Key Economic News to Watch This Week: May 21
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Last week, investors witnessed a modern-day bank run in Greece when reports indicated Greek depositors pulled nearly $1 billion from local banks, while borrowing costs for Italy and Spain rose sharply fuelled by fears of the potential for a Greek euro exit and the deteriorating health of the respective banking systems. As EU inspectors head to Portugal on Monday and ahead of the EU Council meeting this Friday, the crisis in the eurozone is expected to hog headlines once again.
Last week, investors witnessed a modern-day bank run in Greece when reports indicated Greek depositors pulled nearly $1 billion from local banks, while borrowing costs for Italy and Spain rose sharply fuelled by fears of the potential for a Greek euro exit and the deteriorating health of the respective banking systems. As EU inspectors head to Portugal on Monday and ahead of the EU Council meeting this Friday, the crisis in the eurozone is expected to hog headlines once again.
When G8 leaders met in Camp David over the weekend, US President Barack Obama once again urged European leaders to do more to stimulate growth, fearing contagion from the eurozone could hurt the US economy and his chances of a reelection in November.
Monday, May 21
Russia’s cabinet to be announced. According to reports, newly inaugurated President Vladimir Putin is likely to name allies to key economic posts, asserting control over the government.
America’s Small Business Summit, which is staged by the US Chamber of Commerce, opens in Washington.
Related Infographic: Small Businesses 2011 Report Card
Tuesday, May 22
OECD Week 2012 takes place in Paris, with the organisation staging its forum and ministerial meeting. Politicians, business leaders and academics will debate how to achieve equitable and sustainable economic recovery.
Japan reports its trade balance, with analysts expecting to see a shrinking trade deficit for April.
Related News: Export-Oriented Japan Posts First Annual Trade Deficit in 31 Years
Related News: Japan Could Lose Developed Nation Status by 2050
Wednesday, May 23
Leaders of EU countries meet in Brussels to discuss the debt and financial crisis afflicting the union.
Iran to resume international nuclear talks in Baghdad.
Presidential election in Egypt, the first since last year’s revolution.
Related Story: Egypt’s Populist Problem – The Downside Of The Revolution: Mohsin Khan
Related Story: Egyptians Will Not Settle For An Incomplete Revolution: Mohamed El-Erian
Thursday, May 24
A conference on economic growth in the EU’s Eastern Partnership nations – Armenia, Azerbaijan, Georgia, Moldova and Ukraine – is staged by the European Investment Bank in Vienna. The event will cover regional economic prospects and priorities, private-sector development and infrastructure.
Jim O’Neill, chairman of Goldman Sachs Asset Management, and Gerard Lyons, chief economist of Standard Chartered Bank, are among the speakers at the Society of Business Economists annual conference in London.
Friday, May 25
OECD holds economic forum on Latin America and the Caribbean in Paris, as part of the OECD Week agenda.
Related Story: Surging Growth for Latin American Economies
