Aussie count

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Today analysis aussie..base on direct chart view..aussie tringger now..flat pattern..if price break space point line..market progress to mono wave i to complete poly wave 1..(TAYOR)...

Beginning of 2012 marked by efforts to fight euro crisis

The beginning of 2012, the 10th anniversary year of the euro, will see EU officials making further efforts to maintain the stability of the common currency. Eurozone countries need to refinance up to 650 billion euros of debt by the end of April. German Chancellor Angela Merkel and French President Nicolas Sarkozy have already planned an additional summit for January 9 in order to discuss the details of new government spending rules for the EU countries, which are supposed to be introduced in the second quarter of 2012.

In an interview for the newspaper Bild, the German Finance minister Wolfgang Schaeuble said that “this is not a euro crisis, it is a debt crisis in some euro states” and urged all EU debtor nations to strictly implement austerity measures. At present the most burning issue for the area is the Spanish and Italian debt, which the two countries need to curb as quickly as possible in order to prevent the escalation of the crisis and the breakup of the Eurozone.

In Spain, PM Mariano Rajoy's government announced on Friday that the country's budget deficit for 2011 would reach 8%, exceeding the previous estimate of 6%. In consequence, Rajoy presented an austerity plan which includes temporary tax increases and public spending cuts.

Nevertheless, Italy's debt poses currently a greater threat to the stability of the Eurozone as it is the third largest economy of the region and the second most indebted member state after Greece. In the first quarter of 2012 the country faces a repayment of 53 billion euros of debt.

Many EU officials agree that the best way to help these countries to regain market confidence and boost their competitiveness is to buy them time by the means of rescue funds.

Meanwhile in Greece the new government urges banks and insurance companies to agree to an acquittance of 75% of the country's debt, which at present stands at 50%. An agreement on this matter is supposed to be reached before the end of January.

Euro area: "What to watch" in the coming months

• The markets continue to be event driven. This is in particular the case for government bond markets, but also global stock markets seem to be more sensitive to the development in the European debt crisis than signals from forward looking growth indicators. 
• Focus continues to centre on the development in the euro area debt crisis. There are an array of critical events in the coming months, such as ECBs 36 months LTRO, PSI negotiations in Greece, European bank recapitalisation, details/implementation in the wake of the EU Summit and large government bond auctions in Italy and Spain.
• In the short term the primary tools to fight the crisis will be the ECB and the EFSF possibly combined with further help from the IMF. In the long run can Eurobonds or redemption bonds be part of the solution.

Key events the coming months

 Euro area 

• Result of 36 months LTROs. 
• Negotiations on Greek PSI deal. 
• Bank recapitalisation in Europe. 
• Rating move on EU17 and EFSF. 
• EU summit details. 
• Auctions in Italy and Spain. 
• EFSF role in secondary markets. 
• IMF role in debt crisis should be clarified. 
• General election in France.