Europe Crisis Impacts Economies Across the World
It seems that the current debt crisis in Europe is creating setbacks across the world. The International Monetary Fund cut its expected growth for the U. S for the second time in two months. The IMF is expecting the debt crisis to pose a threat around the world.
The Australian banks are being affected as well; less than a week ago, the Reserve Bank of Australia Governor, Glenn Stevens mentioned they will need to raise more money being borrowed.
Australia’s two-year notes fell 15 points and are remaining below the RBA cash-rate for its fourth day in a row. The economy has been reported to shrinking 1.2 percent within the first quarter. An analyst mentioned that the rate of inflation is more likely to rise than fall.
The debt crisis in Greece is having major effects across the world which means that an answer to their problem needs to be proposed quickly. Analysts are almost certain that Greece’s situation will push the US economy into a recession, stated Alan Greenspan, former Federal Reserve Chairman.
August is considered to be the next “live” meeting to discuss the possible interest rate rise and the RBA will want to see inflation figures in order to decide their next move.
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