March 8th, 2012
in Gary's blogging
Markets are open and climbed higher as expected and now show weakness. The DOW is up a half percent at 12905, the 500 at 1361, SSO at 54.69 and SPY at 136.62. Not quite making up the losses from Tuesday's plunge. With late breaking sour news of Greece the markets faltered in their opening rise.
The naysayers are telling tales of woe as the ECB meets with high expectations.
@telegraph: Greece on the brink of default as bond deal falters “Even if Greece's debt swap goes through, the country will require "real debt relief" within the next 12 months to put the country on a sustainable path, Peter Bofinger, economic adviser to the German government, told Bloomberg this morning.
Despite finance minister Wolfgang Schaeuble's admission yesterday that he had openly discussed a Greek euro exit with its finance minister Evangelos Venizelos, Mr Bofinger insisted that an exit is considered by "nobody" in Germany.
He added that the country was the exception rather than the rule, and no other writedowns would follow Greece.”
Via Twitter AlbertoNardelli Alberto Nardelli #Greece youth unemployment rate has risen to 51.1%. It was 39% in 2010, 28.9% in 2009, 26.3% in 2008, 24.5% in 2007
In the Athens News the “hopium” pundits are look for the best outcome, but in reality a default would be better for the taxpayers of Europe and the people of Greece.
Outlook for bond swap said to be good The outlook for the successful completion of the government’s bond swap with private investors appeared positive on Thursday as reports indicated that a growing number of banks and pension funds were backing the exchange.
Written by Gary