Oh, our crazy European friends. ……
Victory!!! Or, at least, some are happy about a new development.
Yes, the ECB feels pressure when Europeans get to keep the value of their Euro. Apparently, this is a terrifying thought for the ECB. I mean, sure it sucks for the peasants, but, how else can they finance all that debt without inflation?
Eurostat, the EU’s statistics office, said unemployment was down for the first time since early 2011 and that inflation edged higher in November, dampening fears that the eurozone is about to face a debilitating period of falling prices, also known as deflation.
The inflation rate rose to 0.9 percent in the year to November from October’s 0.7 percent, slightly ahead of market expectations for a 0.8 percent increase.
Still, inflation remains well below the ECB’s target of just under 2 percent. It was a sharp fall in October to a near four-year low that spurred the central bank this month to cut its main interest rate to a record low of 0.25 percent. ….
Separately, Eurostat said unemployment across the eurozone eased from September’s record high of 12.2 percent to 12.1 percent in October. That was the first decline in the rate since February 2011 but still compares unfavorably with the equivalent U.S. rate of 7.3 percent.
I’m pretty sure having the same unemployment rate as the US is probably not a desirable goal. But, then again, this is the same group that’s terrified of keeping value in the currency. So, there’s that……
In other Euro news, Greece and the Troika are play acting again.
They do this every time a payment to Greece comes due.
BRUSSELS/ATHENS (Reuters) – Inspectors from the EU and IMF have postponed a planned visit to Greece, officials told Reuters on Friday, a move that marks a new low in relations between the parties and could delay aid payments to Athens….
Athens is due to receive up to 5.9 billion euros ($8 billion) of loans by the end of the year, according to the latest schedule published by its creditors.
About 1.85 billion euros of Greek bonds mature on January 11, according to Thomson Reuters data. The next big bond maturities, worth about 9.3 billion euros, are in May next year.
No one takes this drama seriously anymore. The Greeks won’t comply and they’ll get the money anyway. You can set your watch by it. They’ll get their $8 billion now, and they’ll get enough to cover their 9.3 billion Euro debt come May. It’s a laughable drama all seem all too willing to play. Why even bother pretending any more? No one really cares any longer, and no one believes any money will be held back from Greece. Don’t believe me?
Moody’s doesn’t take this drama seriously, either. The fact is, Greece goes broke without the money. Moody’s just upgraded their credit rating, so, they’re saying that Greece will get the money, regardless of what happens in the meetings or non-meetings. Funny. Someone can tell the dolts they can quit pretending, now.