Re: nincs cím

Greece has agreed to the outline of a 24 bln. EUR austerity package which includes a wage freeze for all public employees for the next 3 years, a reduction in public sector employees salaries from 14 months of pay per year to 12 months of pay per year. This should slash budget deficits by 10-11 percentage points in 3 years time leaving a budget deficit/GDP at around 2%. However pls. notice that for Greece to be able to service its debt long term they need a 4% budget surplus. Markets will react positively on this today.

Germany reported yesterday the biggest monthly drop in unemployment to 7.8% from 8.0% spurring the belief that economic recovery is for real. Solid macro numbers combined with a strong earnings season in equities so far adds to the overall sentiment that the recovery is solid.