Feb 062012

Market  opened lower due to ongoing worries about Greece. No major economic data is scheduled to be released today. Greece leaders failed to come up with an agreement over austerity terms for the new bailout program, and missed a Monday deadline.     4PM: Over the day, S&P managed to slowly inch back up and reverse most of the losses.

Important News & Articles:

Euro zone insists no Greek rescue without reforms (Reuters) – “Euro zone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed to implement reforms to secure a second financing package from the euro zone and the IMF….”

China Growth could halve if Europe crisis worsens – IMF (Reuters) – “China’s annual economic growth could be cut nearly in half this year if Europe’s debt crisis tips the world economy into a recession, putting pressure on Beijing to unveil “significant” fiscal stimulus, the International Monetary Fund said….”

Merkel, Sarkozy Propose Setting Up Separate Greek Account to Reassure Creditors (BusinessWeek)

Euro Markets Rebounding as Investors Affirm Dragi-Merkel Financial Policy (Bloomberg)

Greek Default: Why Now May Be Best Time to Do It (CNBC)