Spain’s Suffering Continued in July, Q2
Both individuals and businesses pulled deposits from Spanish banks in July, as the country’s GDP continued to fall in the second quarter under austerity measures.
Draghi Tested by German Wage Hikes
European Central Bank President Mario Draghi is in the hot seat over his continuing uniform euro zone policy aimed at controlling inflation.
ECB Rejects Greek Debt as Collateral
Christian Schulz, an economist at Berenberg Bank in London, was quoted saying, “After the downgrade it was clear this was going to happen. The ECB isn’t going to make an exception to its rule on not accepting defaulted collateral ...”