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Three stories will likely dominate the business/economic/financial world in the week ahead.
- Greece. Obvious, yes. The big austerity vote is scheduled for the 29th, Wednesday. Greece needs to pass this in order to receive anymore money from its European peers, and avoid imminent default. The latest tally suggests that PM George Papandreou has a 3-vote 1-vote margin of victory on this, with two four of his fellow PASOK members have voiced their opposition. A question that’s worth asking: If Greece doesn’t pass the measure, is the rest of Europe really going to withhold the cash, and by implication just sit around for a default? That, too, seems hard to believe, given the fallout that would hit banks holding Greek debt, not to mention the loss of confidence we’d see in Ireland, Portugal and Spain.
- The US economy. It won’t be the heaviest week for data, but there a few notable ones, including Case-Shiller on Tuesday, and the ISM on Friday. Also on Friday are auto sales, which as Calculated Risk notes, could show some nascent signs of sequential improvement, although not all supply chain issues have been worked out yet.
- The debt ceiling. With the Biden-Cantor talks having failed, the job falls on The President and The Majority Leader to work this out. With any luck, we’ll know soon if those two are having any more progress.
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