Economy took turn for better in 3rd quarter
Growth expected to show marked improvement
Although people said they felt worse, according to surveys of consumers and executives, they actually spent more money in the late summer and early fall.
The result: The economy probably expanded by a 2.8% annual rate, according to a MarketWatch survey of economists. It could even top 3%.
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Oct. 26, 2011, 11:00 p.m. EDT
Greek bondholders to take 50% haircut
SYDNEY (MarketWatch) — European leaders announced a deal early Thursday in which private-sector holders of Greek debt will take a 50% writedown on the value of their holdings, removing a key stumbling block for Europe as it works to resolve its debt crisis
Sarkozy also announced that the European Financial Stability Facility will see an increase in firepower by four- or five-fold.
An expanded bailout fund is seen as crucial in ensuring that the debt crisis doesn’t engulf Spain and Italy.
