FXStreet (Edinburgh) – Jim Reid, Analyst at Deutsche Bank, reviewed the recent events in the Greek front.
Key Quotes
“There appeared to be no further comments from either Tsipras or the Creditors following the meeting late last night”.
“Before this we learned that, after a number of time consuming meetings during the day, Greece and its Creditors had still failed to bridge the remaining gaps in proposals that are on the table”.
“Eurogroup President Dijsselbloem confirmed this while the WSJ released a copy of the counter proposal from the Creditors which showed where the differences still remained”.
“In particular this includes the proposed corporate taxation increases, sales taxes and defense spending cuts amongst others areas”.
“Various wires are reporting that the IMF in particular appears to be leading some of the pushback with Reuters quoting the Fund’s Chief Lagarde as saying ‘you can’t build a programme just on the promise of improved tax collection, as we have heard for the past five years with very little result’.
“That yielded a response out of Tsipras who said that ‘this odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed’. Greece’s State Minister Flabouraris, meanwhile, said that the revisions by the Creditors to some of Greece’s proposals were ‘absurd’.
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