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UK 100 called to open +15pts after a quiet start to the week in the US and Asia on account of a very limited macro data schedule and all eyes remaining on slow progress of Greek discussions (amount of bailout #2 and private sector debt agreement) which are still on-going and PM Papa demous due to meet leaders of the national unity government today in an effort to try and reach a compromise on the austerity measures being pushed by those holding the purse strings (ECB, EU, IMF). One possibility is an earmarking of funds due to debtors, giving lenders the option of withholding funds if budget rules aren’t adhered to and as a means of not requiring a budget commissioner to sit in Athens while above all avoiding the prospect of a messy default which would occur in mid-March and likely lead to panic in the markets. Or would it? Are we now so conditioned to the possibility that it really wouldn’t shock us? Gold and Oils bounced off lows after dollar gives up some of recent gains. Good result from BP and Xstrata helping opening call.
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