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Wednesday, July 20, 2011

Report: Germany and France Agree on Greek Bailout

by Calculated Risk on 7/20/2011 09:31:00 PM

Details tomorrow ...

• From the Financial Times: Germany and France reach Greek accord

• From the WSJ: German-French Harmony on Greece

[German Chancellor Angela Merkel and] French President Nicolas Sarkozy [with] European Central Bank President Jean-Claude Trichet ... managed to find a mutually acceptable formula for how to involve Greece's bondholders in the expected new rescue package, according to a senior official present at the talks.

The official didn't give details of the joint proposal ...
Earlier today:
AIA: Architecture Billings Index indicates declining demand in June
Moody's: Commercial Real Estate Prices increased in May
• From NY Fed VP Brian Sack: The SOMA Portfolio at $2.654 Trillion. Note: Dr. Sack outlined two possible methods for further accomodation: 1) additional asset purchases (like "QE2"), or 2) "shifting the composition of the SOMA portfolio rather than expanding its size." An interesting comment.

And on Existing Home Sales:
Existing Home Sales in June: 4.77 million SAAR, 9.5 months of supply
Existing Home Sales: Comments and NSA Graph
Existing Home Sales graphs