Bloomberg News

S&P 500 Futures Pare Gains, Euro Falls on Greek Bailout Concern

February 15, 2012

Feb. 15 (Bloomberg) -- U.S. stock-index futures pared gains and the euro fell amid concern that European officials will delay Greece’s bailout until after elections in April.

Futures on the Standard & Poor’s 500 Index expiring next month were up 0.5 percent at 1,353.8 at 8:35 a.m. in New York after rising as much as 0.8 percent earlier. Futures trimmed their advance to below 1,351 before recovering some gains after a Federal Reserve gauge of manufacturing in the New York area topped economists’ estimates. The euro slipped 0.4 percent to $1.3087.

Euro area finance officials are investigating delaying parts or all of the second bailout while still avoiding a disorderly default, Reuters reported, citing several European Union sources.

Greece said that Europe’s wealthier countries are “playing with fire” by toying with the idea of expelling it from the 17- nation euro area as talks over a second aid program ran into new obstacles. Finance Minister Evangelos Venizelos leveled the accusation after a decision slated for tonight on aid totalling 130 billion euros ($171 billion) was postponed until Feb. 20 at the earliest.

--Editor: Michael P. Regan

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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