Death Star Economics



Thursday, #9

People are getting a little bit pissed off now… At the G20 (unofficial continutation of the EU meetings last week) the big kids Germany and France have given Greece an ultimatum. Either get the announced December referendum changed into a question of staying in the eurozone at all, or forget about additional funding. read article

According to the BBC, Papandreou is expected to resign from office shortly. Apart from that being huge news, it will also leave a country of which we wished it had approrpiate guidance without a head of state. (Apparently this is going to happen before 2 pm GMT.)

On a sidenote, Greek two-year bonds have a yield of 112% now, as opposed to the German ones, which are at 0.45%. Just to give you a comparison…

But it’s becoming more and more obvious, the world seems to want, or at least expect, Greece to go back to the Drachma. The ECB has announced to cut its interest rate for the refinancing efforts of the eurozone to 1.25%. The cut of 25 basis points (0.25%) is meant to stimulate growth. Because this came as kind of a surprise, stocks are going up right now. The percentage increase of the German DAX30 rose from 2.79 to 3.08 during the minute that I watched it just now. read article

For all of you who have an iPhone or the new iOS5, there will be a software update in the coming weeks, because Apple found a bug that is shortening the phone’s battery life. read article

I’m going to go back to reading 7,000 live blogs at once now. So long.


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