Tag Archives: Greece
Sunday Times: €3 trillion deal to ‘save euro’
G20 finance chiefs meeting in Washington have started to draw up a three-pronged plan to save Greece and the eurozone from collapse The world’s leading economies last night began work on a multi-trillion-euro package to save the eurozone. G20 finance chiefs meeting in Washington started to draw up a bold plan to expand the European […]
FX DAILY STRATEGIST: Europe – 20 September 2011
S&P pull the rug from positive signals from Greece/troika phone conference: Headlines out of Greece following Monday’s phone conference with troika officials, suggesting that the two sides were close to an agreement that would unlock the next tranche of assistance from the EU/IMF, brought EURUSD back up through 1.3700 from an intra-day low of 1.3586.
Greece news headlines
********** Greece ********** Greece’s Prime Minister Cancels US Trip, Says Second Rescue Package Is At Stake. Papandreou, who had left for London en route to New York, then returned to Greece on Saturday night. Venizelos Says Greece Needs to Show Determination to Partners. SAYS PRIMARY SURPLUS WILL SHIELD COUNTRY, MUST PRODUCE PRIMARY SURPLUS AS SOON […]
Daily Economic Briefing: September 12, 2011
Global data summary Tensions continue to build in the EMU fiscal crisis. Investors are sensing a breaking point may be in the offing and, with little idea of what this will be or how it will play out, are moving quickly to the exit. In the event of a disorderly involuntary default, Greece would likely […]
FX DAILY STRATEGIST: Europe – 12 September 2011
EUR continues to slide – volatility risks slipping over into real economy: Concerns over progress on the Greek bailout and the sudden resignation of Juergen Stark from the ECB Governing Board has seen risk pummelled. The DJIA fell more than 300 points and the flight into safe haven assets kept USD and USTs well bid. […]
S&P Says Joint Euro Bond Would Get Rating of ‘Weakest Link’
It is going to be a tough week for the EUR. Trichet is expected to be softer in his tone and the EUR will stay under pressure into the ECB. If he is not dovish, EUR will be still under downward pressure, as the market will increasingly discuss the erosion of ECB credibility.
Overnight FX Wrap, Orderbook & Flow, USD/Asia, Greece downgrade
1) Overnight Wrap With no new debt ceiling deal in place in the US, the markets opened weak in Asia with equity futures trading down 1%. Gold and CHF were the large gainers as investors fled for safety. Gold made new highs taking out stops and jumping to 1624.
FT – ECB and Merkel clash over Greece
The head of the European Central Bank placed a major obstacle on the path to a new agreement on a Greek financial bail-out, saying the bank could not accept defaulted bonds as collateral, potentially cutting off fundng from the Greek banking system.
Awaiting Greek votes on Wednesday and Thursday, then ISM and a US holiday
A revised agenda for the Greek parliament, with the MTFS discussed today but not voted for until Wednesday afternoon, prolongs uncertainty and will only add to the current erratic behaviour of markets.
European Sunrise – In need of a pre-weekend tranquilizer
The flight-to-quality intensified amid fears about a gap in Greece’s medium term fiscal austerity package and the outcome of vote on the package by the Greek parliament.
Daily Currency Briefing: EU puts all its eggs into one basket
G10 Currencies EUR-USD: The Eurozone heads of government once again put the pressure on: while on Monday the Ministers of Finance had still declared that they wanted to develop “the parameters of a clear new financing strategy” Greece until the beginning of July the work is now likely to be completed by that stage.
European Sunrise – First hurdle taken…
The successful confidence vote for the Greek PM Papandreou last night should reduce systemic risks near-term and may well bring along further positive newsflow in coming days. We install tactical ‘tier 2’ spread tighteners via 5y Spain and Italy as well as tactical shorts in September Bund contracts.