Greece still on knife-edge

euSummary

Greece: Bank run or bank amble
Turkey: The life of a central banker just got more dangerous
United States: Homebuilder sentiment slows
United Kingdom: Mixed inflation news
Eurozone: German business confidence moves higher

 

Good morning,

Greece rumbles on trying, but the tipping point has moved from political slugging between the Greeks and the EU to the fears of the Greek people about whether there will be Euros in the banks when they go to get their deposits.

My hunch is that the ECB won’t pull the plug, but there have been so many examples of political ineptitude that it’s hard to rule anything out!

In the meantime, while the ECB has NOT hit its inflation forecast for over three years, with no sanction on its executives, the head of the Turkish central bank is being taken to court because of high inflation. Erdem Basci has been named in lawsuit by a court prosecutor in Ankara. Amazingly, if the case goes to trial, then Basci could be jailed for up to two years.

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Global Macro-Daily Note 18th February 2015

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