(BN) *FILLON SAYS FRENCH DEFICIT WILL BE 4.5% IN 2012

So when exactly are they getting to the “balanced budget”?  This is just a useful reminder how far away they are from delivering on the “compact” they cobbled together on Thursday.

A 4.5% deficit in 2012 and 91 day bills issued by EFSF.  Like every other summit, the follow up on the vague promises will be underwhelming.

I see no reason for the ECB to say anything new this week.  The IMF should have been able to say something by now, which I will take as a sign that no new big program is going to be announced and no country outside of Europe has volunteered fresh funds.

S&P has been quiet.  I think they should say something today or tomorrow.  They are the only agency not to comment following the meeting.  I believe that is a sign they are going to take some action.  It is easy to say that the summit was disappointing and do nothing.  It is harder to take action, so that to me explains the delay.

On the data front, retail sales were weak and best buy looks like best sold so far this morning.

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 BN 12/13 14:12 *FILLON SAYS FRENCH DEFICIT WILL BE 4.5% IN 2012

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Fillon Says French Deficit Will Be 4.5% in 2012

2011-12-13 14:16:36.826 GMT

By Steven Fromm

     Dec. 13 (Bloomberg) — French PM speaks in National

Assembly.

  * Dec. 9 euro accord may lead to euro bonds “one day”

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