Today the Bank of Canada held its benchmark interest rate steady @ 1%. This is the 12th consecutive time the rate remained unchanged. The Bank Governor suggested rates could rise as risk aversion; signs of stabilization in Europe due to bank funding and sovereign debt markets improve the focus of the economies in question. Mario Draghi the new European Central Bank President says he has done enough to battle the sovereign debt crisis by laying the groundwork for an eventual exit from record-low interest rates and emergency lending measures. Declaring that the environment “has improved enormously” and there are “many signs of returning confidence in the euro,” Draghi turned the spotlight instead on “upside risks” to inflation, which is now forecast to remain above the ECB’s 2 percent limit this year. That suggests policy makers don’t plan to cut rates further or add to their 1 trillion euros ($1.32 trillion) of long-term loans to banks.
See Goldman Sachs orchestrated, for a ransom, the manipulation of numbers to bring Greece and other countries into line. It is a complicated issue but this may help you understand what is really going on in Europe. Please take the time to watch this clip; http://www.youtube.com/watch?v=V5z0rQRdsiE –

At least 75% of Greek bondholders have agreed to new terms according to headlines. Next major event is March 20th when bond payments are due. This sets the stage for Ireland and Portugal to accept similar deals by force.

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