EU - 07/12/11
Eleventh-hour negotiations have begun to create a much bigger financial “bazooka” to present at this week’s European Union summit that could include running the two separate rescue funds together and winning increased support for the IMF.
The eurozone could implement tougher budget rules using a fast-track procedure that would avoid the political pitfalls and delays of a full-blown treaty change, its member governments have been told.
French PM Fillon said the government will do whatever it takes to keep its AAA rating and they are not planning a third austerity package, although if further budget measures prove necessary in 2012, France would be willing to take them.
Australian GDP (Q3) Q/Q 1.0% vs. Exp. 0.8% (Prev. 1.2%, Rev. 1.4%)
Li Yang, a former advisor to China’s central bank, said the CNY exchange rate has started to approach equilibrium level.