By Dean Popplewell
Developments with respect to Greece remain a source of stress for the markets. How will Greece find the ?27bn it needs to fill its 2012 "funding gap"? Restructure, reprofiling? The market is trying to shape word definitions rather that reshape a quicker market solution for Greece. Before you know it we will have created a Lehman style contagion affair. Today's Euro pullback appears to have been prompted by pre-weekend nervousness on peripheral finance issues and reports of heavy liquidation in Greek bonds that have coincided with the Spanish/Bund spread blowing out. It's your typical buy the rumor sell the fact. It's easy to create a lot of noise when liquidity is non existent on a Friday. Below are some of the highlights of the week:
EUROPE
- IMF names John Lipsky as interim managing director
- EUR headline inflation was unrevised at +2.8%, y/y, last month, but core-inflation surprised
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