Greece: Bailout Vote Passes But Government Is Left With Paper-thin Majority
During the night, the Greek Parliament passed a key austerity bill, paving the way for the release of long-awaited bailout funds. Euronews reports that the vote session, which was fraught with tension, left the government with an even slimmer support in the parliament. A member of the ruling New Democracy party, who voted against the bill, was expelled, leaving the government with a majority of 152 MPs in the 300 seat parliament.
Euro area: Investors Breathe Life Into European Banks’ Bad Loans
According to the Wall Street Journal, increased demand on trouble assets of the European banks by hedge funds and private-equity investors is sparking a surge in sales by financial institutions, which are seeking to get rid of bad corporate loans.
Turkey: Is Turkey A Safe Bet After Erdogan Poll Win?
This article from CNBC questions whether the victory in local elections for Prime Minister Tayyip Erdogan’s party will bring calm after several weeks of market and financial instability.
China: Huawei Records 34% Increase In Annual Profits
The BBC reports that the Chinese telecommunications equipment manufacturer Huawei reported a 34% increase in annual profits for 2013, reaching the highest growth rate in 4 years and net profits of USD 3.38 billion. Huawei says that growth was driven by demand from China, which accounts for one third of the revenues.
Japan: Is Abenomics Working?
FT Alphaville tries to gauge the impact of the policy measures adopted over the course of last year by the Japanese government and Central Bank, as skepticism has mounted in recent months on the impact of the so-called Abenomics. According to the article, which quotes a paper by Joshua Hausman and Johannes Weiland, much of the success of Abenomics has been masked by demographics, given that “the Abenomics period has shown only mildly above-average growth in GDP” but “it has shown stellar growth in GDP per working age adult”.