Greece – The Greek parliament narrowly voted in favour of a drastic package of austerity measures on today, intended to save the country from defaulting on its debts.
The proposed tax hikes and spending cuts have been deeply unpopular with the Greek public. A nationwide 48-hour strike is under way and violent clashes are continuing in the streets of the capital, Athens.
Greece is heavily in debt and the package is needed to win the latest tranche of a EUR110bn loan. There will be a second vote on Thursday for the implementation of different parts of the package, such as tax rises and the sale of state assets.
Global – French Finance Minister Christine Lagarde has been officially chosen to lead the International Monetary Fund (IMF). She will become the first female managing director of the global lending organisation.
Before the IMF’s 24-member board voted to appoint her to the position, she was endorsed by the Obama administration. She had also won support from Europe, China and Russia.
Lagarde takes over at a tumultuous time. Europe’s debt crisis is intensifying.
Asia Pacific – Credit ratings for companies based in the Asia Pacific region are likely to remain stable for the rest of the year, investors have been told.
Moody’s Investors Service points out the first half of 2011 saw little change in the ratings of the area’s non-financial corporates and predicts this trend will continue over the coming six months.
In the year to date, the share of rated companies with ‘stable’ outlooks in the region has risen to 83percent, a 3percent increase on the same period in 2010.
Brazil – The government bond ratings of Brazil have been upgraded from Baa3 to Baa2 by Moody’s Investors Service. Brazil’s rating was last moved by Moody’s on September 2009, when it was lifted from Ba1 to Baa3 and given a positive outlook.
The ratings agency says its new decision is based on Brazil having a sovereign credit profile consistent with ratings in the higher Baa range and a moderate susceptibility to credit boom-related event risk.
Want to know how to make money or save tax through these trying times: Call David Rogers on 0034 952 816 443 or 0034 622 345 558 or email david.rogers@blacktowerfm.com
Twitter
Facebook
RSS