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Kwiecień, Przemysław

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2 articles of this author have been cited in the European Press Review so far.

Gazeta Wyborcza - Poland | 04/12/2012

EU loans for Spain's banks no tragedy

Spain applied for 39.5 billion euros from the ESM bailout mechanism on Monday, to get its stricken banks back on their feet. Przemysław Kwiecień, chief economist of the Polish investment company XTB, takes a relaxed view of the move in the liberal daily Gazeta Wyborcza: "Everything had already been discussed and agreed. Therefore one can hardly talk of a surprise move. Nor is this decision of any major importance. Far more important is the question of when the Spanish government will ask for help for itself and not just for the banks. But it doesn't really look like this will happen at the moment. All we know is that this would be a formal condition for the European Central Bank to buy an unlimited amount of [Spanish] bonds. But this is not very likely. Spain would only opt for such a measure if it was forced to - for example if the interest rates on its bonds rose to a very high level. However in recent weeks they have fallen. … The market is being rather indulgent with Spain at present."

Gazeta Wyborcza - Poland | 01/03/2012

Financial injection helps the bond market

The success of the ECB's cash injection will depend on how the overall economic situation in Europe develops, writes the chief economist at investment company X-Trade Brokers Przemysław Kwiecień in a commentary for the liberal daily Gazeta Wyborcza: "If things go well the money will be invested in businesses entailing a certain amount of risk. That would be good for both the gold market and the bond market. Because then the banks would be happy to take the risk of buying government bonds. This is what happened after the ECB loaned private banks around 500 billion euros in December. Whether this will be the case now will depend among other things on whether the first signs of economic recovery in Europe we saw in January are confirmed. But if that recovery is put at risk - for example by high fuel prices - the ECB initiative will be less successful."

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