IMF has warned of a 20-30% oil price spike if Iranian exports are disrupted. Forex Insight team

The IMF warned that if the West imposed financial sanctions on Iran, it would be tantamount to an oil blockade, and the shock to the market could be as bad as from Libya's revolution last year.














Iran produces 5% of global oil output. The market is already pricing in a small risk of an escalation of tensions between Iran on the one hand, and the US, Europe and Israel on the other, according to the IMF's estimates.ran is the world's fifth-largest oil producer, extracting 3.5 million barrels a day. Other members of the Organisation of Petroleum Exporting Countries (Opec) have some 3.8 million barrels in spare capacity that could eventually be made available. READ original BBC LINK  



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ECB has come under pressure to participate in Greece’s PSI.

ECB has come under pressure to participate in Greece’s PSI. Reports that the IMF were pushing for this has quickly been denied. The ECB has also formally rejected participating. Nevertheless, Dallar

On one hand, the ECB sovereign bond purchases provides some liquidity to the private investors who want to get rid of their exposure and improve the transmission mechanism of monetary policy (or so claim ECB officials). On the other hand, their claim to senior status (first to get their money back, not participate in PSI) dilutes other investors. The legal basis of the ECB’s claim for preferential treatment seems elusive and done largely claimed by fiat. READ ALL of ARTICLE on Creditwritedown LINK


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