Wednesday, July 13, 2011 Euro zone finance ministers are considering a buyback of Greek bonds at 50 percent of their

face value, German paper Financial Times Deutschland reported; the plan would wind up cutting Greeces overall debt levels from 150% of GDP to 120%. Reuters there is press talk about how the percieved rift between Belusconi and his finance minister may be healing (Italys finance minister earlier Tues said he was leaving the Eurozone summit in Brussels and heading back to Rome in order to help push the countrys austerity package through parliament; the Italian Senate could approve on Thurs w/the lower house following on Fri. NYT

About 26% of Italys debt matures within 18 months. The IEA said it would carefully assess next week whether further stock releases are needed; a decision on any further stock releases will be made around Jul 23 Reuters Sen Minority Leader McConnell floated a proposal on Tues that would permit Obama to unilaterally raise the debt ceiling by $2.4T in three installments between now and the end of 12 unless 2/3 of the Congress votes to block such a move. The plan would prevent a default but would place any fallout from the decision to hike the ceiling on the president. WSJ Trade looks like it contributed less in Q2. Macroeconomic Advisors and Goldman both trimmed or talked about cutting their Q2 GDP forecasts. WSJ