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Draghi: Positive on Economic Recovery - Cautious on Non-Performing Loans

draghi

  • ECB Governing Council meets in Nicosia
  • Interest Rates unchanged: marginal lending facility and the deposit facility at 0.05%, 0.30% and -0.20% respectively
  • 60 billion euros to be invested monthly in euro-denominated bonds, starting March 9th, 2015
  • ECB will not buy Greek or Cyprus bonds yet, both countries in review and in bailout programme
  • Structural reforms 'slow-paced' - Draghi
  • Inflation rates expected to start increasing slowly later in 2015
  • Growth seen at 2.1% in 2017

President of the European Central Bank (ECB) Mario Draghi is in Cyprus for a conference and during a dinner with President Nicos Anastasiades on Wednesday night, said that there are signs of stabilisation and recovery in the island's economy to the extent that the island will exit the emergency bailout before 2016 - but non-performing loans have to be reduced.

US Has No Grounds to Complain About Cyprus - Foreign Minister

putin anastasiades

In further developments in the controversy over Nicosia boosting its relationship with Moscow in the aftermath of the annexation of Sebastopol and Crimea, Foreign Minister Ioannis Kasoulides said that the United States has no grounds to complain about Cyprus' policy towards Russia.

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Deflation At Minus 1.4% in February - CYSTAT

Deflation continued to be the price trend in Cyprus during February, with the Consumer Price Index falling by minus 1.4 percent, compared to 1.3 percent in January.

This is mainly on the back of lower electricity prices, according to the survey.

Deflation was at minus 2,6% for February, 2014, said CYSTAT.

Could Central Banks Begin to Purchase the Euro? Analyst

euroWritten by Jameel Ahmad, Chief Market Analyst at FXTM.

Aside from the euro continuing to receive aggressive punishment ahead of the ECB interest rate decision and President Mario Draghi unveiling further details regarding the imminent QE program, the other major talking point has been China lowering its growth target to 7% this year.

Cyprus February Unemployment at 50, 240 Persons

The number of unemployed people in February was relatively unchanged - and at a record high of 50,240 persons on a monthly basis, according to official statistics.

Unemployment increased in accommodation and food service activities (an increase of 1.419 unemployed persons) and public administration (an increase of 470).

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'Wild Cooking' at Mary's

miranda tringisFriday’s event had required quite some planning on my part – especially on my part because I’m not much the type for ‘wild cooking’ which is exactly why we had gotten Miranda Tringis from Cyherbia Organic Herbs of Cyprus to teach us. But still, I had to have some food ready. So I had hit the local farmers market and just bought everything green and ‘wild looking’ I could get my hands on. The famers were as always lovely and tried to be helpful, but mostly I was told to boil and eat those greens with ‘oliver oil’ and lemon juice. 

I was having visions of my guests in front of great bowls of ‘greens’ served with olive oil and lemon juice - probably not a real winner, even with fans of ‘wild ingredients’. So I got my camera out and sent the pictures of my ‘wild purchase’ to Miranda. Being the walking botanical encyclopaedia she is, she sent back names and cleaning/cooking instructions right away.

USD refuses to soften - Currency Analyst

eurusdWritten by Jameel Ahmad, Chief Market Analyst at FXTM.

Many are asking why the USD is continuing to rise against its trading partners despite strong evidence being seen yesterday that economic momentum is slowing down, easing pressure on the Federal Reserve to begin raising US interest rates.

This is due to the sharp contrast in economic sentiment and monetary policy between the US Federal Reserve and everywhere else, that it is repeatedly pushing the USD higher against its trading partners.

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