Thursday, March 01, 2012

Greece Update

by Bill McBride on 3/01/2012 08:31:00 PM

From the WSJ: Euro Zone Clears Way for EU Decision on Greek Deal

Euro-zone finance ministers said Thursday they were ready to give Greece money from a new bailout—provided a bond swap that will cut the debt Greece owes its private creditors by more than €100 billion goes according to plan in the coming week.

European Union leaders at a summit Thursday evening said they would focus on policies aimed at battling the headwinds to economic growth created by government austerity programs across the 27-nation bloc.

Meanwhile, signs emerged that Germany was yielding to international pressure to boost the euro zone's bailout funds.
Talking about "headwinds to economic growth" in Europe, from the WaPo: Euro unemployment hits 10.7 percent in January, new high since euro established in 1999
Mass unemployment in Greece and Spain, where nearly half of those under 25 are out of work, sent the jobless rate across the 17-nation eurozone on Thursday to its highest level since the euro was established in 1999. Eurozone unemployment rose to 10.7 percent from an upwardly revised 10.6 percent the previous month, according to Eurostat
Ouch!

Earlier:
U.S. Light Vehicle Sales at 15.1 million annual rate in February
CoreLogic: 11.1 Million U.S. Properties with Negative Equity in Q4
ISM Manufacturing index indicates slower expansion in February
Personal Income increased 0.3% in January, Spending 0.2%
Weekly Initial Unemployment Claims decline slightly to 351,000

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