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Greece was not ready for euro admits ex Bundesbank head

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Greece should not have joined the euro, a former head of the German central bank, who was central to eurozone policymaking at the time, has said. But Ernst Welteke, who was Bundesbank president from 1999-2004, told the BBC that none of the eurozone's problems would be solved if Greece left. He added there should be greater transfer of wealth from richer parts of the eurozone to poorer parts. He said he was confident measures were in place to ensure the euro's survival. "The euro is not in as big a danger as is often recorded," Mr Welteke told Business Daily on the BBC's World Service. "The euro has been stable [for] 10 years, inside and outside the European Monetary Union (EMU)." Strong union He said that, in hindsight, it was clear that Greece was not ready for the euro. "We can say that Greece should not have joined the EMU, but that doesn't help." He sai...
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Dollar hits fresh two-month low vs. yen after U.S. GDP

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SINGAPORE/SYDNEY (Reuters) - The dollar hit a fresh two-month low versus the yen and eight-month trough against sterling on Monday, staying under pressure after data last week showed disappointing first-quarter  economic growth . The dollar fell to 80.10 yen at one point on trading platform EBS, its lowest level since late February, and was last changing hands at 80.18 yen, down 0.1 percent from late U.S. trade on Friday. The dollar has come under broad pressure after data on Friday showed U.S. economic growth cooled in the first quarter partly as businesses cut back on investment, bolstering the Federal Reserve's case that interest rates should be kept near zero at least through late 2014. The slowdown also kept alive market speculation that the Fed may eventually launch another bond buying program, or a third round of quantitative easing. "A flavor of QE is back in the air, driving the USD lower and risky assets higher," said Sebastien Galy, strategist ...
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GDP data to reveal if Britain in recession

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First-quarter growth data on Wednesday is expected to show Britain close to - if not in - its second recession since the financial crisis started, potentially hammering business and consumer morale. An apparent slump in construction at the turn of the year means Britain's services sector needs to report solid expansion if the economy is to avoid the two straight quarters of contraction that signal recession. Most economists polled by Reuters think Britain will scrape through with gross domestic product growth of 0.1 percent or slightly more in the first three months of this year, but a sizeable minority see a slight contraction. "The reason for that is the crazy construction data," said Brian Hilliard, UK economist at Societe Generale, who expects GDP to fall 0.2 percent. "But I would distinguish between what will be published and what will be happening on the ground." This is a view shared by the Bank of England, one of whose polic...
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