Talk of ECB debt concessions is providing additional hope on an agreement being forged for a debt swap in Greece. Sources say the ECB could tender Greek bonds bought in the open market below par and not insist on face value. Such a move would narrow the gap in Greek finances. Still, austerity and restructuring measures have to be ironed out across political parties, which remains a challenge in the face of nation-wide unrest. From the Wall Street Journal.
The Republican presidential primary elections got even more interesting last night with former U.S. senator Rick Santorum taking a sweep in Colorado, Minnesota, and Missouri. The surprising results make life increasingly difficult for Newt Gingrich, and call into question Mitt Romney’s support in the American heartland. President Obama was most likely thrilled with the results. From Reuters News.
In a sign the the world-wide auto industry is recovering nicely, Daimler AG is poised to release numbers showing a profit margin of 8.3%. That level would be the best since 2007, yet still lags Volkswagen and BMW which are estimated to be 10%. From Bloomberg News.