DislikedLONDON (Dow Jones)--European Union leaders will gather in Brussels on Monday to finalize accords creating a permanent bailout mechanism and enforcing greater fiscal discipline among members while also seeking to tackle slow growth and high unemployment.
But talks among the 27 EU leaders may be overshadowed by a looming deal between Greece and its creditors to halve its privately held debt amid signs that the debt restructuring could be sealed ahead of the meeting.
Greece and its private-sector creditors were edging closer to an agreement over...Ignored
Key Milestones Ahead from Dow Jones
LONDON (Dow Jones)--European Union leaders will gather in Brussels on Monday to finalize accords creating a permanent bailout mechanism and enforcing greater fiscal discipline among members while also seeking to tackle slow growth and high unemployment.
But talks among the 27 EU leaders may be overshadowed by a looming deal between Greece and its creditors to halve its privately held debt amid signs that the debt restructuring could be sealed ahead of the meeting.
Greece and its private-sector creditors were edging closer to an agreement over the EUR100 billion debt write-down Friday after bond holders indicated they may accept lower yields on their future holdings of Greek debt. The deal must be reached by the end of the month for Greece to make an offer for a bond exchange to its creditors by Feb. 13 and avoid default on a major bond redemption next month. However, before then, Greek political leaders must provide written assurances to the country's senior official lenders that they will abide by tough reforms, regardless of who wins a pending election likely to be held in April.
This is the known worry list:
--Monday, Jan. 30: E.U. leaders' summit. Italian, Belgian bond auctions.
Forget The Bond Auctions as they are phoney... The comments after the meeting will be more important longer term.
--Tuesday, Jan. 31: Greece aims to conclude talks detailing new EUR130 billion loan deal, debt-exchange program with private-sector creditors by this date.
We will see...
--Wednesday, Feb. 1: EUR25.8 billion of Italian BTP bonds due.
Who Cares... ADP Number will be much more Important at 8:15 AM EST (Private Jobs Number)
Portuguese T-bill auction. German bond auction. Euro-zone January manufacturing PMI data. (That might be important depending on the number) (PMI)
--Thursday, Feb. 2: Spanish and French bond auctions.
USA Watch Jobless Claims Nearer to 400,000 is BAD NEWS...
--Friday, Feb. 3: Euro-zone January services PMI data.
THE BIG DADDY is NFP and if it is 125,000 or LESS watch out below in Dow as Risk goes off and MONEY FLOWS into US Bonds...
--Monday, Feb. 6: Italian parliament must have approved government's fiscal, growth package by this date.
This should Be FUN !!!
--Wednesday, Feb. 8: German bond auction.
That could be revealing and MANIPULATED as well ???
--Thursday, Feb. 9: ECB interest-rate statement, press conference.
This will BE IMPORTANT !!!
--Friday, Feb. 10: EUR1.0 billion in Greek debt maturing.
Oh Baby Bring It On !!!
--Monday, Feb. 13: Deadline for formal Greek debt restructuring offer to creditors. Italian T-bill auction.
YES OR NO ? OR WHO CARES ???
--Tuesday, Feb. 14: Italian BTP auction. Greek and Spanish T-bill auctions. German February ZEW economic sentiment indicator.
VALENTIME DAY Buy Your Lady Some Flowers or sleep on the couch !!!--
Wednesday, Feb. 15: Portuguese T-bill auction. Flash data on fourth-quarter EU gross domestic product.
--Thursday, Feb. 16: French and Spanish bond auctions. Spain fourth-quarter final gross domestic product data.
--Friday, Feb. 17: EUR1.6 billion Greek T-bills maturing.
--Monday, Feb. 20: Euro-zone finance ministers meet. Flash euro-zone February PMI data.
ANOTHER USELESS MEETING !!!
--Tuesday, Feb. 21: European Union finance ministers meet. Greek and Spanish T-bill auctions.
More Action...
--Wednesday, Feb. 22: German bond auction.
--Thursday, Feb. 23: German February Ifo business climate index.
--Friday, Feb. 24: Italian bond auction.
--Saturday, Feb. 25: Group of 20 finance ministers, central-bank governors meet. THIS WILL BE IMPORTANT !!! Final Decisions Made ???
--Monday, Feb. 27: Belgian bond auction, Italian T-bill auction.
--Tuesday, Feb. 28: ECB three-month, three-year long-term refinancing operation. Italian bond auction.
--Wednesday, Feb. 29: EUR10.6 billion of Italian CTZ bonds mature. German bond auction.
--Thursday, March 1: EUR14.9 billion of Italian BTP and EUR12.3 billion CCT bonds mature. Euro-zone February manufacturing PMI data. Spanish and French bond auctions.
--Thursday, March 1-Friday, March 2: E.U. leaders summit.
Who Knows Where Things Will Be By This Day ? EURO at 1.2000 ? Or 1.3500 ???
--Monday, March 5: Euro-zone February services PMI data.
--Tuesday, March 6: Revised E.U. fourth-quarter GDP growth data.
--Wednesday, March 7: German bond auction.
--Thursday, March 8: ECB interest rate decision. German January industrial production data.
HERE WE GO AGAIN Rate at .50% or 1.00% ??? WE Will See...
--Monday, March 12: Euro-zone finance ministers meet.
MORE MEETINGS !!!
--Tuesday, March 13: German March ZEW economic sentiment indicator. Italian and Greek T-bill auctions.
MORE USELESSB AUCTIONS !!!
--Wednesday, March 14: Italian bond auction.
YAWN...
--Thursday, March 15: Spanish and French bond auctions.
YAWN...
--Tuesday, March 20: EUR14.4 billion of Greek government bonds mature. Spanish and Greek T-bill auctions.
--Wednesday, March 21: German bond auction.
--Thursday, March 22: Flash euro-zone March PMI data.
--Monday, March 26: German March Ifo business climate index. Belgium bond auction.
--Tuesday, March 27: Spanish T-bill auction. Italian bond auction.
--Wednesday, March 28: ECB three-month long-term refinancing operation. Italian T-bill auction.
--Thursday, March 29: Italian bond auction.
--Friday, March 30: Euro-zone finance ministers meet.
GREECE GETS BOOTED OUT OF EUROZONE ... Portugal is next...