9 Jul 2015
Markets still waiting for Tsipras to deliver – Deutsche Bank
FXStreet (Edinburgh) - Analyst Jim Reid at Deutsche Bank reviewed the recent developments from the Greek front.
Key Quotes
“Yesterday we learnt that Greece has submitted a request for a 3-year bailout program from the ESM as had been widely expected”.
“In the letter, the Greek government said that it would detail a ‘comprehensive and specific reform agenda’ by today”.
“There were some suggestions that the letter carried some softer language, including rhetoric around softer demands for debt restructuring however it will be the finalized list of reforms from the Greek side which will ultimately decide which direction we head over the weekend”.
“Outside of the news of the formal loan request, a European Parliament session yesterday which included Greek PM Tsipras was said to have been stormy and led by more defiant rhetoric out of Tsipras”.
“Elsewhere we also heard that Greek banks will stay closed through Monday and extend capital controls in light of Sunday’s summit, while the ECB also kept the ELA cap unchanged”.
Key Quotes
“Yesterday we learnt that Greece has submitted a request for a 3-year bailout program from the ESM as had been widely expected”.
“In the letter, the Greek government said that it would detail a ‘comprehensive and specific reform agenda’ by today”.
“There were some suggestions that the letter carried some softer language, including rhetoric around softer demands for debt restructuring however it will be the finalized list of reforms from the Greek side which will ultimately decide which direction we head over the weekend”.
“Outside of the news of the formal loan request, a European Parliament session yesterday which included Greek PM Tsipras was said to have been stormy and led by more defiant rhetoric out of Tsipras”.
“Elsewhere we also heard that Greek banks will stay closed through Monday and extend capital controls in light of Sunday’s summit, while the ECB also kept the ELA cap unchanged”.