Wednesday, February 3, 2010

Bend but don't break

Entity Name 5 Yr Mid Change (%) Change (bps) CPD (%)
Greece 372.29 -3.87 -14.99 26.83

Unfortunately, the rally will be held up somewhat by the threatened Labor Union strike on Feb 24.

From the FT:

Published: February 2 2010 15:28 | Last updated: February 2 2010 20:50

Greece has won European support for its plan to pull back from the brink of financial disaster after its prime minister unveiled moves to boost tax revenue and cut public spending.

The European Commission said on Tuesday it would endorse Athens’ plan to bring back under control the public sector deficit, which last year reached almost 13 per cent of gross domestic product.

But the European Union’s executive arm warned that Greece had not escaped from its fiscal problems. José Manuel Barroso, Commission president, said Greece’s proposal was “feasible but subject to risks”.

The finance ministry is due to unveil detailed measures on incomes policy and a new tax system aimed at increasing revenues by about 10 per cent a year, next week.

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