More Info on the Greek Bailout Plan
Yesterday the markets were all about Greece. After the announcement that an agreement in principle had been reached Sunday, more details were revealed during the day. In addition to implementing unpopular policies such as a tax hike and a pension plan reform, Athens will also have to privatize some €50 billion in assets. The government will also have to renounce to part of its sovereignty, as several foreign institutions will monitor Greece’s economic administration. The agreement boosted markets in general, with Europeans markets rising 1.75% and the U.S. market rising 1.11%. Despite everything, we must remember that the agreement must be passed by several parliaments and that people on both sides are unhappy with it.
Few North American economic indicators were released yesterday. However, during the night an accord was reached between Iran and the international community, resulting in an eventual end to economic sanctions. Consequently, crude oil prices have fallen, and this has weakened the loonie.
Today we will be monitoring Retail Sales in the U.S. Have a good day!
