- Brent crude oil tumbled below $50 before rebounding (Reuters)
- Italy Unemployment Rises to New High (Bloomberg)
- Eurozone Consumer Prices Fall for First Time Since 2009 (NYT)
- Euro‘s Drop is a Turning Point for Central Banks Reserves (BBG)
- Pres. Nicolas Maduro Confirms Venezuelan Economy in Recession …
Pres. Maduro announced measures to address monetary policy in Venezuela, including appointing Economist Rocco Albisinni as the new President of the National Center of Foreign Exchange (CENOCOEX). (Venezuelanalysis.com)
Tabloid newspaper Bild Warns German Govt Fears Greek Bank Runs, Financial System Collapse; Prepares For Greek exit (zerohedge)
‘Greece has lost power to blackmail’: German MP
Europe no longer needs to rescue Greece as the country has lost its “systemic relevance” to the eurozone and its power of political “blackmail,” a senior German lawmaker said
Fears of a potential Greek exit from the eurozone have rattled markets since a political crisis in Athens led to early elections, called for late January, in which a leftist anti-austerity party has good prospects of winning, threatening to unwind painful reforms.
Michael Fuchs, deputy parliamentary leader of Chancellor Angela Merkel’s conservatives, suggested the idea of Greece breaching its commitments to creditors and eventually leaving the single currency bloc was no longer a doomsday scenario.
“The situation is entirely different than three years ago,” Fuchs told the Rheinische Post daily.
“The times when we had to rescue Greece are over. There is no potential for blackmail any more. Greece is no longer of systemic relevance for the euro.”
He stressed that “if Alexis Tsipras of the Greek leftist party Syriza believes he can roll back the reform efforts and savings measures of Greece, then the troika will also have to roll back the loans for Greece”. –thelocal.de