Euro moves up again on good news on Greece from S&P and the ECB
The euro climbed to $1.324 today. That’s the highest level against the U.S. dollar since May. The euro also hit a 16-month high against the yen today. Last night Standard & Poor’s delivered a six-notch credit upgrade to Greece. And the European Central Bank announced that it would again accept Greek debt as collateral for commercial banks that want to borrow from the central bank.
Action, action, ACT-ION out of the EuroZone this morning
This morning EuroZone finance ministers sprang into action. First, the group finally agreed to release 49.1 billion euros in rescue funding for Greece that has been held up since June. Second, the finance ministers agreed on a program to make the European Central Bank the sole supervisor for the EuroZone’s biggest banks.
It’s never a dull day in Europe–now Italian politics roil the markets
After Mario Monti what? Monti’s decision to resign as Prime Minister of Italy after Parliament approves the new budget has thrown Italian politics and European financial markets into a dither. It now looks like Italy will hold new elections in February–with no clear leader likely to emerge
Saturday Night Quarterback says, For the week ahead expect…
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 debt buyback clock starts ticking
This morning Greece officially launched its program to buy back Greek government debt from private investors. This offer has to succeed in reducing Greece’s debt burden for the country to be assured of receiving the 44 billion euros of rescue funds promised at last week’s meeting of Europe finance ministers.
Saturday Night Quarterback says, For the week ahead expect…
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...10 ways the Greek debt deal shapes global markets for the months ahead
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...Here’s why there’s no jubilation at a Greek debt deal
Today the sun rose on an agreement to finally deliver the money that Greece needs to keep the lights on. But European financial markets don’t seem especially impressed. The German DAX Index closed up just 0.55% and the French CAC 40 dipped by 0.08%. Why no dancing on the trading floors?
European finance ministers take a spreadsheet break: A sign that a deal on Greek debt could emerge today?
I doubt that we’re going to see an early decision today on the Greek rescue payment but I am mildly optimistic that we will get a decision today from the meeting of European finance ministers. In a sign that a decision is more likely than not, the group took an hour-long spreadsheet break. In my experience you don’t run spreadsheets unless you’re trying to see how far apart alternative decisions leave the bottom line.
Saturday Night Quarterback says, For the week ahead expect…
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...EuroZone finance ministers go into today’s meeting sounding optimistic (again) on a deal to send cash to Greece (again)
The deal would strike a compromise with the International Monetary Fund and would send 44 billion euros, not just 31.5 billion, to Greece on December 5
