Review Of Greece Reform Proposal Delayed; Week Ahead for Markets

dailLast week U.S. equities experienced the worst week since January and investors are hoping to reverse that down trend this week as the first quarter of 2015 is set to end in a shortened trading week that is packed full of economic data.

Greece

On Monday a working group of euro area finance ministers was expected to respond to a list of reform proposals that Athens submitted late last week as a condition of Greece qualifying to receive a disbursement of € 7.2 billion in final bailout funds from international creditors, consisting of the EU, ECB, and IMF.

But Greek newspaper Ekathimerini reported on Sunday that “the prospect of a Eurogroup meeting being called in the next few days to approve such a disbursal appear slim.”

Athens handed over 18 proposals that is still in need of final approval from the Euro group before Greece can receive its last bailout disbursement and avoid bankruptcy.

The majority of the proposals Athens submitted center on boosting Greece’s tax collection and cracking down on tax evasion,

During the next two weeks, Athens is in need of receiving €2 billion to pay for pensions and salaries besides another €450 million it owes to the IMF.

Since 2010 Greece has been shut out of international capital markets and has relied on €240 billion in bailout funds from its international creditors.

Late on Friday Greece received yet another credit downgrade and moved to B from CCC from credit agency Fitch, based on “extreme pressure on government funding.”

Greek newspaper Ekathimerini reported today that opposition parties in Greece’s parliament have called on Prime Minister Antonis Tsipras to get a “firmer control” of his Syriza party as some sections of the leftist “anti-austerity” party are seeking confrontation with Greece’s international creditors.

Stay tuned…

United States

The closely watched jobs report for March will be released 8:30 a.m. EST on Friday which is “Good Friday”, with U.S. and European markets closed. The jobs report will still be posted here on this site.

Economists from Briefing.com are forecasting 260,000 non-farm payroll jobs added to the U.S. economy in March and the unemployment rate expected to hold steady at 5.5. percent.

On Monday a key inflation measurement that the Federal Reserve uses, PCE Prices- Core, will be released.

One of the primary reasons the Fed has held off on raising rates in early 2015 is due to weakening inflation prices.

Fed Chair Janet Yellen admitted this month that it is unlikely the Fed will begin to hike rates at its next April meeting

Monday will also see pending home sales data for February. Briefing.com forecasts a -2.5 percent compared to a gain of 1.7 percent.

Monday will also see February data from personal income and personal spending.

TUES

Consumer confidence

Chicago PMI

Case-Shiller 20 city index

WED

ADP Employment Report

MBA Mortgage Index

Construction Spending

AUTO/TRUCK Sales

ISM Index

Crude Inventories

Thursday

Initial Claims

Factory Orders

Trade Balance

Natural Gas Inventories

Friday

Jobs Report-

Markets closed in U.S. and Europe

-Johnathan Schweitzer

 

 

 

 

About Johnathan Schweitzer 1472 Articles
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