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Jucker cancels Eurogroup meeting on Greece, will hold call instead and meet on Monday EU seeking to finalize 325m euros of spending cuts before bailout approval New Democracy’s Samaras yet to sign austerity pledge, may sign tomorrow ECB’s Weidmann: Central banks must not participate in debt haircuts Schaeuble: Europe now better prepared for a Greek default Dutch fin min: No a cent more for Greece after bailout Spain may be fined for failing at deficit cuts US retail sales ex... Read Full Story

S&P 500 closes down 0.1% to 1350 after losses of 0.7% earlier. Read Full Story

Via Reuters, who cites a government source. This was/is a stupid snag for all parties involved. Share and Enjoy: Read Full Story

–Senate Majority Leader ‘Very Happy’ With House GOP Payroll Plan –Also Need To Pass UI Extension, Doc Fix –Senate Minority Leader McConnell: ‘No View’ Yet On House GOP Plan By John Shaw WASHINGTON (MNI) – Senate Majority Leader Harry Reid signalled Tuesday that he is willing to support a new House Republican plan to extend last year’s payroll tax cut for the rest of this year without requiring budget offsets. In comments after a Senate Democratic luncheon, Reid said he is “very... Read Full Story

I’m not a fan of the way Europe is handling the crisis in Greece at the moment. It’s almost as if they’re looking for a way to kick Greece out. German leaders continue to put themselves on the front lines and now a rift has opened between the Greek public and Germany. It would have been better if Lagarde or Juncker or someone from an international body was the punching bag but the Germans don’t seem to care. Today, Schaeuble  is saying it’s easier to allow Greece to default now. What is... Read Full Story

WASHINGTON (MNI) – The following is the text of a statement by Standard & Poor’s Tuesday raising its outlook on California to positive from stable: Standard & Poor’s Ratings Services revised its outlook on all long-term and underlying ratings for California to positive from stable. In addition, we affirmed our ‘A-’ long-term ratings and underlying ratings (SPURs) on California’s $73.37 billion of general obligation (GO) debt. Simultaneously, we affirmed our ‘A-’ and ‘BBB+’ long-term... Read Full Story

WASHINGTON (MNI) – Circling each other in a preliminary budget bout Tuesday, the Obama technocrat and the wiley Republican veteran of dozens of budget battles scored few points on each other and yet seemed to realize that this time they are locked in a battle to the end with no escape. Read Full Story

FRANKFURT (MNI) – Central banks may not simply forget about part of the Greek government’s obligations towards them in order to make a private sector debt reduction deal possible, European Central Bank Governing Council member Jens Weidmann said in a newspaper interview released Tuesday. Read Full Story

Papandreou has signed off but Samaras – the leader of New Democracy — has not yet committed to implementing austerity, according to a Reuters source. I see him holding out for a day or two to score political points but I don’t see him playing a game of chicken with the Troika. Share and Enjoy: Read Full Story

We’re breaking the ranges on a number of majors. No catalyst immediately visible. AUD/USD below 1.0645 USD/CHF at 0.9210 Cable below 1.5660 Share and Enjoy: Read Full Story