Greek Deal Sealed
It took twelve hours of protracted meetings between Euro zone leaders and finance buffs to get it done, but finally Greece has received the pocket money it so desperately needs.
The deal, largely comprising €130 billion in new funding and a thumping 53.3% write down of existing Greek debt, is aimed at reducing Greece’s debt relative to how much the country produces each year.
A round of applause from the region's share markets? Nope. Stocks in Europe actually fell overnight over doubts about how committed Greece really is to sorting its mess out. That and the approval of the bail-out had largely been priced into markets over the preceding couple of days trading.
Across the globe the US share market caught up on the news after being closed on Monday for the President’s Day holiday. Here the Dow Jones Industrial Average hit 13,000 points for the first time since May 2008 before retreating in afternoon trade. A lot of market pundits think the Dow’s done too much, too fast and that a pull-back’s just around the corner.
Why Interest Rates Didn’t Fall This Month
Yesterday the February RBA Board minutes were released, citing a modest improvement in global economic conditions as the main reason for holding rates steady this month.Progress in European government finances, a strengthening US economy, continued expansion in China and increased investment in the Australian resources sector were all large contributors to the decision. All factors with exceeding relevance to your personal situation, I’m sure.
Riot Prisoners in Control
Rioting prisoners took control of Schapelle Corby’s place overnight, as Kerobokan jail prisoners brandishing rocks waged pitched a pitched battle with police. Starting fires inside the facility, prisoners took control of the overcrowded jail when prison staff abandoned the facility in the heat of the riot.
The prison, originally built to house 323 inmates, now holds over 1000 criminals mainly serving extensive sentences for drug related crimes.
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