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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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Greek Parliament Launches Probe into EU Farm-Aid Fraud Scandal

 

The Greek Parliament has voted to establish a special committee to investigate the long-running scandal involving fraudulent claims for EU agricultural subsidies, a move that has sparked intense political debate and scrutiny.

The probe centers on OPEKEPE, the government agency responsible for managing EU farm aid since 1998. European prosecutors allege that Greek farmers and officials defrauded the EU by falsely claiming ownership of pastureland to secure subsidies, with evidence pointing to systemic abuse dating back to at least 2019.

Two former agriculture ministers from the ruling New Democracy party are under suspicion, though both deny any wrongdoing. The scandal has damaged the popularity of Prime Minister Kyriakos Mitsotakis’ administration, which has faced accusations of clientelism and political favoritism.

Opposition parties, including PASOK and SYRIZA, have criticized the scope of the investigation, arguing that the committee should focus specifically on recent findings from the European Public Prosecutor’s Office. They fear that the broader timeline proposed by the government could dilute accountability and allow crimes to expire under the statute of limitations.

Mitsotakis defended the move, calling OPEKEPE an “open wound” and emphasizing the need for a comprehensive review to prevent future abuses. Greece has already paid nearly €3 billion in EU fines over the years for mismanagement of farm subsidies.

The scandal has also led to the dissolution of OPEKEPE, with its responsibilities transferred to the Independent Public Revenue Authority earlier this year.


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