(Posted Friday, 930pm)
The US payroll data came in at local time 830pm which faired lower than consensus with the prior month data revised upwards. Unemployment came in at 9% vs 9.1% for the month of September.
The US payroll data came in at local time 830pm which faired lower than consensus with the prior month data revised upwards. Unemployment came in at 9% vs 9.1% for the month of September.
Tonight or rather early morning Friday (Singapore time 5am) is the all important event of the week: The vote of confidence for the bailout package. For many, the carrot for a vote of confidence will be the (sad) resignation of their PM.
The immediate reaction would be a rally to the weekend. The PM will resign and a ‘temp’ government would hold. The bad cloud still lingers as then, an election campaign would be the next itinerary.
The question then would be ‘would the opposition support for reforms view it as a betrayal’ as the bailout package comes with a price: spending cuts, austerity, etc.
Hence, if the vote of confidence is a YES, then PM will resign and the next itinerary would be the Greek election campaign. The saga continues… (Read next post: The Italian saga begins! we do not need this. Get your act together)
Penny for your thoughts: Would not the referendum suggested by the PM be seen as a one step approach to end the ALL Greek saga?
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