by Calculated Risk on 9/09/2012 09:24:00 PM

It is time for the next act of the Greek tragedy, from the WSJ: Inspectors Reject Some Cuts Greece Plans

The [European Commission, International Monetary Fund and the European Central Bank — the so-called troika] rejected some €2 billion ($2.6 billion) of proposed spending and revenue measures the government had hoped would help meet budget targets for the next two years ... The troika is demanding €13.5 billion in budget cuts in exchange for its latest €173 billion bailout.

The troika report, to be delivered before a European finance ministers' meeting Oct. 8, will also play a role in determining whether Greece is able to win a sought after two-year extension in meeting tough budget-deficit targets.

The Asian markets are mostly green tonight, although the Nikkei is down 0.2%.

From CNBC: Pre-Market Data and Bloomberg futures: the S&P future are down 2, and the DOW futures down 26 points.

Oil prices are moving mostly unchanged with WTI futures are at $96.27 and Brent is at $114.12 per barrel. Using the calculator at Econbrowser suggests national gasoline prices at about $3.69 per gallon.

Yesterday:
• Summary for Week Ending Sept 7th
• Schedule for Week of Sept 9th
• Analysis: I expect QE3 on Sept 13th

Five more questions for the September economic prediction contest (Note: You can now use Facebook, Twitter, or OpenID to log in).