Merkel Will Not Absolve More Greek Debt

The German Chancellor stated that there had already been voluntary debt forgiveness.  Greek debt currently stands at 315 billion euros, about 175% of GDP. According to Open Europe, 60% of Greek debt is owed to the Eurozone, 10% to the IMF, 6% to ECB and the rest to other sources, including foreign banks.

"Stabilising Inflation" Behind Russian Rate Cut to 15%

The Russian Central Bank has announced a rate cut from 17% to 15%, following which the rouble fell 2% against the dollar, making the dollar worth about 70 roubles. The IMF forecasts the Russian economy will contract by 3% in 2015 and 1% in 2016.