The much awaited €130 billion bailout package for Greece was finally approved by European finance ministers with strict conditions, including a 53.5% haircut on Greek bonds owned by private investors. However, market concerns that the deal is only a short-term fix has kept gains in the Euro subdued. Meanwhile, markets await the release of the Eurozone’s consumer confidence data for February later today.
At home, data just out indicates that public sector net borrowing declined for January. All eyes are now on tomorrow’s release of the BoE’s minutes, which will provide some insight into this month’s voting pattern that led to the additional £50 billion in stimulus.
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