Greek debt drama in final act

There will be no Houdini like escape for the Greeks this time. The EU has established a cut off point of February 15 where all deals involving the government's austerity program, it's negotiations with bond holders, and the political tug of war must all be resolved or the bailout won't be forthcoming and a March 20 deadline for a debt repayment of $18 billion will be missed sending Greece into a messy default. Reuters: Tortuous negotiations over a second bailout for Greece are set to come to a head on Wednesday, putting fragile market confidence to the test on the same day data is tipped to show the euro zone is entering a mild recession. U.S. retail sales and the release of minutes from the last Federal Reserve rate-setting meeting, data on UK inflation and unemployment, more corporate earnings and a Bank of Japan policy meeting also stand on the market's radar. But it is Greece and a March 20 deadline, when the country must find 14 billion euros ($18.6 billion) to meet debt...(Read Full Post)

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