Dow is off 21, decliners over advancers 5-4 & NAZ lost 6 in quiet trading. The MLP index plunged 6+ to the 384s (not seen since early Aug) probably on worries about tax changes for MLPs & the REIT index index was down a fraction in the 257s. Treasuries are not being traded today.
Prime Minister Antonis Samaras
Photo: Bloomberg
Plans to give Greece extra time to meet deficit-cutting targets would open up a financing gap of around €15B ($19B) thru 2014 & €17.6 in the 2 following years, the country’s creditors said. The troika supplied the estimates for tonight’s meeting of euro-area finance ministers in Brussels. The report gave a mixed assessment of Greece’s progress from debt to recovery, saluting Prime Minister Antonis Samaras’s coalition for “a significant catching-up” while saying that “risks to the program remain very large.” The 115-page draft didn’t include proposals for plugging the financing hole & 2 critical sections, on Greece’s debt sustainability & recommendations for next steps in the 3-year effort to turn the country around were left blank. The report assumed that Greece will succeed in getting 2 additional years, until 2016, to meet fiscal targets. Estimates of the financing gap were in brackets, indicating that they could change before European govs complete work on the Greek rescue package. This mess remains confusing at best.
There is little activity in the markets on this semi holiday, but the bias is on selling. Treasuries are taking the day off. The pres will hold a summit this evening, trying to get the 2 sides to agree on away to avoid the fiscal cliff. Don't hold your breath because the 2 sides are so deeply divided.
AMJ (Alerian MLP Index tracking fund)
Prime Minister Antonis Samaras
Photo: Bloomberg
Plans to give Greece extra time to meet deficit-cutting targets would open up a financing gap of around €15B ($19B) thru 2014 & €17.6 in the 2 following years, the country’s creditors said. The troika supplied the estimates for tonight’s meeting of euro-area finance ministers in Brussels. The report gave a mixed assessment of Greece’s progress from debt to recovery, saluting Prime Minister Antonis Samaras’s coalition for “a significant catching-up” while saying that “risks to the program remain very large.” The 115-page draft didn’t include proposals for plugging the financing hole & 2 critical sections, on Greece’s debt sustainability & recommendations for next steps in the 3-year effort to turn the country around were left blank. The report assumed that Greece will succeed in getting 2 additional years, until 2016, to meet fiscal targets. Estimates of the financing gap were in brackets, indicating that they could change before European govs complete work on the Greek rescue package. This mess remains confusing at best.
There is little activity in the markets on this semi holiday, but the bias is on selling. Treasuries are taking the day off. The pres will hold a summit this evening, trying to get the 2 sides to agree on away to avoid the fiscal cliff. Don't hold your breath because the 2 sides are so deeply divided.
Dow Jones Industrials
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