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Focus on Eurozone Politics continues

Focus on Eurozone Politics continues

Greece continues to capture the headlines with agreement expected today on formation of an interim Government and likely announcement of new elections as soon as 10 June. Meanwhile the first meeting between Merkel and Hollande resulted in a joint statement pledging commitment from both to keep Greece in the euro with introduction of “growth measures” subject to adherence to austerity plans.

Growth in the Eurozone stagnated in the first three months of this year compared with the previous quarter, with nil growth. Markets were forecasting a further contraction but stronger than expected growth in Germany, narrowly helped prevent the Eurozone slipping back into a technical recession.

Back in the UK, the goods trade deficit stayed largely unchanged in March despite a rebound in exports as imports also grew to record levels. The deficit was £8.6bn in March with the export growth driven by sales of pharmaceuticals and cars to USA, China and Germany.

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