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Friday, March 11, 2011

Report: "Eurozone debt deal struck"

by Calculated Risk on 3/11/2011 09:18:00 PM

The Financial Times is reporting: Eurozone debt deal struck

The heads of the eurozone’s 17 governments came to an unexpected deal on short-term measures to lower borrowing costs of struggling peripheral economies, agreeing to give more financial backing to the bloc’s €440bn rescue fund and lowering the interest rates on Greece’s bail-out loans.
excerpt with permission
According to the Financial Times, the EFSF will be allowed to intervene in the primary bond market - and the term for the Greek loans will be extended to 7.5 years. However there will be no interest rate cut for Ireland.

Earlier today:
Retail Sales increased 1.0% in February.
Consumer Sentiment declined sharply in March.
• BLS: Job Openings decline in January, Low Labor Turnover.