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What Lies Ahead?

February 21, 2012 – 6:23 pm

The week will be quiet with little economic data being released. The one exception will be housing numbers. Existing and new home sales for January come out on Wednesday and Friday.

Over the weekend the EU agreed, again, to another bailout of Greece. This time they have stricter guidelines for Greece to follow, something that is in doubt with elections for Greece looming in April.

The mess that is going on is more than just solving Greek debt issues. It is a change in their society that is trying to be implemented by the money lenders. Greece has no industry other than tourism and they have being living on debt for so long it is a way of life. The EU, ECB and IMF are requiring that before they loan more money they want a reduction of their minimum wage and major changes in pension and other benefits. Currently, they have a government that is agreeing with these measures as the average Greek is marching in the street protesting them. In April new politicians will be elected and it is very much in doubt that the current policies will be adhered to.

The EU problem is far from over and we have not turned much attention to the other problem countries as yet, though they seem to be more serious about attacking their debt issues.

It will be a wild ride in 2012, but at least it is not as bumpy as it was last year and the year before, so far.

Good Trading
Steve Peasley

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