Firms and consumers continued to pull their money out of Greek banks at a rapid rate in January, European Central Bank data showed on Monday, underscoring the ongoing lack of trust the country’s banking system faces.
Italy’s cost of borrowing over six months sank towards 1 percent at an auction on Monday, the lowest in 17 months, as cheap loans from the European Central Bank fuelled banks’ interest in lending to euro zone governments over the short-term.
The euro zone’s manufacturing sector contracted for the seventh straight month in February, with factories in the bloc’s struggling indebted states facing some of the toughest conditions on record, a business survey showed on Thursday.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.