In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Saturday, May 07, 2011

Greece Update: "Further adjustment programme" needed, Next meeting May 16th

by Calculated Risk on 5/07/2011 11:20:00 PM

Just an update .. from Reuters: Analysis: Europe groping for new Greek crisis plan

"We think that Greece does need a further adjustment programme," [Claude Juncker, chairman of the zone's finance ministers] said, after meeting with the finance ministers of Germany, France, Italy, Spain and Greece as well as European Union monetary affairs commissioner Olli Rehn and European Central Bank President Jean-Claude Trichet.

"This has to be discussed in detail and will be taken up at the next Eurogroup meeting on May 16."
A new Greek economic plan could push back the deadlines to hit budget targets ... Euro zone official sources told Reuters that a new plan would probably also involve softening the terms on the 80 billion euro portion of emergency loans extended by the EU under the bailout.
Greek and European officials, wary of panicking the markets, insist a restructuring is not on the cards, but privately EU officials are increasingly open about the possibility.
Investors clearly expect some sort of restructuring fairly soon; either haircuts or an extension of maturities.

Summary for Week ending May 6th
Total Fannie, Freddie, FHA REO inventory declined in Q1, Fannie and Freddie REO Sales at Record Levels

Friday employment posts (with graphs):
April Employment Report: 244,000 Jobs, 9.0% Unemployment Rate
Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
Employment: A dirty little secret and more graphs
Employment Graph Gallery