George Osborne is on track to cut the annual budget deficit by more than previously forecast after a block on spending and a jump in tax receipts in May.
Forget the prospect of a rate hike-the economy is slipping into recession, says Marc Faber, publisher of the Gloom, Boom & Doom Report.
Angela Merkel has delivered an unusually sharp rebuke to the Greek government, accusing it of failing to implement necessary structural reforms while insisting a last-minute deal was still possible to keep it in the eurozone.
Alexis Tsipras will travel to Russia again on Friday to meet Vladimir Putin as questions swirl over whether Moscow could extend credit lines to bail out the Greek prime minister’s embattled economy.
While the German chancellor, Angela Merkel, is publicly insistent on reaching a compromise deal that ensures Greece is saved from insolvency, expectation is rising – in Germany and elsewhere – of a Greek exit from the eurozone.
Well, that didn’t last long.
Last-ditch talks aimed at breaking the impasse between Athens and its international creditors have collapsed in acrimony with European Union officials dismissing Greece’s latest reform package as incomplete in a step that pushes the country closer to leaving the eurozone.
George Osborne’s plan to enshrine permanent budget surpluses in law is a political gimmick that ignores “basic economics”, a group of academic economists has warned.
The International Monetary Fund dramatically pulled out of talks with debt-stricken Greece on Thursday after it accused Athens of failing to compromise over labour market and pension reforms.