Press Review: EU Hunts Formula to Keep Greece in Euro After Tsipras Win
EU Hunts Formula to Keep Greece in Euro After Tsipras Win
European finance ministers started work on reviving Greece's troubled rescue program as new Prime Minister Alexis Tsipras took office promising to end austerity.
Finance chiefs from the 19-nation euro area signaled their willingness to do a deal with Tsipras -- so long as the new Greek prime minister drops his demand for a debt writedown. At a meeting in Brussels on Monday, ministers agreed quickly to work with the new government to help keep Greece in the euro, Dutch Finance Minister Jeroen Dijsselbloem said.
"We stand ready to support them in that ambition," said Dijsselbloem, who led the meeting.
Oil gives up early gains on firm dollar, shrugs off OPEC comments
(Reuters) - Oil gave up early gains with Brent futures slipping below $48 on Tuesday as a stronger dollar weighed, offsetting comments from producer group OPEC that prices may have found a floor.
The Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out and warned of a risk of a future jump to $200 a barrel if investment in new supplies was too low.
"Crude oil markets continue to consolidate near term," ANZ analysts said, adding that Brent traded in the range of $48-$50 last week and showed little direction.
Yuan Gains as Steepest Two-Day Drop Since 2008 Seen Excessive
China's yuan rose by the most in four weeks as the central bank strengthened the reference rate after the currency's biggest two-day slide since 2008.
The People's Bank of China raised the daily fixing 0.03 percent to 6.1364 a dollar after weakening it by 0.22 percent over the previous two days. The onshore yuan fell to near the lower limits of its trading band on Monday and the greenback's 14-day relative-strength index touched 69.8, near the 70 level that indicates to some traders the U.S. currency will weaken. Industrial profits fell 8 percent in December, the most in data going back to late 2011, an official report showed Tuesday.
"Yuan moves today look like a technical rebound after significant declines in past sessions," said Banny Lam, co-head of research at Agricultural Bank of China International Securities Co. in Hong Kong. "With a backdrop of weakening fundamentals in China and broad-based dollar strength, it's hard to see much room for yuan appreciation for now."