at 10.19am GMT
10.13am GMT10:1310.13am GMT10:13
10.08am GMT10:0810.08am GMT10:08
Scores of marching soldiers continue to stream past the Greek president.Scores of marching soldiers continue to stream past the Greek president.
10.07am GMT10:0710.07am GMT10:07
I just spotted Alexis Tsipras watching the parade.I just spotted Alexis Tsipras watching the parade.
10.03am GMT10:0310.03am GMT10:03
#Greece and here they come! The fly-past begins - F16s roaring overhead in central #Athens all in the name of national celebration#Greece and here they come! The fly-past begins - F16s roaring overhead in central #Athens all in the name of national celebration
#Greece national independence day chinook choppers flying very low right over buildings in central #Athens as fly-past begins#Greece national independence day chinook choppers flying very low right over buildings in central #Athens as fly-past begins
10.02am GMT10:0210.02am GMT10:02
Helicopters can also be spied in the distance, though the Athens rain.Helicopters can also be spied in the distance, though the Athens rain.
Glad I’m not picking up the fuel bill for this affair.Glad I’m not picking up the fuel bill for this affair.
10.00am GMT10:0010.00am GMT10:00
Fighter jets just whizzed overhead in Athens, as the military parade continues....Fighter jets just whizzed overhead in Athens, as the military parade continues....
9.56am GMT09:569.56am GMT09:56
There’s a live webfeed of the Athens parade here, showing soldiers marching past president Prokopis Pavlopoulos.There’s a live webfeed of the Athens parade here, showing soldiers marching past president Prokopis Pavlopoulos.
9.43am GMT09:439.43am GMT09:43
Greek motorcycle police are also taking part in the Independence Day march; reigniting memories of clashes with anti-austerity protesters.Greek motorcycle police are also taking part in the Independence Day march; reigniting memories of clashes with anti-austerity protesters.
Delta/Dias bike cops just paraded in front of the President. Often blamed for public show of police brutality #Greece pic.twitter.com/j92xgE81l0Delta/Dias bike cops just paraded in front of the President. Often blamed for public show of police brutality #Greece pic.twitter.com/j92xgE81l0
6 Dec 2009, bike cop rammed protesters, gravely injuring activist Angeliki Koutsoumbou. Ruled a traffic accident http://t.co/IHZnBYGasT6 Dec 2009, bike cop rammed protesters, gravely injuring activist Angeliki Koutsoumbou. Ruled a traffic accident http://t.co/IHZnBYGasT
Updated at 9.44am GMTUpdated at 9.44am GMT
9.41am GMT09:419.41am GMT09:41
The bad weather in Athens has not deterred people from attending the military parade.The bad weather in Athens has not deterred people from attending the military parade.
Thousands at Athens military parade despite rain, open to public along entire route for 1st time in years. #Greece pic.twitter.com/SnJ2ijCzizThousands at Athens military parade despite rain, open to public along entire route for 1st time in years. #Greece pic.twitter.com/SnJ2ijCziz
9.35am GMT09:359.35am GMT09:35
Tanks on the streets of Athens:Tanks on the streets of Athens:
This is how radical left Syriza plus nationalist Independent Greeks celebrate Independence Day pic.twitter.com/M5cRB6yghiThis is how radical left Syriza plus nationalist Independent Greeks celebrate Independence Day pic.twitter.com/M5cRB6yghi
9.35am GMT09:359.35am GMT09:35
Back in the UK, mortgage approvals have hit their highest level in five months.Back in the UK, mortgage approvals have hit their highest level in five months.
A total of 37,305 new home loans were agreed in February, the British Bankers Association reported, up from 36,517 in January.A total of 37,305 new home loans were agreed in February, the British Bankers Association reported, up from 36,517 in January.
That’s a bigger rise than expected. But while activity did pick up last month, it’s still 20% fewer new mortgages than in February 2014 when over 46k were approved.That’s a bigger rise than expected. But while activity did pick up last month, it’s still 20% fewer new mortgages than in February 2014 when over 46k were approved.
#UK | FEB BBA LOANS FOR HOUSE PURCHASE: 37.3K V 36.7KE pic.twitter.com/8WBxEUsJAA#UK | FEB BBA LOANS FOR HOUSE PURCHASE: 37.3K V 36.7KE pic.twitter.com/8WBxEUsJAA
Updated at 9.36am GMTUpdated at 9.36am GMT
9.18am GMT09:189.18am GMT09:18
Atten-shun! Athens military parade getting underwayAtten-shun! Athens military parade getting underway
Over in Athens our correspondent Helena Smith reports that the military parade is beginning.Over in Athens our correspondent Helena Smith reports that the military parade is beginning.
First, the newly-installed president of the Greek republic Pavlos Pavlopoulos is laying a wreath before the tomb of the unknown soldier, in front of the Athens parliament.First, the newly-installed president of the Greek republic Pavlos Pavlopoulos is laying a wreath before the tomb of the unknown soldier, in front of the Athens parliament.
Helena writes:Helena writes:
For the first time in years barriers will be removed so that spectators can get a better glimpse of the military parade - in this case mechanised units and foot soldiers.For the first time in years barriers will be removed so that spectators can get a better glimpse of the military parade - in this case mechanised units and foot soldiers.
The Greek defence leader and junior party leader Panos Kammenos is pulling out all the stops, allowing ceremonial guards from north to south to participate in the bonanza.The Greek defence leader and junior party leader Panos Kammenos is pulling out all the stops, allowing ceremonial guards from north to south to participate in the bonanza.
At 10am this morning the cannons went off; three hours earlier I was woken by a military band marching up my street.At 10am this morning the cannons went off; three hours earlier I was woken by a military band marching up my street.
The feel-good show has been somewhat doused by heavy rain and is not without controversy. Many are describing the nationalist display as harking backs to the days of the military junta and extremely kitsch.The feel-good show has been somewhat doused by heavy rain and is not without controversy. Many are describing the nationalist display as harking backs to the days of the military junta and extremely kitsch.
The centrist To Potami party has denounced the celebrations as being an ill-conceived cover to hide:The centrist To Potami party has denounced the celebrations as being an ill-conceived cover to hide:
“A Greece that hurts her children, who take the road of immigration and joblessness. A Greece that hides its reality under the rug of a mouldy nationalism.”“A Greece that hurts her children, who take the road of immigration and joblessness. A Greece that hides its reality under the rug of a mouldy nationalism.”
#Greece 194 years of independence. Military parade about 2 begin but not without controversy. Many calling celebrations kitsch.#Greece 194 years of independence. Military parade about 2 begin but not without controversy. Many calling celebrations kitsch.
Military parade marking the Greek Independence Day takes place in Athens – LIVE VIDEO - http://t.co/S7I9BFc7IoMilitary parade marking the Greek Independence Day takes place in Athens – LIVE VIDEO - http://t.co/S7I9BFc7Io
Updated at 9.49am GMTUpdated at 9.49am GMT
9.17am GMT09:179.17am GMT09:17
The jump in German business confidence also suggests Mario Draghi’s QE programme is helping to stimulate the euro economy.The jump in German business confidence also suggests Mario Draghi’s QE programme is helping to stimulate the euro economy.
Optimism in core Europe is clearly improving with +ve German Manufacturing PMI yesterday, +ve IFO data ... pic.twitter.com/pC2ebKiNpZOptimism in core Europe is clearly improving with +ve German Manufacturing PMI yesterday, +ve IFO data ... pic.twitter.com/pC2ebKiNpZ
9.09am GMT09:099.09am GMT09:09
IFO: German business confidence risesIFO: German business confidence rises
German companies are more upbeat, the latest survey from the IFO Institute shows, suggesting Europe’s largest economy continues to expand at a fair rate.German companies are more upbeat, the latest survey from the IFO Institute shows, suggesting Europe’s largest economy continues to expand at a fair rate.
IFO’s business climate index has beaten forecasts by rising to 107.9, up from February’s 106.8. Economists expected a reading of 107.3.IFO’s business climate index has beaten forecasts by rising to 107.9, up from February’s 106.8. Economists expected a reading of 107.3.
Firms are happier about current conditions (this sub-index rose from 111.3 to 112), and also more optimistic about future prospects (up to 103.9 from 102.5).Firms are happier about current conditions (this sub-index rose from 111.3 to 112), and also more optimistic about future prospects (up to 103.9 from 102.5).
IFO says the weaker euro, and the lower oil price, are giving German firms a lift; the slide in the exchange rate is giving exporters more confidence about the future, too.IFO says the weaker euro, and the lower oil price, are giving German firms a lift; the slide in the exchange rate is giving exporters more confidence about the future, too.
8.51am GMT08:518.51am GMT08:51
Geopolitical dangers remain the biggest extreme risk nagging at fund managers, according to the latest survey from Bank of America/Merrill Lynch.Geopolitical dangers remain the biggest extreme risk nagging at fund managers, according to the latest survey from Bank of America/Merrill Lynch.
Hard to argue with, really....Hard to argue with, really....
BAML Fund Manager Survey - tail risk. Clue: if it's called a 'crisis' it's usually a bit risky. pic.twitter.com/Ag2YB3I402BAML Fund Manager Survey - tail risk. Clue: if it's called a 'crisis' it's usually a bit risky. pic.twitter.com/Ag2YB3I402
Updated at 8.52am GMTUpdated at 8.52am GMT
8.47am GMT08:478.47am GMT08:47
The latest twists in the eurozone debt crisis haven’t dented the popularity of Angela Merkel’s Christian Democrats, according to the latest opinion polling:The latest twists in the eurozone debt crisis haven’t dented the popularity of Angela Merkel’s Christian Democrats, according to the latest opinion polling:
#Germany poll [@sternde/ RTL]: CDU/CSU 41%, SPD 24%, Grüne 10% (+1), Die Linke 8% (-1), FDP 5%, AfD 5% (-1)#Germany poll [@sternde/ RTL]: CDU/CSU 41%, SPD 24%, Grüne 10% (+1), Die Linke 8% (-1), FDP 5%, AfD 5% (-1)
8.46am GMT08:468.46am GMT08:46
France’s economy may be turning the corner, according to statistics body INSEE this morning.France’s economy may be turning the corner, according to statistics body INSEE this morning.
INSEE’s business climate index has risen this month, suggesting that firms are more confident about prospects.INSEE’s business climate index has risen this month, suggesting that firms are more confident about prospects.
It says:It says:
In March 2015, the business climate indicator is improving.In March 2015, the business climate indicator is improving.
The indicator, compiled from the answers of business managers in the main sectors, has moved upward, from 94 to 96, after being stable during three months. It still lies below its long-term average (100). The business climate indicator has improved by one point in services and by three points in trade.The indicator, compiled from the answers of business managers in the main sectors, has moved upward, from 94 to 96, after being stable during three months. It still lies below its long-term average (100). The business climate indicator has improved by one point in services and by three points in trade.
It is stable in building construction, and has lost one point in manufacturing.It is stable in building construction, and has lost one point in manufacturing.
The business climate in #France has improved in March but at 96 is still below the average of 100 http://t.co/AreK8P5lGK #ECB #QEThe business climate in #France has improved in March but at 96 is still below the average of 100 http://t.co/AreK8P5lGK #ECB #QE
8.36am GMT08:368.36am GMT08:36
Can Tsipras get agreement on reforms?Can Tsipras get agreement on reforms?
Greece’s prime minister has returned to Athens following a two-day trip to Berlin which appears to have improved the tense relations with Germany.Greece’s prime minister has returned to Athens following a two-day trip to Berlin which appears to have improved the tense relations with Germany.
But now, Alexis Tsipras must address concerns within his own party over the reforms which Greece’s creditors are seeking.But now, Alexis Tsipras must address concerns within his own party over the reforms which Greece’s creditors are seeking.
The Kathimerini newspaper says that Tsipras will first pitch the package to the party’s political secretariat in the next few days, followed by all of his party’s MPs.The Kathimerini newspaper says that Tsipras will first pitch the package to the party’s political secretariat in the next few days, followed by all of his party’s MPs.
They could object to several potential reforms:They could object to several potential reforms:
This could include the retention of the contentious ENFIA property tax for another year, albeit adjusted so that the less well-off pay less, as well as labor and pension reforms.This could include the retention of the contentious ENFIA property tax for another year, albeit adjusted so that the less well-off pay less, as well as labor and pension reforms.
The coalition has already sought to defuse any tension over privatizations by saying that it will only seek strategic partnerships that allow the state to retain a controlling majority.The coalition has already sought to defuse any tension over privatizations by saying that it will only seek strategic partnerships that allow the state to retain a controlling majority.
Lenders also want the special 30 percent reduction on VAT enjoyed by Greece’s islands to be scrapped; another potential flashpoint.Lenders also want the special 30 percent reduction on VAT enjoyed by Greece’s islands to be scrapped; another potential flashpoint.
Updated at 8.49am GMTUpdated at 8.49am GMT
8.06am GMT08:068.06am GMT08:06
Europe’s stock markets have opened calmly, as investors await the IFO survey of German business climate in an hour’s time.Europe’s stock markets have opened calmly, as investors await the IFO survey of German business climate in an hour’s time.
The Eurofirst 300 index of leading shares dipped by 0.2%. In London, the FTSE 100 has risen by just 3 points to 7023.The Eurofirst 300 index of leading shares dipped by 0.2%. In London, the FTSE 100 has risen by just 3 points to 7023.
Stan Shamu of IG says:Stan Shamu of IG says:
Europe has been particularly interesting as Germany tries to pull the region out of a slump but some analysts remain concerned that the two-speed economy will not be easily rectified.Europe has been particularly interesting as Germany tries to pull the region out of a slump but some analysts remain concerned that the two-speed economy will not be easily rectified.
7.53am GMT07:537.53am GMT07:53
Japanese investors are alarmed by the risk of Greece leaving the euro, and Britain leaving the European Union, reports Stephen King, HSBC’s chief economist.Japanese investors are alarmed by the risk of Greece leaving the euro, and Britain leaving the European Union, reports Stephen King, HSBC’s chief economist.
Uppermost in the minds of Tokyo-based investors are Grexit and Brexit. It's political economy that increasingly matters.Uppermost in the minds of Tokyo-based investors are Grexit and Brexit. It's political economy that increasingly matters.
Oh, and there's no surprise about the deflationary tendencies seen elsewhere in the world. In Tokyo, it's a case of "been there, done that"Oh, and there's no surprise about the deflationary tendencies seen elsewhere in the world. In Tokyo, it's a case of "been there, done that"
7.50am GMT07:507.50am GMT07:50
Last night, economists at Deutsche Bank predicted that Greece will run out of funds on April 9th, when it must repay €460m to the IMF, without fresh funds.Last night, economists at Deutsche Bank predicted that Greece will run out of funds on April 9th, when it must repay €460m to the IMF, without fresh funds.
They warned that tax revenues so far this year are below target (by around €1bn), and the steady withdrawal of savings is leaving Greek banks worryingly short of liquidity.They warned that tax revenues so far this year are below target (by around €1bn), and the steady withdrawal of savings is leaving Greek banks worryingly short of liquidity.
Deutsche Bank says:Deutsche Bank says:
“Deposit flight has risen to about €400 million on March 18, the highest since the Feb. 20 agreement. The risk of capital controls continues to rise.”“Deposit flight has risen to about €400 million on March 18, the highest since the Feb. 20 agreement. The risk of capital controls continues to rise.”
On balance, they still reckon a deal will be reached with Greece’s creditors, but “uncertainty will remain high” in the meantime.On balance, they still reckon a deal will be reached with Greece’s creditors, but “uncertainty will remain high” in the meantime.
Updated at 7.51am GMTUpdated at 7.51am GMT
7.41am GMT07:417.41am GMT07:41
Brussels officials to discuss Greece todayBrussels officials to discuss Greece today
While Greece proudly marks Independence Day, officials in Brussels will be discussing the state of the reform plan demanded by creditors, and the health of its banking sector.While Greece proudly marks Independence Day, officials in Brussels will be discussing the state of the reform plan demanded by creditors, and the health of its banking sector.
Officials on the Euro Working Group will hold a teleconference call to discuss how much progress has been made towards a credible economic plan to unlock much-needed bailout funds.Officials on the Euro Working Group will hold a teleconference call to discuss how much progress has been made towards a credible economic plan to unlock much-needed bailout funds.
Meanwhile, officials from the ECB will discuss the Greek banking system - and the emergency liquidity keeping it afloat.Meanwhile, officials from the ECB will discuss the Greek banking system - and the emergency liquidity keeping it afloat.
Bloomberg has the details:Bloomberg has the details:
The European Central Bank Governing Council will hold a weekly call to assess the Emergency Liquidity Assistance keeping Greece’s banking system afloat while euro-area finance ministry officials will have a separate discussion on the progress of the country’s economic policy program.The European Central Bank Governing Council will hold a weekly call to assess the Emergency Liquidity Assistance keeping Greece’s banking system afloat while euro-area finance ministry officials will have a separate discussion on the progress of the country’s economic policy program.
Without access to capital markets, or the ECB’s normal financing operations, Greek banks rely on almost 70 billion euros ($76 billion) of ELA to cover a financing shortfall exacerbated by steep deposit withdrawals.Without access to capital markets, or the ECB’s normal financing operations, Greek banks rely on almost 70 billion euros ($76 billion) of ELA to cover a financing shortfall exacerbated by steep deposit withdrawals.
While inspectors are gauging the case for continuing financial support for Europe’s most-indebted nation, many Athenians will be watching a parade of battle tanks and fighter jets to mark the beginning in 1821 of the war that won independence from the Ottoman Empire.While inspectors are gauging the case for continuing financial support for Europe’s most-indebted nation, many Athenians will be watching a parade of battle tanks and fighter jets to mark the beginning in 1821 of the war that won independence from the Ottoman Empire.
The government of George Papandreou scaled down military parades to cut costs after the Greek debt crisis erupted in 2010. Fighter jets made a comeback to the skies of Athens last year at a cost of about 500,000 euros, according to a defense ministry official from the previous administration.The government of George Papandreou scaled down military parades to cut costs after the Greek debt crisis erupted in 2010. Fighter jets made a comeback to the skies of Athens last year at a cost of about 500,000 euros, according to a defense ministry official from the previous administration.
7.33am GMT07:337.33am GMT07:33
The agenda: Clock ticking on Greek reforms on Independence DayThe agenda: Clock ticking on Greek reforms on Independence Day
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
And happy Independence Day to our Greek readers, at home and abroad. Ceremonies are taking place in Greece today to commemorate the events of 1821, when revolutionaries began the battle to overthrow the Ottoman Empire and claim freedom.And happy Independence Day to our Greek readers, at home and abroad. Ceremonies are taking place in Greece today to commemorate the events of 1821, when revolutionaries began the battle to overthrow the Ottoman Empire and claim freedom.
Greek Independence Day!!! #25Martiou #25thMarch #GreekIndependenceDay #Greece pic.twitter.com/8g4JWenXCKGreek Independence Day!!! #25Martiou #25thMarch #GreekIndependenceDay #Greece pic.twitter.com/8g4JWenXCK
Congratulations to Greeks everywhere for today's celebration of National Independence. #25MarchCongratulations to Greeks everywhere for today's celebration of National Independence. #25March
Well said, ambassador.Well said, ambassador.
Greece won’t hold back on the celebrations today, with a big military parade planned, including a flypast in Athens.Greece won’t hold back on the celebrations today, with a big military parade planned, including a flypast in Athens.
Yesterday, students marched through the Greek capital to mark the event too.Yesterday, students marched through the Greek capital to mark the event too.
But behind the ceremony, Greece is under growing time pressure to come up with credible reforms that will unlock aid from its creditors, before running out of cash sometime in April.But behind the ceremony, Greece is under growing time pressure to come up with credible reforms that will unlock aid from its creditors, before running out of cash sometime in April.
It emerged last night that the European Central Bank’s supervisors has written to Greek banks, instructing them not to buy any more government debt. The FT says the ECB could make the restriction legally binding.It emerged last night that the European Central Bank’s supervisors has written to Greek banks, instructing them not to buy any more government debt. The FT says the ECB could make the restriction legally binding.
That cuts off a potential source of emergency funding for Athens.That cuts off a potential source of emergency funding for Athens.
Also coming up today.....Also coming up today.....
Germany’s IFO institute publishes its latest business climate survey at 9am. That will show whether German firms are benefiting from the weak euro and cheap oil.Germany’s IFO institute publishes its latest business climate survey at 9am. That will show whether German firms are benefiting from the weak euro and cheap oil.
At 9.30am, the British Bankers Association reveals how many UK home loans were issued last month.At 9.30am, the British Bankers Association reveals how many UK home loans were issued last month.
And this afternoon, we get the latest US durable goods report.And this afternoon, we get the latest US durable goods report.
We’ll be tracking all the main events through the dayWe’ll be tracking all the main events through the day