Links: 2010-02-11 – Greece, snow’s effect on jobs report and more
The latest on Greece, according to Le Figaro in France, is that the EU will announce an agreement on support for Greece. In the article, Hermann van Rompuy stresses that Greece did not ask for ‘financial aide,’ whatever that means. It sounds like some sort of support will be announced after the EU summit – what kind, and whether it is a ‘bailout’ remains to be seen.
In a Le Monde article, the Greek Prime Minister talks of "besoin du soutien psychologique et politique de l’Europe" i.e. the need for psychological and political support from Europe. Given similar comments from Joseph Stiglitz in the videos I posted on Wednesday and the Rompuy comments above, it sounds like the line going forward will be one of psychological and political support over financial support aka bailout. The theory is that Greece is not in a debt crisis but a crisis of confidence that can be remedied via psychological and political support. We all await the specifics.
Update: Neil Hume has details on an EU announcement here. If that’s all that’s coming, markets will be disappointed.
Finance and Economy