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90 seconds at 9am: Greek bailout nearer; Copper price up; RBA rate hike expected
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news the German government is cooking up a bailout for Greece. The plan is for German state-owned banks to buy Greek debt with a German government guarantee. This is designed to clam German voters who don't want any of their money used to bail out the profligate Greeks.
The 25 billion euro bailout would, in theory, rescue the euro, but Greece must reassure Europe it can slash its budget deficit by March 16. A bond sale is due in the next couple of weeks also. Many are concerned a Greek default could destroy the euro and trigger another round in the Global Financial Crisis.
Meanwhile, the Chilean earthquake has stopped copper mining there. That is expected to boost copper prices in London trade.
In Australia, the Reserve Bank is expected to hike its official cash rate tomorrow afternoon. A Bloomberg survey found 14 out of 19 economists saw a 25 bps hike to 4%, which would put the Australian rate well above the NZ OCR on 2.5%. A new mining boom is helping the Aussie economy, but there are many stressed home owners worried about higher interest rates in an inflated housing market.
6 Comments
The truth about the Noddyland
The truth about the Noddyland economy is starting to emerge from the wall of BS and spin spewing out of wgtn. An exodus of skilled young people to aus...rising mortgagee sales...falling govt revenue...failing govt management...higher taxes, rates, fees and charges....and mortgage rates set to rise...and rise again.
But hey...lotsa new jobs at WINZ and pay rises for the beaurocrats look set to happen again...and again. And let's not forget..we have the second most unaffordable housing in the WHOLE WORLD!.
How's the borrowing going Bill?....set any records yet?....figured out who will pay the bill Bill?
Why the bitterness Wally? Is
Why the bitterness Wally? Is it from your time with Foreign Affairs. I'll bet you were the best damn janitor they ever had. "The dunnies never shine now like they did when Wally was here."
Comment that deflation is coming....
Comment that deflation is coming....
http://krugman.blogs.nytimes.com/2010/02/26/core-logic/#more-7473
regards
I had a foreign affair
I had a foreign affair once. You're better off out of it Wally. :)
and as if deflation and
and as if deflation and depression are not the likely outcome this year.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/733885...
wally..... dont be a Walley
wally..... dont be a Walley .. second most unaffordable in the whole world? a decent house in thailand is about 125k inland in samui and also 200k would get me a house in mexico city .. do you know the wages in those countries . average joe there cant afford that.. now thats unaffordable... you mean western world and the reason for unaffordabillity is this thing called a pay rise or cost of living rise to keep up with the COST of living , which most occupations have not had ... whilst power prices have doubled in the last 10 yrs ,acc , rents fuel , gas and food have gone through the roof and keep going up with no end in sight and now gst to go up .. just makes it worse .thus making most people not able to afford a house.. bring back the cost to build and land prices to 2000 /2001 prices, as wages havent really moved that much really since then and people may have a chance .. a fat chance.....