Focus

Six months of procrastination, random statements and ranting by the Greek government, culminating with the surprise announcement of the referendum on the 5th of July, have had the effect of nullifying the trust of European partners By 15th of July, the Greek authorities must adopt laws in order to: streamline… Read More »

While most investors reckon that the US Federal Reserve will hold off on an interest rate hike until December 2015, François Savary, Chief Strategist of Reyl & Cie, still thinks it likely that the Fed could make a move in September. The US rate increase question is important in several regards.… Read More »

In spite of uncertainties in Greece, there are no dead ends for markets The deteriorating situation in Greece since a referendum was suddenly announced has aggravated equity and bond market volatility.Without a last minute agreement, Greece will almost certainly be unable to meet upcoming debt repayments but the risk of… Read More »

For the last few days, Greece takes the central stage for global financial markets, almost eclipsing the latest FOMC meeting. Deadlocks in negotiations affect major markets while signs of progress trigger substantial gains Are investors over-reacting? Probably not. We believe that Grexit risks extend much beyond Europe: systemic risks as… Read More »

Long term issues not solved but, for now, risk-on is justified A radical political changeGreek PM Tsipras has seemingly bitten the austerity bullet in order to demonstrate his political commitment to keeping his country in the euro area, when facing his peers on Monday night (22 June). Until then, there… Read More »

The country looks set to default on its payment of 1.6 billion euros to the International Monetary Fund In a surprise move, Greek Prime Minister Alexis Tsipras announced late on Friday night that a referendum would be held next Sunday 5 July on whether the proposals from the creditors (as… Read More »

It is official now, the EU approved a prolongation of its sanctions against Russia through January, 2016 It was not a big surprise given that the sanctions are linked to the Minsk agreements which are to be implemented until December, 2015. A lot has been said in the media about… Read More »

Don’t expect exports to drive growth if Greece leaves the euro I have heard it said, semi-seriously, that the biggest risk for the Eurozone isn’t that Greece leaves the single currency and its economy collapses, but that it leaves and thrives. In this scenario Greece starts again, debt free, able… Read More »

A recent ruling by the Council of State, the highest Greek administrative court, has decreed that the government’s pension cuts in 2012, part of the second round of savings, were unconstitutional and incompatible with the European Convention of Human Rights. This decision will cost the government about 1.5 billion euros.… Read More »

Preliminary results from the Turkish parliamentary elections held on 7 June shows that ruling party AKP came first for the fourth time The party AKP came first for the fourth time by securing about 41% of the national vote (with 99.99% of votes counted so far*). Yet, it looks as… Read More »