Wednesday, 31 December 2014

Out with the Litas and In with the Euro in Lithuania

Read the Euronews article here | Tuesday, December 23, 2014

Vœux du président François Hollande aux Français pour l'année 2015

Retrouvez les vœux du président François Hollande aux Français pour l'année 2015.

Happy New Year! Bonne année ! Gutes Neues Jahr! ¡Feliz Año Nuevo! Felice Anno Nuovo! Felix sit annus novus! Blwyddyn Newydd Dda! ! سنة سعيدة L'Shannah Tovah!

I would like to take this opportunity to wish all my visitors, followers, and Twitter followers a wonderful, healthy, happy, and prosperous New Year. May 2015 be your year! Thanking you all for your continued and loyal support. – © Mark

Friday, 26 December 2014

Wednesday, 17 December 2014

Russia Risks Soviet-style Collapse as Rouble Defence Fails

THE DAILY TELEGRAPH: 'What is happening is a nightmare that we could not even have imagined a year ago,' says Russia's central bank

Russia has lost control of its economy and may be forced to impose Soviet-style exchange controls after "shock and awe" action by the central bank failed to stem the collapse of the rouble.

“The situation is critical,” said the central bank’s vice-chairman, Sergei Shvetsov. “What is happening is a nightmare that we could not even have imagined a year ago."

The currency crashed to 100 against the euro in the biggest one-day drop since the default crisis in 1998 as capital flight gathered pace, despite a drastic rise in interest rates to 17pc intended to crush speculators and show resolve.

Yields on two-year Russian bonds spiralled to 15.36pc, while credit default swaps are pricing in a one-third chance of a sovereign default. The shares of Russia’s biggest lender, Sberbank, fell 18pc.

Neil Shearing, from Capital Economics, said the spectacular failure of the rate shock may bring matters to a head. “If a rise of 650 basis points won’t do the job, we are near the end. That means stringent capital controls,” he said. » | Ambrose Evans-Pritchard, International Business Editor | Tuesday, December 16, 2014

Tuesday, 16 December 2014

Russia Raises Key Interest Rate to 17% amid Rouble Decline

BBC: The Russian central bank has announced it is hiking its key interest rate to 17% from 10.5%.

The bank said the move was to try to ease the rouble's recent descent in value.

The Russian rouble has dropped to a new low against the US dollar, as falling oil prices and Western sanctions continue to weigh on the country's economy.

It snapped back to 60 roubles per dollar from a low of 67 earlier.

The 60 mark is considered a "psychological barrier" for Russia's national currency, says the BBC's Moscow correspondent, Steve Rosenberg. » | Monday, December 15, 2014