Positive Greek deal suggested by eurogroup

The Single European currency was unperturbed as Eurogroup members reached a conditional response to Greece’s necessary fiscal measures.Positive Greek deal suggested by eurogroupThey have approved to cut debts by €40 billion and have cemented the way for releasing the next tranche of bailout loan.

EU leaders emphasised during their press conference that Greek uncertainty has been resolved and praised the Greek government for their strong pledge to achieving a sustainable future.

The written statement suggests Greek aid “contingencies” would provide that Greece must continue to form its reserve account which is used to reduce debt, while the IMF is demanding that Greece must give up work a portion of its unpaid sovereign debt.

But, this job may be tough as the statement also documented the “deterioration” to the economy which might lead to cash flow difficulties.

Over to the US and Consumer confidence this afternoon is expected to show the highest reading for four years reaching 73.0 for November.

The data arrives alongside improvements in household sentiment could see further support for the Greenback reducing pressure on the Fed for additional monetary support.

The head of the Fed Ben Bernanke predicts a more broad-based recovery and we should see the central bank move away from its easing policy and the FOMC may continue to sit on the side-lines as the December 12 meeting as the region gets on a more sustainable path.

Back to the UK and yesterday we saw Canadian central bank Chief Mark Carney named as new Bank of England governor.

The former Goldman Sachs manager has a strong reputation and has been praised for this ‘pragmatic’ response to the financial crisis during his reign in Canada.

He is considered more hawkish that King following a rate rise in Canada to offset a housing bubble and may lead to the UK reducing QE and look to a rate increase in the near future.

The appointment is the first foreign head of Britain’s central bank in 318 year history and he will be the one of the most influential unelected officials in the UK.

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