• Exuberance abounds as Greece moves closer to its debt swap. Roughly 60% of bondholders have agreed to the terms of the swap. From Bloomberg News.
• Brazil has released lower growth data in GDP and industrial production. The country announced its economy grew around 2.7% in 2011 earlier this week, and announced today that industrial production fell 2.1% in January. Combined this with lower growth forecasts in the developing world, China in particular, and investors are getting concerned about how much emerging markets can propel global growth. From the Wall Street Journal.
• In response to weak economic data, Brazil’s central bank monetary policy committee cut interest rates by a more than expected 75 basis points. From the Financial Times.