As the euro approaches its 10th anniversary – fighting for survival – France will start the year with its first debt auction.
5: France will kick off a mad dash to financial markets by eurozone governments: Italy alone needs to raise €450bn (£375bn) in the next twelve months. France's first debt auction of the year comes as Paris anxiously awaits a long-expected credit downgrade.
• 6: The US releases its key monthly unemployment report for December, the non-farm payroll. A strong reading would underpin confidence; a weak one could create panic.
• 8: The deadline set by the new Spanish government has for deciding a package of labour market reforms as the latest part of Madrid's attempt to show investors it is serious about kick-starting its economy.
• 9: Germany will try to borrow €4bn from the financial markets in short-term loans. It will be watched closely as a measure of investors' confidence in the Euro after a failed auction in November.
• 11: Germany will be back to the markets, trying to sell €4bn-worth of 5 year Bunds, or government bonds, on the same day that the government reveals official GDP figures. A decline could point to the onset of eurozone-wide recession.
• 12: Italy auctions short-term bonds. Technocratic prime minister Mario Monti will hope to repeat last month's stunt of appearing before a chart of declining Italian bond yields.
Senior officials from europe will start a two-day meeting in Copenhagen; the Americans will no doubt repeat Washington's demand that eurozone leaders resolve the crisis.
Official figures will show what happened to industrial production in November in the UK and the eurozone.
The Bank of England will decide whether to increase its quantitative easing programme.
• 13: Italy will be back in the markets, to borrow money over 5 years.
• 16: Inspectors from the European Commission, the IMF and the ECB(Troika) will return to Greece to assess its progress towards resolving its debt crisis. Rumours are emerging to suggest they could recommend an even bigger debt writeoff.
• 17: Spain will be raising short-term debt, over a period of 12 and 18 months, while in Germany the key monthly survey from thinktank the ZEW will test the country's economic strength at the turn of the year.
• 18: Germany will be back in the markets to auction €4bn-worth in 2 year notes.
• 19: Two-day meeting of deputy finance ministers from G20 countries in Mexico City, giving eurozone governments another chance to urge developing countries such as China – and non-members such as the UK – to contribute extra resources to the IMF that could be used in the event of a euro meltdown.
Meanwhile back in Madrid, Spain will be auctioning (more) bonds.
• 20: Germany's turn – it will auction €3bn in 1 year bills, known as Bub ills.
Relief for Athens - or perhaps not - as the Troika inspectors depart.
Retail figures for the UK will give the official picture of Christmas shopping trends.
• 23: Finance ministers from euro zone member-countries will meet to hammer out the next steps in the battle to stabilize the currency; while Monti is scheduled to outline yet more austerity measures.
• 24: Spain auctions 3 and 6 month bills Eurozone ministers will be joined by their counterparts from non-members of the single currency – including George Osborne – to discuss the crisis.
•25: Germany will auction €3bn in 30 year bonds, while the ECB will offer the next batch of emergency loans to banks in its so-called long-term refinancing operation.
Official GDP figures from the UK will be released, revealing whether the economy contracted at the end of 2011.
• 26 and 27: Italy auctions (yet) more bonds as US GDP figures for the end of 2011 are released.
• 30: Italy is at it again, this time selling 3 and 10 year bonds, against the background of a major summit for European leaders, at which they hope to make progress towards shoring up their bailout fund and tightening tax and spending rules.
• 31: The troika is due to deliver its report on Greece and talks with the country's private creditors, under which Athens hopes they will volunteer to accept a hefty write down on the value of their bonds, are due to end.
To Your success
Fxtycoon....
Stevens Adeola,S.
