News & Analysis

Greece submitted a progress report on its 4.8B euro deficit cutting plan to the EU

Greece submitted a progress report on its ?4.8B deficit cutting plan to the EU. The rating agencies seem pleased with Greece's progress so far. On Tuesday S&P took Greece off its credit watch negative list and affirmed the country's BBB+ sovereign rating. At their meeting this week, European finance minters discussed the proposed European Monetary Fund (EMF), while France and Germany exchanged barbs over how best to handle the problem. The Greeks mainly wants lower borrowing costs now that they feel they've taken appropriate steps and appear to be threatening to go to the IMF for aid (the feeling is that this would embarrass the Euro Zone). Traders are now focusing on the EU Summit scheduled for March 25th.