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Greece Seeks to Save another 2% of GDP and Euro Yawns

March 03, 2010
As widely expected, Greece announced another package of savings, roughly split between tax hike and spending cuts, that projects to save another 4.8 bln euros, which is roughly 2% of GDP. The measures are harsh, but it is still too soon to expect Europe to provide anything but verbal support and solidarity. Nor can there be any money forthcoming f…
Greece Seeks to Save another 2% of GDP and Euro Yawns Greece Seeks to Save another 2% of GDP and Euro Yawns Reviewed by Marc Chandler on March 03, 2010 Rating: 5
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Greece Update: More Efforts before Assistance

March 02, 2010
Greek bonds are continuing to recover from the sell-off at the end of last week that took the 10-year yield to 6.65%. Now quoted near 6.12%, it is the lowest yield since Feb 11, down 14 bp today.
The key consideration is that Greece has 1) delayed the bond offering expected this week after being postponed last week and 2) indications that Greece wi…
Greece Update: More Efforts before Assistance Greece Update: More Efforts before Assistance Reviewed by Marc Chandler on March 02, 2010 Rating: 5
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Sterling Sell-Off but No Crisis

March 01, 2010
Sterling sold off hard on Monday and had a range (according to Bloomberg data) of $1.4784-$1.5209. While such a steep sell-off is rare, they do happen more often than many headline writers and market participants seem to recall. Last year it happened several times and a review of them maybe useful.
The first time was so wicked that it took place o…
Sterling Sell-Off but No Crisis Sterling Sell-Off but No Crisis Reviewed by Marc Chandler on March 01, 2010 Rating: 5
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Euro Drivers

March 01, 2010
The Financial Times carried a story in the weekend edition quoting a couple analysts suggesting that the 10-year bond differentials are helping drive the euro lower. In our analysis, we have generally attributed a greater role to interest rate differentials than to external imbalances. Nevertheless, at this juncture, the interest rate differential…
Euro Drivers Euro Drivers Reviewed by Marc Chandler on March 01, 2010 Rating: 5
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Look to Sell into Sterling Bounce

March 01, 2010
While we have been decidedly sterling negative, the move is taking place much quicker than we (or any one) appears to have anticipated. Both political and economic considerations are behind sterling's slide and M&A flows are not seen as currently helpful.

Sterling is terribly oversold here and a bounce should not be surprising. This bounc…
Look to Sell into Sterling Bounce Look to Sell into Sterling Bounce Reviewed by Marc Chandler on March 01, 2010 Rating: 5
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