The Greek government has won enough backing for a debt swap deal that will enable the country to avoid bankruptcy and stay in the euro.

85.8% of private investors holding approximately €172bn (£144bn) of bonds under Greek law have agreed to cut the debts owed to them by embattled Greece, which will be the biggest restructuring of Sovereign debt in history. These actions where required in order to secure a second bailout from the EU, but will it be enough to save Greece, especially considering the added pressure of youth unemployment exceeding 50% for the first time.

The European Central Bank kept interest rates at a record of low of 1 per cent for a third month running. This was expected following the ECB’s major injections of cheap cash that flushed over a trillion euros of 3 year money into the Eurozone and the central bank has raised its forecasts for inflation this year due to climbing oil prices.

Mario Draghi said that the environment has improved and that there are many signs of restored confidence in the euro, with the spotlight on upside risks to which are now to remain above the ECB’s 2 % limit this year.

U.S jobs are headed for the strongest run since 2005, with U.S employers potentially taking on more than 200.00 workers in February for a third straight month thus improving the labour market. This will support the U.S expansion with more jobs and will drive consumer spending which accounts for 70 % of the economy.

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