News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • $ARKK down to a fresh three month low but finding some support on this confluent fibo level. If the rates theme continues could add more pressure here
  • tech side of the $USD forecast already starting to fill in with today's bullish breakout 😎
  • I just finished my USD 4Q fundamental forecast with @JStanleyFX (who did the techs) at the end of last week. Today certainly jazzes up my assessment
  • The S&P 500 has opened with a sharp gap lower while the Dollar pushes an 11 month high. DailyFX's @JohnKicklighter talks about volatility, debt limits, and Fed forecasts!
  • $SPX trying to hold support after failing at resistance yday $SPY $ES currently about 4% off of the all time high
  • Nasdaq tumbles 2% $NDX
  • The ICE's trade-weighted $DXY Dollar Index is at an 11 month high today. Notably, its largest component - $EURUSD - has not slipped the August low
  • Stocks extend fall, Dow Jones down 1% following worse-than-expected US Consumer Confidence #trading $DJIA
  • Big enough disappointment to heap onto the risk aversion but not bad enough to restart speculation of a delayed November taper from the FOMC. Net net, further bearish pressure on $SPX
  • The $SPX has opened today with its biggest bearish gap since last Monday's tumble. Officially squashes the recovery momentum and now we are more balanced in facing fundamental event risk - bullish or bearish
Guest Commentary: Greece--Outstanding tax debt worth €55 billion, primary budget surplus reached

Guest Commentary: Greece--Outstanding tax debt worth €55 billion, primary budget surplus reached

Yohay Elam, ForexCrunch,

Late in 2012, Greece received the long awaited tranche of aid, after executing a bond buyback program, amid other measures. The attention of financial markets has moved away from Greece, but the problems remain.

One of the biggest issues is tax collection: new taxes can be introduced, existing taxes can be raised, but the revenue side is still problematic. And while the cuts helped reach a primary surplus, the government arrears are still high.

Between January and November 2012, expired debts reached 12 billion. Together with previous outstanding tax debt, Greeks own the country 55.5 billion euros. Some of the debt is lost: companies have gone bankrupt, but some are due to tax evasion.

The EU / ECB / IMF troika calculates that 80% of this debt cannot be collected. However, there are still around 11-12 billion euros of debt that can be collected. The troika now wants the government to should put its hand into the accounts and review the policy for writing down debt.

The situation in Greece remains troubling; with rating agency Moody's saying that the debt remains unsustainable. Angela Merkel already sent a trial balloon regarding debt forgiveness from European governments, something the IMF asked for.

The good news from Greece is that the country already reached a primary surplus (a surplus excluding interest payments) in these months: January-November. A surplus of 2.3 billion euros countered a deficit of 3.6 billion in the same period 2011.

It's important to note that this surplus is also thanks to government arrears: 8.56 billion euros. Greece needs to reach a primary surplus of 4.5% of GDP up to 2016, according to the new terms.

Further reading: EUR/USD forecast.

By Yohay Elam, ForexCrunch

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.