Subsequent to a meeting in Berlin, France Finance Minister
Moscovici and http://jobsmoney.blogspot.com/Minister Schaeuble declared that they are aiming
for a solution to Greece by November. They both want to see Greece remains in
the Euro-zone, and the solution will be discussed more in tomorrow’s Euro-group
meeting. Schaeuble refused to comment on the size of the funding gap in Greece,
but added that they can’t go in the opposite direction on debt reduction.
Moscovici said he doesn’t want to reopen the discussion on Euro bonds.
The amount of people out of work in Germany now totals 2.94
million. The German economy has suffered because of the Euro debt crisis, and
the GDP only rose 0.3% in the second quarter. Germany is the largest economy in
the Euro and signs of economic suffering are Euro negative in forex
markets.
Clearly, the largest story of the day is Hurricane Sandy and its
impact on the East Coast of the US. It is appraised that the damages are coming
up to 20 billion dollars from the hurricane and US stock markets will remain
closed today, the US markets might reopen tomorrow.
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