Anxious pensioners swarmed closed bank branches on Tuesday and long lines snaked outside ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a 5 July referendum.
Banks and ATM machines were shut throughout Greece on Monday, the first day of capital controls announced by the government in a dramatic twist in the country's five-year financial saga.
The Greek central bank warned for the first time on Wednesday that the country could suffer a "painful" exit from the eurozone and even the EU if it fails to reach a bailout deal with international creditors.
Euro zone finance ministers agreed in principle on Friday to extend Greece's financial rescue by four months, averting a potential cash crunch in March
The 30-share Sensex hit a session high of 29,325.35 in the first half but succumbed to profit-booking at fag-end and slipped into the negative zone as it hit a low of 29,083.40.
France has said that it will not write off Greece's debt, though French Finance Minister Michel Sapin said they could discuss ways to reduce the debt burden.
In case of Greece deciding to leave the euro, Greeks will start withdrawing their euros from their banks. This would happen primarily because the new currency (probably drachma in Greece’s case) would be less valuable than the euro
The ECB has decided to buy bonds worth € 60 billion ($69 billion) every month from March 2015 to September 2016. This bond buying is referred to as “asset purchases” by central banks, “quantitative easing” by most of the Western press and economists and “money printing” by people who want to call a spade a spade.
The Swiss National Banks' decision to abandon the euro exchange rate ceiling last week shows the limits to central bank power in turning the tide against deflation, It is time for fiscal policy to step in.
The World Bank lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices.
Oil prices rebounded in Asia today after falling sharply to fresh five-year lows in the previous session after OPEC cut its forecast for demand 2015 and US stockpiles saw a surprise surge.
Europe and Japan have followed the US in easing up monetary policy while trying to run a tighter fiscal ship. It has resulted in less growth and more asset inflation. India should avoid the same trap.
For the United States, low energy prices would help accelerate the economic growth to a 3.5 percent next year from the October forecast of 3.1 percent, she said, adding that Europe is also expected to benefit from lower oil prices.<br />
Greece has been dependent on billions of euros from international bailouts from the eurozone and International Monetary Fund since 2010.
German Chancellor Angela Merkel Tuesday warned that Europe could slide back into recession, media reported.
Bank of Japan Governor Haruhiko Kuroda on Tuesday stressed the bank's readiness to expand stimulus further to meet its price goal
The eurozone will need another year to reach even a modest level of economic growth, the European Commission said on Tuesday, calling on Germany to help as Chancellor Angela Merkel again rejected a spending spree.<br />
Painting a brighter picture than had been expected, the ECB found the biggest problems in Italy, Cyprus and Greece but concluded that banks' capital holes had since chiefly been plugged, leaving only a modest 10 billion euros ($12.7 billion) to be raised.
Indian markets today suffered a big jolt with Sensex crashing 431 points and Nifty plunging 129 points in their worst drop in two-and-a-half months following a sell-off in overseas markets on concerns over global growth.