ATHENS, Greece — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it’s uncertain whether it can implement the austerity that Europe has set as a condition for doing so.
Late last week and over the weekend, a flurry of developments related to the near and longer term economic outlook took place, most of which could be a cause for concern.
PARIS — The day after Francois Hollande rode to power in France on a slogan of “change now,” the conversation in Europe was already different Monday: Austerity had become a dirty word.
NEW YORK — U.S. stocks struggled for direction Monday, unsure of what to make of news about Greece’s debt workout and eclectic announcements from a few well-known U.S. companies, such as mattress maker Sealy and luxury retailer Michael Kors.
BRUSSELS — The countries that use the euro pulled Greece back from an imminent and potentially catastrophic default on Tuesday, when they finally stitched together a euro130 billion ($170 billion) rescue they hope will also provide a lifeline to their common currency.
NEW YORK — Stocks slumped Wednesday in one of their worst showings this year as Greece, slogging through negotiations with other countries over a bailout, once again cast a long shadow over the financial markets.
Political gridlock, strained family budgets, financial crises throughout the euro-zone, mediocre U.S. employment and economic growth… all of these things and more that exemplified 2011 are likely to continue into 2012. And all of this despite the perception among many economists that 2011 ended on a strong note that may possibly continue into 2012.
In what now seems to be a weekly ritual, U.S. financial markets fluctuated throughout the past week based upon anticipated future economic and political developments. But as has become more and more common, it is not the potential outlook for our country that has memorized financial market participants, but rather that of the European Union’s 27 country confederation, or even more specifically, the euro-zone’s 17 member nations that utilize a common currency, the euro.