Defiant ECB, Global GDP Plunge, Bitcoin Comeback: Eco Day

(Bloomberg) -- Welcome to Wednesday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the day:

The European Central Bank responded to a German court ruling criticizing its long-standing bond-buying program by pledging to continue doing everything necessary to revive inflation
- Here's a look at the court's chief accusations and the ECB's likely rebuttals
German factories saw demand collapse in March, when measures to contain the coronavirus brought the economy to a sudden halt
The biggest bailouts yet are sparking a crisis of confidence in capitalism, Enda Curran and Garfield Reynolds write
Bloomberg Economics' global GDP growth tracker plummeted 4.8% in April, writes Dan Hanson, and what comes next will depend on how quickly containment restrictions are eased
Fed No. 2 Richard Clarida mixed a sobering acknowledgment of U.S. economic damage from the pandemic with an optimistic outlook for the second half of the year
In Sweden, the Riksbank stepped up its battle against lawmakers, defending its right to buy corporate bonds
It's been left for dead more than once, written off as nothing but a bubble and denounced as rat poison by one of the world's most famous investors. Yet Bitcoin is once again staging a comeback reminiscent of the token's glory days
Most U.K. businesses could be up and running days after restrictions are lifted, with smaller firms primed to return the quickest, according to the British Chambers of Commerce
Turkish policy makers may be getting ready to ramp up their defense of the lira, which is edging toward a record low despite concerted efforts to keep a lid on depreciation
Argentina and its biggest creditors have begun ironing out possible revisions to the country's $65 billion debt restructuring proposal before crucial bond payments come due later this month
Supply disruptions that came with the coronavirus pandemic are obscuring the distress among businesses in the two biggest Gulf Arab economies