Greek pro-bailout parties set for ruling majority
Sun, Jun 17 18:10 PM EDT
By Renee Maltezou and Harry Papachristou
ATHENS (Reuters) - Parties committed to a bailout saving Greece from
bankruptcy were set to win a slim parliamentary majority on Sunday,
beating radical leftists who reject the terms of the lifeline and
bringing relief to a world braced for fresh financial turmoil.
The election result looked likely to yield a coalition government
led by conservative New Democracy but leaves an emboldened SYRIZA bloc
to rally angry opposition in the streets to the punishing terms of the
bailout.
An official projection released by the interior ministry showed New
Democracy taking 29.5 percent, with SYRIZA just behind on 27.1. The
PASOK Socialists were set to take 12.3 percent of the vote.
Because of a 50-seat bonus given to the party which comes first,
that result would give New Democracy and PASOK 161 seats in the
300-seat parliament, in an alliance broadly committed to the 130
billion euros ($164 billion) bailout.
Later, with 80 percent of the votes counted, New Democracy looked
slightly better placed with 30.1 percent of the vote to SYRIZA's 26.6
percent.
If confirmed, it buys time for the euro zone, which was braced for
a SYRIZA victory and the prospect of having to cut debt-ridden Greece
loose, potentially unleashing shocks that could break up the single
currency.
me @ LOTS Trading Club (LTC)
June 17 (Bloomberg) -- Greece’s largest pro-bailout parties, New
Democracy and Pasok, won enough seats to forge a parliamentary
majority, official projections showed, easing concern the country was
headed toward an imminent exit from the euro. The currency rose on the
result.
The election would give New Democracy and Pasok 163
seats if they agree to govern together in the 300-member parliament,
according to the official projection by the Interior Ministry in Athens
based on 63 percent of today’s vote.
“For markets, a
majority for an ND-Pasok coalition would be a relief,” Holger
Schmieding, London-based chief economist at Berenberg Bank, said in a
note today. “It would very much reduce the risk of a Greek euro exit.”
The vote forced Greeks, in a fifth year of recession, to choose
open-ended austerity to stay in the euro or reject the terms of a
bailout and risk the turmoil of exiting the 17-nation currency. The
election threatened to dominate a summit of world leaders that starts
tomorrow in Mexico.
Antonis Samaras’s New Democracy had 30.1
percent, or 130 seats, and Socialist Pasok took 12.6 percent for 33
seats, the projection showed. Alexis Tsipras’s Syriza, which advocated
reneging on the terms of the bailout, won 26.5 percent, or 71 seats.
Samaras called for a government of national salvation.
“The
Greek people expressed their will to stay anchored with the euro,
remain an integral part of the euro zone and honor the country’s
commitments,” Samaras told supporters. “There’s no time to lose.”
Senin, 18 Juni 2012
Jumat, 15 Juni 2012
June 14 (Bloomberg) -- The cost of living in the U.S. fell in May by
the most in more than three years as fuel prices retreated, buttressing
Federal Reserve projections that cheaper commodities will help reduce
inflation.
The consumer-price index declined 0.3 percent, more than forecast and the biggest drop since December 2008, after no change the prior month, the Labor Department reported today in Washington. Economists projected a 0.2 percent decrease, according to the median estimate in a Bloomberg News survey. The so-called core measure, which excludes more volatile food and energy costs, increased 0.2 percent for a third month.
Cheaper energy costs may provide some relief for Americans against a backdrop of moderating job and wage gains that has slowed consumer spending. With inflation cooling, Fed policy makers also have more flexibility to take further action to bolster U.S. economic growth.
“The drop in the headline is encouraging for the Fed because it shows gasoline prices are less of strain on consumers’ incomes, which means they can pick up spending in the summer months,” said Jeffrey Greenberg, an economist at Nomura Securities International LLC in New York, who correctly forecast the decline in prices. “Unemployment is the Fed’s big concern. They aren’t worried about inflation going out of control.”
Estimates from 78 economists ranged from a decrease of 0.6 percent to an increase of 0.2 percent.
Another Labor Department report showed first-time claims for jobless benefits unexpectedly climbed by 6,000 to 386,000 in the week ended June 9 from a revised 380,000 the prior week that was more than first estimated. Economists projected claims would fall to 375,000, according to the median estimate.
Stock Futures
Stock-index futures were little changed after the labor market figures. The contract on the Standard & Poor’s 500 Index maturing in September rose 0.1 percent to 1,310.2 at 8:47 a.m. in New York.
Consumer prices increased 1.7 percent in the 12 months ended in May, the smallest 12-month gain since January 2011, the report showed.
Core prices were up 2.3 percent for year through May, matching the gains for the 12 months ended in April and March.
The drop in prices allowed Americans to stretch their paychecks further in May, another Labor Department report showed today. Hourly earnings adjusted for prices climbed 0.3%, the biggest increase since April 2010. Real wages were down 0.1 percent over the past 12 months.
Cheaper Fuel
Today’s data showed energy costs decreased 4.3 percent from a month earlier, the largest decline since December 2008. Gasoline prices slumped 6.8 percent, and the costs of natural gas and fuel oil also fell.
Compared with May 2011, energy costs fell 3.9 percent, the first year-over-year decrease since October 2009.
Food costs were unchanged as gains in fruit and vegetables were offset by cheaper beverages, dairy products and meats.
The increase in the core measure was driven by increases in costs for shelter, medical care, cars and airfares. Medical care costs advanced by the most since October.
Shelter costs rose 0.2 percent, and owners’ equivalent rent increased 0.1 percent. Prices for stays at hotels and motels climbed 1.8 percent.
Fed policy makers, who said they anticipated the run-up in energy costs would subside, aim for 2 percent inflation as part of their dual mandate of stable prices and maximum employment. Their preferred price gauge, issued by the Commerce Department and tied to consumer spending, rose 1.8 percent in the 12 months ended in April, the smallest gain in more than a year.
Fed Officials
Fed Vice Chairman Janet Yellen said last week she sees more scope for easing, while San Francisco Fed President John Williams, a voting member of the FOMC this year, called on policy makers to stand ready to act should the recovery falter.
“Substantial resource slack in U.S. labor and product markets should continue to restrain inflationary pressures,” Fed Chairman Ben S. Bernanke told Congress’s Joint Economic Committee last week. With a “subdued” inflation outlook, high unemployment and “strains in global financial markets,” the central bank anticipates it will keep its benchmark lending rate near zero though late 2014, he said.
Labor Department figures showed June 1 that U.S. employers in May added the fewest workers in a year, further restraining consumers’ buying power. Average hourly earnings rose 1.7 percent in May from the same month last year, the smallest increase since December 2010.
Fed Meeting
The Federal Open Market Committee, which sets the course of central bank policy, meets in Washington next week. Inflation below their target gives them more room to ease should they choose to address the cooling U.S. expansion and the widening debt crisis in Europe.
Inflation expectations have “definitely come down,” David Tehle, chief financial officer of Dollar General Corp., said during a June 4 earnings call. The Goodlettsville, Tennessee- based dollar-store chain anticipates 0.5 percent inflation for the full year, compared with 2 percent in the final three months of 2011, Tehle said.
Dollar General expects no apparel inflation this year and sees broad slowing in commodity prices, Chief Executive Officer Rick Dreiling said during the call.
A Labor Department report yesterday showed prices paid to producers dropped 1 percent in May, the most since July 2009. Import prices in the U.S., reported June 12, dropped 1 percent.
The CPI is the broadest of the three monthly price measures from the Labor Department because it includes goods and services. About 60 percent of the CPI covers prices consumers pay for services ranging from medical visits to airline fares and movie tickets.
To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
The consumer-price index declined 0.3 percent, more than forecast and the biggest drop since December 2008, after no change the prior month, the Labor Department reported today in Washington. Economists projected a 0.2 percent decrease, according to the median estimate in a Bloomberg News survey. The so-called core measure, which excludes more volatile food and energy costs, increased 0.2 percent for a third month.
Cheaper energy costs may provide some relief for Americans against a backdrop of moderating job and wage gains that has slowed consumer spending. With inflation cooling, Fed policy makers also have more flexibility to take further action to bolster U.S. economic growth.
“The drop in the headline is encouraging for the Fed because it shows gasoline prices are less of strain on consumers’ incomes, which means they can pick up spending in the summer months,” said Jeffrey Greenberg, an economist at Nomura Securities International LLC in New York, who correctly forecast the decline in prices. “Unemployment is the Fed’s big concern. They aren’t worried about inflation going out of control.”
Estimates from 78 economists ranged from a decrease of 0.6 percent to an increase of 0.2 percent.
Another Labor Department report showed first-time claims for jobless benefits unexpectedly climbed by 6,000 to 386,000 in the week ended June 9 from a revised 380,000 the prior week that was more than first estimated. Economists projected claims would fall to 375,000, according to the median estimate.
Stock Futures
Stock-index futures were little changed after the labor market figures. The contract on the Standard & Poor’s 500 Index maturing in September rose 0.1 percent to 1,310.2 at 8:47 a.m. in New York.
Consumer prices increased 1.7 percent in the 12 months ended in May, the smallest 12-month gain since January 2011, the report showed.
Core prices were up 2.3 percent for year through May, matching the gains for the 12 months ended in April and March.
The drop in prices allowed Americans to stretch their paychecks further in May, another Labor Department report showed today. Hourly earnings adjusted for prices climbed 0.3%, the biggest increase since April 2010. Real wages were down 0.1 percent over the past 12 months.
Cheaper Fuel
Today’s data showed energy costs decreased 4.3 percent from a month earlier, the largest decline since December 2008. Gasoline prices slumped 6.8 percent, and the costs of natural gas and fuel oil also fell.
Compared with May 2011, energy costs fell 3.9 percent, the first year-over-year decrease since October 2009.
Food costs were unchanged as gains in fruit and vegetables were offset by cheaper beverages, dairy products and meats.
The increase in the core measure was driven by increases in costs for shelter, medical care, cars and airfares. Medical care costs advanced by the most since October.
Shelter costs rose 0.2 percent, and owners’ equivalent rent increased 0.1 percent. Prices for stays at hotels and motels climbed 1.8 percent.
Fed policy makers, who said they anticipated the run-up in energy costs would subside, aim for 2 percent inflation as part of their dual mandate of stable prices and maximum employment. Their preferred price gauge, issued by the Commerce Department and tied to consumer spending, rose 1.8 percent in the 12 months ended in April, the smallest gain in more than a year.
Fed Officials
Fed Vice Chairman Janet Yellen said last week she sees more scope for easing, while San Francisco Fed President John Williams, a voting member of the FOMC this year, called on policy makers to stand ready to act should the recovery falter.
“Substantial resource slack in U.S. labor and product markets should continue to restrain inflationary pressures,” Fed Chairman Ben S. Bernanke told Congress’s Joint Economic Committee last week. With a “subdued” inflation outlook, high unemployment and “strains in global financial markets,” the central bank anticipates it will keep its benchmark lending rate near zero though late 2014, he said.
Labor Department figures showed June 1 that U.S. employers in May added the fewest workers in a year, further restraining consumers’ buying power. Average hourly earnings rose 1.7 percent in May from the same month last year, the smallest increase since December 2010.
Fed Meeting
The Federal Open Market Committee, which sets the course of central bank policy, meets in Washington next week. Inflation below their target gives them more room to ease should they choose to address the cooling U.S. expansion and the widening debt crisis in Europe.
Inflation expectations have “definitely come down,” David Tehle, chief financial officer of Dollar General Corp., said during a June 4 earnings call. The Goodlettsville, Tennessee- based dollar-store chain anticipates 0.5 percent inflation for the full year, compared with 2 percent in the final three months of 2011, Tehle said.
Dollar General expects no apparel inflation this year and sees broad slowing in commodity prices, Chief Executive Officer Rick Dreiling said during the call.
A Labor Department report yesterday showed prices paid to producers dropped 1 percent in May, the most since July 2009. Import prices in the U.S., reported June 12, dropped 1 percent.
The CPI is the broadest of the three monthly price measures from the Labor Department because it includes goods and services. About 60 percent of the CPI covers prices consumers pay for services ranging from medical visits to airline fares and movie tickets.
To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
Langganan:
Postingan (Atom)