Hollande to the rescue

Pubblicato il 22 Maggio 2012 da Veronica Baker

Greek PASOK leader Venizelos has finished now a meeting with Hollande.
Here the most important headlines:

  • He said Hollande wants to help Greece.
  • Venizelos proposes extending the Greek program up to 3 years
  • There is no more room from wage and pension cuts.
  • Secret Eur 100 bln aid props up Greek Banks

German disagrees , of course :

EU’s Rehn Building The Eurobond Roadmap

  • Says the idea of eurobonds requires a medium to long-term outline
  • Need to consider how to deepen economic and political integration
  • Greece needs to implement reforms, there is no other way

And US are getting the most benefit from the situation :

Existing Home Sales Hit Highest Since May 2010

  • +3.4% vs +2.9% exp in April
  • March revised down to -2.8% from -2.6%
  • Pace of 4.62m is in-line with 4.61 exp

Even if JPM seems to be “in a little trouble” :

JP Morgan losses may exceed $7 bln ,

And spanish banks have surely larger losses than expected :

Spanish bank losses could be as high as E260 bln – UK Telegraph

Fitch in the night has downgraded Japan :

Fitch cuts Japan’s long term rating to A+ with a negative outlook

And what about QE3?
Apparently no one wants , but in the short term surely something will happen :

  • IMF’s UK review… BOE should cut rates and introduce further QE
  • UK April CPI +0.6% m/m, +3.0% y/y (expected 0.6% and 3.1%), lowest y/y since Feb 2010
  • OECD says Fed shouldn’t abandon QE

And Feisbuc ?
-11% yesterday…


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