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5 Jul 2013
Portugal, Greece and the US NFP in the center of attention today
FXstreet.com (Barcelona) - The uncertain situation in Portugal and Greece as well as the US employment report release are in market focus on Friday. Lisbon is continuing its efforts to stem the political crisis which has erupted at the beginning of the week, while Athens will try to reach and agreement with Troika inspectors on its bailout program. In the meantime the US jobs report result will give indications on how the world's largest economy is faring.
Portuguese government talks with the junior coalition partner seem to have a positive outcome as PM Pedro Passos Coelho announced late yesterday that "a formula was found to maintain government stability." The country's borrowing costs continue to decrease on Friday to more sustainable levels.
Speaking in the European morning, the Portuguese president Anibal Cavaco Silva warned that a failure to overcome the political crisis could result it Portugal´s inability to return to financial markets in 2014.
The EU, ECB and IMF representatives also seem to be close to a consensus with Greek authorities as far as layoffs in the public sector are concerned. The Kathimerini newspaper reported today that 12500 civil servants would be moved into a “mobility scheme”, which would entail transferring or dismissing the workers within one year. An agreement on the measure is expected to be reached today; otherwise Greece might not obtain its next 8.1 billion euro tranche of aid.
Portuguese government talks with the junior coalition partner seem to have a positive outcome as PM Pedro Passos Coelho announced late yesterday that "a formula was found to maintain government stability." The country's borrowing costs continue to decrease on Friday to more sustainable levels.
Speaking in the European morning, the Portuguese president Anibal Cavaco Silva warned that a failure to overcome the political crisis could result it Portugal´s inability to return to financial markets in 2014.
The EU, ECB and IMF representatives also seem to be close to a consensus with Greek authorities as far as layoffs in the public sector are concerned. The Kathimerini newspaper reported today that 12500 civil servants would be moved into a “mobility scheme”, which would entail transferring or dismissing the workers within one year. An agreement on the measure is expected to be reached today; otherwise Greece might not obtain its next 8.1 billion euro tranche of aid.
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