Well that’s a little bit of good news and will be helping underpin EUR/USD.

Greek report to EU

  • Says recent data suggest macroeconomic environment has deteriorated
  • 2009 base year revision to contract GDP more than 0.3% forecast for 2010
  • Little doubt that salary cuts, weaker economy to reduce consumption in 2010
  • Stronger global economy suggests some improvement in Greece’s external balance
  • No slippages yet on plans to cut spending. Revenue measures being implemented
  • Persistence of high yields on government bonds may mean revisions to interest payment forecast

Elsewhere

  • Spain’s Economy Minister says 2009 deficit could be lower than previous forecast of 11.4% of GDP