Saturday, April 18, 2015 - 08:44 ECB's Nowotny: Greece Doesn't Understand ECB Lending Rules 0
By Henriette Vogt
WASHINGTON (MNI) - European Central Bank Governing Council member Ewald Nowotny said Friday Greek officials are not aware of the role the ECB's rules play in lending, and that has created difficulties in negotiations.
Nowotny told reporters he is concerned the central bank's emergency lending program cannot become a long-term financing mechanism for Greek banks.
"Due to the legal structure, the ECB isn't in the situation to substitute long-term financing, that's a political decision," Nowotny said on the sidelines of the IMF Spring meeting.
Friday, April 17, 2015 - 12:01 Cleveland Fed's Mester/BBG Radio: 1Q Econ Weakness Transitory 0
WASHINGTON (MNI) - Cleveland Federal Reserve Bank President Loretta Mester said Friday she is encouraged by recent economic data, including the morning's 1.8% year-over-year CPI reading, and she expects the first quarter's economic weakness to prove transitory.
"We had some weak indicators for the first quarter," Mester said in an interview with Bloomberg Radio. The first quarter "is going to be a weaker number, but if you look longer term, there's a lot of improvement in the economy since the recovery started to take hold."
Mester said she expects the economy to rebound from first-quarter weakness, adding she expects 3.0% for the rest of this year and next year.
Friday, April 17, 2015 - 12:00 Varoufakis Says ECB Draghi Committed to Greek Solution 0
By Angelika Papamiltiadou
WASHINGTON (MNI) - Greece's Finance Minister Yiannis Varoufakis said Friday that European Central Bank President Mario Draghi is personally committed towards an agreement in negotiations with Greece.
Varoufakis had an hour long meeting with Draghi as well as Executive Board Member Benoit Coeure on the sidelines of the IMF spring meeting in Washington.
"We had a productive meeting and talk about the day-to-day procedure that will lead us to the Eurogroup on April 24" Varoufakis told journalists after the meeting.
"Mr Draghi expressed his personal interest for a quick and effective solution that will ensure Greece's return to growth" he added.
Friday, April 17, 2015 - 10:54 German Fin Min: No Progress Expected on Greece Talks at IMF 0
By Henriette Vogt
WASHINGTON (MNI) - Germany's Finance Minister Schaeuble said Friday that no progress is expected on talks with Greece during the weekend meeting of the International Monetary Fund Spring meeting.
However, he plans to meet with Greece's Finance Minister Yiannis Varoufakis at the informal Ecofin meeting in Riga next week, the official told reporters on the sidelines of the IMF meeting in Washington.
"There's no news," Schaeuble said. "And I doubt that there will be any by next week."
Although Schaeuble and Varoufakis are attending the IMF meeting, but Schaeuble said "a meeting with the Greek finance minister is not scheduled.
Friday, April 17, 2015 - 09:00 Bank of Italy Lifts Growth Forecast, Cautions On Reforms 0
By Silvia Marchetti
ROME (MNI) - The Bank of Italy Friday raised previous growth forecasts as a result of the European Central Bank's quantitative easing programme, which it said has already had a positive impact on the country's financial markets, but warned that the recovery is not yet "consolidated" and urged the government not to abandon its reform path.
"On the basis of its impact on interest rates and the exchange rate, the expanded asset purchase programme could raise GDP by more than one percentage point in 2015-16.
Friday, April 17, 2015 - 08:35 EURO WEEK AHEAD: Greece, Germany the Centre of Investor Focus 0
By Martin Baccardax
LONDON (MNI) - European investors will navigate the next-to-last week of April in much the same way as they have for most of the year: focused on developments in Germany and Greece.
With the region's consistent - but uneven - recovery clearly underway, investors will look to sentiment data from Germany this week to gauge the strength and pace of activity in the Eurozone's largest economy.