These 10 Dates Are Crucial For The Future Of Europe

As the news cycle winds down for the year, it remains clear to investors that the eurozone crisis is far from over.
After action by the European Central Bank last week to shore up bank liquidity, investor sentiment has soured. Banks are storing a record level of deposits with the ECB, Greece is still in the doghouse, and although Italian and Spanish bond yields have eased momentarily, analysts doubt that trend will continue indefinitely.
Fear is still driving trading, and here are the biggest dates ahead that could make or break a crisis solution.
Friday, December 30
The Spanish government and its newly empowered center-right government will announce emergency budget measures to ensure that it will meet its budget deficit targets for the coming year. The final budget will probably be presented in late March.
The Bank of Spain announced today that the Spanish economy has already begun to contract in the last few months. While Spain's public debt is under control right now, negative growth will make it even more difficult for Spain to meet its budget targets and weigh on the market sentiment which has already increased borrowing costs for the Spanish government.
We could also hear hints about what the government plans to do to mitigate the problems with Spanish banks.
Wednesday, January 4
A flash CPI estimate for the euro area could influence the European Central Bank monetary policy decision a week later, and show just how fast the euro crisis is slowing down the economy.
According to Bloomberg, analysts are expecting inflation to decline to 2.8% in December from 3.0% a month earlier. A surprise to the downside would indicate that further, possibly even more radical, ECB action could be in the works.
Saturday, January 7
Spanish business leaders and unions must reach an agreement on labor reform by this date. The agreement will center around education, holidays, measures to settle disputes outside the workplace, and worker attendance rules.
Spanish newspaper ABC reports that they have already made substantial progress towards this agreement, however this agreement, coupled with budget amendments, could ignite protests if it threatens worker pay or employment.
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Source: http://feedproxy.google.com/~r/businessinsider/~3/ec-I0BEE0yo/10-key-dates-europe-2011-12
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