• The EU statistics office confirmed today that 4th quarter GDP declined .3%. Exports fell .4% following a 1.4% gain in the previous quarter. Consumer spending was down .4%. Europe is struggling through its second recession in three years raising the stakes on the Greek bailout. From Bloomberg News.
• The IIF cautioned that a disorderly Greek default could cost more that 1 trillion euros in stop gap funding to avoid contagion. The International Institute of Finance represents many of the private sector Greek bond holders who have until March 8th to decide whether to accept terms on the table for a swap. The memo is a warning shot to bond holders. From the Financial Times.
• Today is “Super Tuesday” in the Republican nomination race. 11 states and 400 of the 1144 delegates needed for victory are up for grabs. The Romney camp hopes to deliver a kill shot to opponents in the race, and focus on running against President Obama. From Bloomberg News.