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Still No Certainty on Greece, but the Chinese Help
15 Feb 2012 EST - CNBC.com
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You may be sick of Greece and the European Union (I hear about it every day), but there is no doubt about its continuing grip on the markets.

When I took my wife out for a Valentine’s Day dinner last night, futures were at roughly 1,347. When I checked shortly after 10 p.m. ET, they had jumped to 1,357.

Ten points in a few hours? Huh? It was all on vague comments from the People Bank of China’s Governor Zhou Xiaochuan that China was willing to play a role in helping Europe out by buying euro zone government debt , similar to comments made by other Chinese officials in the past.

A teleconference of euro zone finance ministers is scheduled for 11 a.m. ET, but it’s still not clear what the Greeks will be delivering. Finance Minister Evangelos Venizelos told the BBC that there was agreement on cutting 325 million euros ($426 million) from defense, health, and local government budgets, along with the terms of the private sector (PSI) debt negotiations. We’ll see.

There are conflicting reports as to whether both main political parties have definitively signed an agreement to implement the austerity bill signed Sunday, regardless of the outcome of the elections.

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