20 Jul 2015
Markets vigilant on Greek banks – Deutsche Bank
FXStreet (Edinburgh) - Analyst at Deutsche Bank Jim Reid noted the relevance of today’s re-opening of the Greek banks.
Key Quotes
“Talking of Greece, the banks re-open today for the first time in three weeks”.
“Greece is unlikely to be a huge macro influence now for a couple of months but events like this are certainly worth keeping an eye on to assess the likelihood of future progress or lack of it”.
“Aside from the banks we also heard from German Chancellor Merkel who suggested that it would be possible to discuss Greek debt relief through extending maturities once the ESM deal has been negotiated, but she once again reiterated the ruling out of any haircuts”.
“Merkel also dismissed any suggestions of a dispute with German Finance Minister Schaeuble who had said in a Der Spiegel interview over the weekend that the two had differences, although he downplayed any talks of a potential resignation”.
“Meanwhile, late on Friday we also saw Greek PM Tsipras announce a cabinet reshuffle as largely expected, replacing various members of the Syriza party who had previously opposed the proposals at the parliamentary vote last week, including the more outspoken Left Platform faction leader Lafazanis”.
Key Quotes
“Talking of Greece, the banks re-open today for the first time in three weeks”.
“Greece is unlikely to be a huge macro influence now for a couple of months but events like this are certainly worth keeping an eye on to assess the likelihood of future progress or lack of it”.
“Aside from the banks we also heard from German Chancellor Merkel who suggested that it would be possible to discuss Greek debt relief through extending maturities once the ESM deal has been negotiated, but she once again reiterated the ruling out of any haircuts”.
“Merkel also dismissed any suggestions of a dispute with German Finance Minister Schaeuble who had said in a Der Spiegel interview over the weekend that the two had differences, although he downplayed any talks of a potential resignation”.
“Meanwhile, late on Friday we also saw Greek PM Tsipras announce a cabinet reshuffle as largely expected, replacing various members of the Syriza party who had previously opposed the proposals at the parliamentary vote last week, including the more outspoken Left Platform faction leader Lafazanis”.