Markets  |  December 03, 2012 10:58:33

Overview of the most important weekly event in the U.S. and Europe in the 48th week The most important event of this week was the meeting of Ministers of the euro area. Those for the third dealt with the same question, and when it released the third Greece financial assistance in the amount of 44 billion euros. Some of her more than 31 billion euros, should be released and sent to southern Europe in the summer. The main reason why the loan has not yet been approved Aténám, was a different view of ministers and representatives of the International Monetary Fund (IMF) to cut Greek debt.

When in 2010 Greece for the first time granted international financial assistance in exchange for various reform measures and reckoned that the Greek debt will reach 2020 level of 120 percent of GDP. It is this boundary is the International Monetary Fund (IMF) critical level, when you reach Athens, they will in the future be able to get out of their debts. But even if Greece receives painful reform laws, as requested by him, his economic condition is only getting worse. This is confirmed by economic data, according to which Athens cycle of 120 percent debt, as required by the IMF in 2020 reach. The Greek economy over the last five years, fell by nearly 25 percent and the decline should continue. The ratio of debt to GDP next year should reach up to 190 percent, and in 2020 definitely not produce the desired cycle of 120, but the whole 144ti percent.
IMF and eurozone ministers therefore deliberations led to mutual struggle in the sense that Greece who pardons more of debt.

Finally, they agreed to set new limits on debt. You should by 2020 to 124 percent of gross domestic product and 110 percent of GDP by 2022. This will include deletions of Greek debt should return Aténám revenues received by the European Central Bank of Greek bonds. It would also be reduced and interest rates of loans for Greece and extend their maturity. Ministers also agreed to launch a voluntary buy Greek bonds. In the framework of which should be offered to private investors 35 cents for every euro of Greek bonds they hold.

The package of measures to help Greece in 2020 to reduce total debt to 124 percent of gross domestic product, was on Friday also approved by the lower house of German parliament. Greece will be able to obtain the aforementioned part of the rescue loan.

The Governor of the Bank of England (BoE), the Canadian

Mark Carney (47), the current governor of the Canadian central bank next year, when his term ends in Canada, becomes governor of the Central Bank in London. For the first time in history so the bank will be headed stranger. English finance minister George Osborne It has great expectations as far as Canada thanks to him quite smoothly floated global crisis.

U.S. consumer

U.S. consumer confidence rose in November to its highest level in five years, or has reached the highest level since February 2008. This means that Americans look favorably on the current and future state of the U.S. economy. Positive mood gives them the improving situation on the labor market. When people see the rosy future of the country, and are willing to spend more. Consumer spending in the U.S. provide more than two-thirds of GDP. Pointer to the value of 73.7 points is still far from the border of 90 points, which indicates a healthy economy. There was recently in December 2007, before the explosion in the U.S. mortgage crisis that erupted in September 2008.

This week was also published data from the labor market in Germany and France

Unemployment in France in October reached its highest level in 14 years. The report could thus increase the pressure on the socialist government of President Holland. He has taken measures in October tax breaks for companies that protect jobs.
In Germany also increased the number of people out of work, and for the eighth month in a row. Ministry of Labour but confirmed that the unemployment rate still remains at 6.9 percent. After two largest economies in the eurozone announced rise in unemployment, it is natural that worsened the overall Eurozone unemployment. It rose in October to 11.7 percent, and across the European Union at 10.7 percent. Unemployment among eurozone members is significantly different. For example, in Austria it is 4.3 percent and 26.2 percent in Spain.


U.S. GDP in the third quarter rose by 2.7 percent, while in the second quarter, it was just 1.3 percent. The reason was stockpiling and higher exports. On the other hand, consumer spending, which is the world's largest economies GDP represent more than 60 percent, fell. Domestic consumption is for future recovery key factor in the U.S., so any of its weakening is a negative sign for the markets.

Events surrounding the fiscal cliff or faded this week

First leaked to the media on Thursday reports that Republicans and Democrats can find common ground and the way to solve this fiscal problem. He would therefore have been the beginning of January impoverish many U.S. households in the form of higher taxes and lower government spending.President of the House of Representatives, Republican John Boehner said Wednesday that an agreement with the Democratic Party of President Barack Obama by the end of the year maybe. The biggest controversy, however, probably still bring about income tax, which Republicans want to keep the current reduced level for people with high incomes.

On the contrary, on Friday, some members of the Republican House expressed that with Democrats in the negotiations about the fiscal cliff dramatically shifted. Various statements on the subject thus confirm that by Christmas we still wait for the markets of considerable turbulence.

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