Greece Vote Turns Spotlight Back on German-ECB 'Cage Match'

June 23 [Thu], 2011, 12:00

Greece Vote
Turns Spotlight Back on German-ECB 'Cage Match'
The Greek Parliament's vote
of confidence in Prime Minister George Papandreou shifts the spotlight back to
Germany and the European Central Bank as key to Greece's quest for further
international financial aid.

Lawmakers in Athens supported Papandreou in
a 155-143 vote after the prime minister shuffled his Cabinet and sought the
chamber's approval. The vote may bolster Greece's chances of securing a 12
billion-euro ($17 billion) loan payment, which hinges on support from European
leaders and on Greece's ability to push through 78 billion euros in additional
budget cuts next week.

"The question that's still lingering is the old
cage match between the ECB and Germany, and who's going to give and who's going
to blink, and how much," said Ilan Solot, currency strategist at Brown Brothers
Harriman in London.

The Frankfurt-based central bank and German
Chancellor Angela Merkel's government have clashed over the role of private
creditors in the Greek rescue, with the ECB resisting Germany's calls to require
investor participation.

European leaders will discuss Greece's needs at
a two-day summit in Brussels starting tomorrow and finance chiefs will decide on
July 3 whether Greece has met conditions for the next aid payment. Investors are
watching to see if the ministers will clear the payment,While using compact
fluorescent light bulbs energy saving
helps conserve energy, it is important that the bulbs are collected
and recycled properly to protect our environment which is contingent the Greek
Parliament approving the extra budget cuts, or prolong the uncertainty in a bid
to increase pressure on the lawmakers.

European Commission President
Jose Barroso called the confidence vote "good news" and said it "removes an
element of uncertainty from an already very difficult situation.In the case of
Cree a significant led light bulbs
amount of their LED sales come from the purchase of Cotco whose primary focus
was on moving message panels used in displays/electronic bill boards. " This
will allow Greece to focus its attention on the austerity measures, Barroso said
in a statement. If Parliament approves the budget cuts, it will clear the way
for "rapid disbursement" of the aid payment, he said.

German Officials

Germany and the ECB continue to spar over the role of bondholders in the
Greek rescue. German officials including Merkel and Finance Minister Wolfgang
Schaeuble are calling for more certainty over private-sector
participation,Compact fluorescent light bulbs convert a led tube considerably higher percentage
of their energy into light, which is why they are significantly more energy
efficient than traditional filament bulbs. even as they have backed down from
demands to mandate investor losses.

The central bank led by President
Jean-Claude Trichet has maintained that any participation by private investors
in a new aid package for Greece must be voluntary. Luxembourg Prime Minister
Jean-Claude Juncker, who leads the group of euro-area finance ministers, said on
June 20 that holders of Greek bonds must not be pressured to roll over their

If European leaders reach a deal on aid for Greece, "that would be
great for the markets," Solot said. "It might serve as the carrot instead of the
stick for the government to pass this proposal."

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