• The Greek offer of austerity measures required to implement the next tranche of bailout money is insufficient, according to EU and IMF officials. The proposal leaves debt to GDP ratio as high as 136% in 2020, say German officials. Luxembourg Prime Minister Jean-Claude Juncker also said that there will be no disbursement without implementation, leaving the Greek government the task of fleshing out additional spending cuts and turning its budget-plan into law. At least the end game is in sight. From Bloomberg News.
• More strikes followed the announcement that Greek budget cutting measures were insufficient for EU and IMF officials negotiating the next bailout payment for the country. A 48 hour strike was called by civil servants union ADEDY, bringing most of the metro and bus systems in Athens to a halt. Hospital doctors and bank employees walked off the job. From Reuters News.
• The International Energy Agency cut oil demand forecast today, significantly. The IEA said that oil consumption in industrialized countries would grow by 800,000 barrels, down from 1.1 million barrels per day. It is the group’s sixth demand estimate reduction in a row. The economic funk in Europe is the main culprit for the change. From The Financial Times.