Market Vibrations: News And Commentary From The Europe Desk (0730 GMT)

By Research Team,

1155 GMT:Sources are saying that the Eurozone FinMins areset to say that the Greek swap can procees as planned according tothe draft statement. The Dutch FinMinhas said the debt deal is "encouraging" and disorderly bankruptcyseems to have been averted. Meanwhile, the hesitent Finnishgovernment has survived a parlimentary confidence vote; the votepassed 102-70.

1050 GMT:Greek FinMin Venizelos hassaid that Greece achieved an "exceptional degree of success" in thedebt swap. Calling it a "historic day" for Greece, Venizelos saidthe nation is being relieved of EUR 105bln of debt. He added thatdebt is set to rise in 2012 and possibly also in 2013. EU's Rehn is set toissue a statement of the PSI deal later today, after today'simpending Euro-area conference call which is scheduled for 1130GMT.

0930 GMT:French Italian, and UK industrial production numbers have come outweaker than expected, as the Euro and risk-correlated currenciesremain weak against the dollar ahead of the US NFPs later today.Meanwhile, an EU official has said that the European Commission hassent inspectors to Spain to assess its 2011 budget figures.

0 730 GMT: The Greek PSI dealis today's top headline into the European session, with Greecetoday saying that over 85% of debt holders have agreed to the debtswap deal. The participation rate is expected to reach 95.7% withuse of collective action clauses to enforce the deal. The dealinefor creditors to accept the swap ios March 23rd. Meawhile, Germaninflation has come out as expected. Markets are poised to absorbfor data today to the tune of French and UKmanufacturing production, and the all-important US job data laterin the North American session.
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Original Article: http://www.dailyfx.com/forex/market_alert/2012/03/09/Market_Vibrations.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.

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