Morning Market Roundup: Greece Bailout Details Unknown, Google’s Quest to Dominate Mobile

Here’s what’s important in the financial world this morning:

EU: While Greece approved austerity measures on Sunday, bailout elements still need to be determined such as the contribution of euro zone governments to reduce the country’s debt. The EU wants Greece to cut an additional €325 million ($429 million) of the budget and receive additional party leader assurances about the package, according to the Wall Street Journal. These demands give affirmations to those who think the EU is attempting to kick Greece out of the euro.

Tech: U.S. and EU regulators have approved the $12.5 billion acquisition by Google of Motorola. They will watch for key patents to the telecom sector and see that they’re licensed at fair prices. In addition, on Monday, the Department of Justice also approved the patent purchases by an Apple group led by Nortel Networks Corp., and the patents previously owned by Novell IP, according to Reuters.

Fed: For the second time in a week, the Federal Reserve delayed its decision on whether or not to approval Capital One Financial’s proposed $9 billion ING acquisition.  It reviewed the deal on Monday and said it will announce a decision soon. Community banks and consumer advocates have criticized the deal for its possible impact on the economy.

If it’s approved, Capital One could jump to the fifth or sixth largest bank as defined by deposits; it currently not in the top 10.

Japan: The Bank of Japan announced the expansion of its asset-purchasing program by ¥10 trillion. It will also keep its near-zero interest rate target, with a set inflation target of 1 percent. While the bank was not pressured to set the goal, the government still may interfere in monetary policy.

[Editor’s note: that above is a cross post that originally appeared on Wall St. Cheat Sheet.]