FXStreet (Edinburgh) – Jim Reid, Analyst at Deutsche Bank, assessed the recent developments from the Greek front.
Key Quotes
“The Greece saga rumbles on in the background meanwhile. It was the various headlines announcing that Greece’s Creditors have drafted a list of proposals which they are set to present to Greece today that marked an important development, seemingly putting the ball firmly in Greece’s court”.
“A senior EU official was quoted as saying that the draft ‘covers all key policy areas and reflects the discussions of recent weeks’. The list is set to be discussed with PM Tsipras today who is due to meet EC President Juncker in Brussels this evening”.
“The move countered the news that Greece had submitted its own list to European leaders prior to their meeting in Berlin on Monday night, which according to Greek press Ekathimerini quoted sources as saying that the proposal was too vague and lacking detail”.
“Tsipras had been noted as saying that ‘Greece is the one that submits the plan’ in comments yesterday and that ‘this is our main, non-negotiable position’.
“Dutch Finance Minister Dijsselbloem was typically more defiant however, saying that ‘there is a misunderstanding that we should meet halfway’.
“The hope now will be for a political deal to be reached by Friday which in turn will allow a comprehensive staff-level agreement to be finalised in the coming weeks”.
“In the mean time however, there still remains the risk of non-payment of the IMF loan due Friday with a Greek government official saying that Athens would only make the payment if there was an agreement with creditors”.
(Market News Provided by FXstreet)