Jean-Claude Juncker, who leads the group of euro-area finance ministers, said the International Monetary Fund may withhold aid for Greece as questions mount about how the country can avoid default next year.
“There are specific IMF rules and one of those rules says that IMF can only take action when the refinancing guarantee is given over 12 months,” Juncker said. “I don’t think that the troika will come to the conclusion that this is given,” he said.
WHAT TO WATCH: *Greek political party leaders meet with President Karolos Papoulias, PM George Papandreou briefs them on the economy *Protesters gathered for a second day outside the country’s Parliament in a demonstration against austerity measures
EARNINGS: *Piraeus Bank (TPEIR GA), reports 1Q 2011 earnings before start of trading, holds a conference call at 9:30 a.m.
EQUITIES: *Greece started the sale of a stake in Hellenic Telecomm (HTO GA) to Deutsche Telekom (DTE GR) *Folli Follie Group (FFGRP GA) released 1Q profit of EU22.9M *Aegean Airlines (AEGN GA) reports 1Q net loss of EU16.3M from a EU25.6M loss *National Bank (ETE GA) releases 1Q net profit of EU157M *Marfin Popular (MARFB GA) reports 1Q net of EU71M *Forthnet (FORTH GA) reports 1Q sales at EU102.6M from EU99.4M
MARKETS: *The ASE Index lost 2.75 or 0.2% to 1,286.88 *FTSE/ASE 20 Index declines 0.4% at 575.04 *Cypriot General Index drops 0.6% to 821.70 *Greece 2YR Bond Yields: 25.19% - 10YR Bond Yields: 16.38% *10YR bond spread against German bunds -- 13.38 ppts *Euro -- U.S. $1.42 *The MSCI Asia Pacific Index gained 1% as of 1:11 p.m. in Tokyo, as corporate profits at companies including Genting Bhd. (GENT) overshadowed data showing U.S. economic growth is faltering.
BLOOMBERG TV: *9:07 a.m. Edward Yardeni, Yardeni Research, Europe’s credit bubble *12:40 p.m. Michael O’Sullivan, Credit Suisse, market’s reaction to comments by Juncker
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