5 Jul 2015
Greek referendum: A 'No' vote unlikely to produce change in creditors' position - BBH
FXStreet (Bali) - A "no" vote in the Greek referendum is unlikely to produce a change in the official creditors' position, notes Marc Chandler, Global Head of Currency Strategy at BBH.
Key Quotes
"A "no" vote is unlikely to produce a change in the official creditors' position. The Greek government and the official creditors were not as far apart as the rhetoric often suggested. Our sentimentality and love for drama often obscured the fact that the Greek government accepts 90% of the creditors' demands."
"There was one key issue, and that is debt relief. The IMF's report out last week made it clear that to put Greece's debt on sustainable path debt relief (from Europe) was essential. This may be a hint that without it, the IMF might not participate in a third assistance program."
Key Quotes
"A "no" vote is unlikely to produce a change in the official creditors' position. The Greek government and the official creditors were not as far apart as the rhetoric often suggested. Our sentimentality and love for drama often obscured the fact that the Greek government accepts 90% of the creditors' demands."
"There was one key issue, and that is debt relief. The IMF's report out last week made it clear that to put Greece's debt on sustainable path debt relief (from Europe) was essential. This may be a hint that without it, the IMF might not participate in a third assistance program."