The European Central Bank will make major concessions for Greece through an agreement to exchange its government bonds, previously purchased in the secondary market, at a price below face value as opposed to the full amount, according to The Wall Street Journal. This may decrease Greece’s debt by up to EUR 11 billion, even though EU central banks will not participate. Meanwhile, Greece’s private creditors will take large haircuts on their holdings.

Germany reported its December exports dove 4.3 percent after seeing a 2.6 percent increase in November. This was far worse than the -1 percent estimate. December’s decline is the greatest drop since January 2009. With the country’s recent declining industrial output numbers, it is a looking like a recession at the euro zone core.

Nokia (NYSE:NOK) will cut an additional 4,000 jobs at its Finland, Hungary and Mexico plants as it moves its smartphone assembly work to Asia. The company said the cuts will occur in phases throughout the year. Under Nokia Chief Executive Officer Stephen Elop, he has cut more than 30,000 jobs.

Amazon.com Inc. (NASDAQ:AMZN) could announce a Web video deal with Viacom Inc (NYSE:VIA) this week, according to Reuters. This could serve as a independent subscription service that would compete with Netflix Inc. (NASDAQ:NFLX). Neither company has commented on it but last week, Viacom’s Chief Executive Philippe Dauman hinted to analysts about the online video deal but declined to name the partner.

Boardroom changes continue at Yahoo! Inc. (NASDAQ:YHOO). Chairman Roy Bostock and three other directors will step down as two new directors have been elected. The changes come after Yahoo’s board has faced criticisms for falling behind Google (NASDAQ:GOOG) and Facebook and the naming of the company’s new CEO, Scott Thompson.

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