1 Jul 2015
Greece deal talks set to resume ahead of referendum – DB
FXStreet (Edinburgh) - Jim Reid, Analyst at Deutsche Bank, assessed the recent events in the Greek front.
Key Quotes
“Before we got the non-payment confirmation, headlines yesterday were dominated by various reports of extension requests”.
“Greece again made a request for a short-term extension of the existing program – which was swiftly rejected – while we also got the news that Athens submitted a request for a 2-year loan from the ESM”.
“Although Eurozone finance ministers are set to discuss the request today (expected 10.30am GMT), the tone from Europe is one of pushback with German Chancellor Merkel in particular saying that there will be no new negotiations until after Sunday’s referendum”.
“Eurogroup President Dijsselbloem, although acknowledging that the request will get looked at, also highlighted that ‘a new program takes time and will have to contain tough measures and payments’, while ‘the situation will unfortunately further deteriorate and the only way to solve this quickly is when the government will take another political position’.
“Certainly the bulk of the commentary on the wires was one of the offer being something of a non-starter in any case”.
Key Quotes
“Before we got the non-payment confirmation, headlines yesterday were dominated by various reports of extension requests”.
“Greece again made a request for a short-term extension of the existing program – which was swiftly rejected – while we also got the news that Athens submitted a request for a 2-year loan from the ESM”.
“Although Eurozone finance ministers are set to discuss the request today (expected 10.30am GMT), the tone from Europe is one of pushback with German Chancellor Merkel in particular saying that there will be no new negotiations until after Sunday’s referendum”.
“Eurogroup President Dijsselbloem, although acknowledging that the request will get looked at, also highlighted that ‘a new program takes time and will have to contain tough measures and payments’, while ‘the situation will unfortunately further deteriorate and the only way to solve this quickly is when the government will take another political position’.
“Certainly the bulk of the commentary on the wires was one of the offer being something of a non-starter in any case”.