FXStreet (Edinburgh) – Analyst at Deutsche Bank Jim Reid reviews the latest events from the Greek front ahead of another (the last one?) Eurogroup meeting due on Saturday.
Key Quotes
“As it stands another Eurogroup meeting has been scheduled for Saturday with technical teams due to resume negotiations in the mean time in the hope that an agreement is made before the meeting”.
“Yesterday’s stalemate came after Greece and its Creditors again failed to bridge the remaining gaps that have plagued an agreement being reached, with signs of agitation in the European camp”.
“German Chancellor Merkel warned that ‘we don’t have the necessary progress’ and that ‘one even has the impression that we’ve regressed a bit’. Merkel also suggested that an agreement needs to be reached before markets reopen again on Monday Overnight (at around 3am CET) and speaking after the conclusion of the first day of the EU Summit, Merkel has reiterated that Saturday’s Eurogroup will be decisive and that a lot of technical details from Greece need to be resolved”.
“When questioned on whether or not an agreement will be reached, the German Chancellor replied that ‘whether they can do that, I can’t say”.
“But the political will of all the leaders present with respect to Greece was clear’. French President Hollande, also speaking shortly after, said that ‘we must do everything to reach a global and durable accord’ and that ‘Greece must make proposals that will allow institutions to enter a conclusive phase’.
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