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Bailout Expected But Greece Required to Cut Spending, Sell Assets

While latest discussions have not yet resulted in an agreement to provide Greece with a bailout to avoid default, it is expected that the Eurozone finance ministers will ultimately agree to terms. However, Greece will be forced to agree to further cut spending and to sell state property in exchange for the emergency funding.

Protests have increased in intensity in the days leading up to the meetings that forced the government to shuffle the cabinet. The government also faced a confidence vote Tuesday that could see the government toppled.

Source: Canadian Press

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Posted by Staff at 7:16 am UTC, 05/24/2012
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May
24
Today’s Global
Market Events
8:30am

CAD
Corporate Profits q/q
9.0%
USD
Core Durable Goods Orders m/m
1.1% vs. -0.8%
USD
Unemployment Claims
372K vs. 370K
USD
Durable Goods Orders m/m
0.5% vs. -4.0%
9:00am

EUR
ECB President Draghi Speaks
EUR
Belgium NBB Business Climate
-10.6 vs. -10.7
10:30am

USD
FOMC Member Dudley Speaks
USD
Natural Gas Storage
77B vs. 61B
1:00pm

USD
FOMC Member Dudley Speaks
3:00pm

USD
Treasury Sec Geithner Speaks
7:30pm

JPY
Tokyo Core CPI y/y
-0.5% vs. -0.5%
JPY
National Core CPI y/y
0.1% vs. 0.2%