Euro Woes Deepen

Go Local - May 2012

Confidence in the Eurozone has received a further blow as the European Central Bank has stopped offering liquidity to some Greek banks that it does not consider solvent.  The move by the ECB is in line with the EU treaty; however the headlines will be an untimely blow as the EU group scrambles to keep the Euro together.  The proposed new elections in Greece on June 17 look set to be won by parties favouring opposition to austerity measures which would likely lead to Greece crashing out of the Euro in a disorderly fashion.  The market is naturally already pricing in this scenario and the Euro has depreciated significantly and the borrowing costs in Spain and Italy have moved higher as contagion worries increase.  There is real concern that a run on Greek banks ahead of the elections could tip the balance.  Contingencies for a Greek exit are rapidly taking shape-broker Icap is already set up to trade the Drachma in the eventuality of a Greek exit.

Pego Golf Society – Oliva Nova – May 8th & 15th

Go Local - May 2012

PEGO GOLF SOCIETY 15^th May 2012

35 members and 3 guests of Pego golf society travelled to the stunning course of El Bosque. The course was in excellent condition with some testing pin positions. Scores were generally low with only 2 players bettering 36 points.