Will Moody’s downgrade of Portugal to junk help save Greece?
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Will the European Central Bank torture logic to prevent a euro meltdown? Absolutely
Remember last week? The big test was two votes by the Greek Parliament on a new austerity package. Pass that, the Greeks had been told or we won’t give you the $17 billion you need to avoid defaulting on your government debt in August. So the Greek’s voted to cut their budget. But turns out that only moved the crisis from worry over a default in August to worry over a default in, well, July.
The Greek parliament votes final approval on an austerity package–now the fate of a second rescue package rests with the Germans
Today the Greek parliament passed legislation to implement the austerity package it approved yesterday. That means the Greek legislature has now passed both bills that the European Union, the European Central Bank, and the International Monetary Fund said were required before the troika would pay out the money Greece needs to avoid a default in August.
Greek austerity package passes first vote
Today, June 29, Greek Prime Minister George Papandreou won the first vote on a new austerity package designed to 1) keep the cash flowing from the International Monetary Fund, the European Union, and the European Central Bank so Greece avoid a default in August, and 2) win European Union approval of a second rescue package designed to get Greece to 2013 or 2014.
What will the Greeks pay for their “rescue”? Here’s an estimate of the most recent bill
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...The Greek vote on a new austerity package looks very, very close–if the alternative (default) wasn’t so grim, it might well lose
As of 11:30 New York time on June 28 the euro was up 0.54% or 0.7 cents to $1.4365. The euro should be climbing if the market believes Greek lawmakers will pass the package of tax increases, budget cuts, and asset sales. But it would be up significantly more if the vote weren’t likely to be so close.
Crunch time in Greece for attempts to avoid an August default
Members of the Greek parliament are to vote on June 29 on a five-year austerity plan that the European Union, the International Monetary Fund, and the European Central Bank have demanded before they will deliver the next $17 billion payment to Greece. To avoid default Greece needs $9.4 billion in August to pay off bonds that mature that month.
It’s now a war of words in the Greek debt crisis–and you can’t believe most of them
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...If we didn’t have bad news, we’d have no news at all today
My suspicion is that stocks wouldn’t be down so much today if they hadn’t been up so much on June 21. So far, today’s 1.1% decline in the Standard & Poor’s 500 amounts to profit-taking on the June 21 move up to 1296 on the index. A 1% drop on today’s list of bad news is, well, actually rather modest.
Papandreou survives Greek confidence vote–efforts to end Greek debt crisis still on track
The votes have been counted in Athens: The government of Prime Minister George Papandreou has won a vote of confidence with 155 votes in the 300-seat Greek Parliament. His prize? A chance to sell a deeply unpopular austerity package crucial to a second rescue package in a vote now scheduled for June 28.
I’m hoping for boring news from Greece tomorrow and the Fed on Wednesday
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