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Why Greece is like the US

| Posted by: Paul Donovan | Tags: Paul Donovan

  • Much like the US in one of its periodic debt ceiling episodes, Greece has miraculously found some spare change down the back of its sofa cushions (or, rather in the bank accounts of its local governments), which should give cash until the end of May.
  • Euro area consumer confidence is set to come out today - not an especially strong focus for markets, but there are occasionally questions as to how consumers feel about all the noise and drama around the Euro area crisis.
  • The UK is to revel in the release of the Bank of England minutes. With opinion polls showing "no overall control" the most likely outcome of the election, and investor concerns about minority governments and instability, the Bank's approach to political uncertainty may be pertinent.
  • The US housing data is likely to be weather affected subduing existing home sales - although pricing should remain relatively robust. Yesterday's regional employment data seemed to confirm the depressing effects of weather on the March payrolls number.