The European Central Bank held a crucial cash lifeline for Greece unchanged on Thursday, a person familiar with the discussion said, as the head of the Bundesbank objected to the way Greek banks are being funded
The European Union bluntly warned Greek Prime Minister Alexis Tsipras on Thursday that time was up and he should stop playing with his cash-strapped country's future and instead take crucial decisions to avoid a devastating default.
The characterisation of Europe as “elderly and haggard” by Pope Francis is an accurate one, but on Dec. 4 the European Central Bank could lay the groundwork to try and revitalise the region's sagging economy. And though quantitative easing might be justified on inflation levels (prices are likely to weaken further on falling commodity prices)--Draghi clearly faces tough opposition within the ECB, hence QE hasn't happened yet.
A funny thing happened last week: there were signs of a re-emergence of the sovereign debt crisis in the Eurozone, but the euro actually managed to eke out a gain against most of the G10 currencies including the pound and the U.S. dollar.