FXStreet (Barcelona) – With Greece debt talks lasting only 45 minutes and not significant breakthrough seen yet, the Investec Team views that risk for a potential ‘Grexit’ would only increase as the end of the month nears.
Key Quotes
“The European Commission said this weekend “a significant gap” remained between Greece and its creditors, which caused last-minute talks to be called off with further discussions now to take place in the Euro-group meeting later this week. This leaves Greece entering what could be a defining week, after the European Commission said that talks in Brussels broke down in just 45 minutes as a new economic reform proposal submitted by Athens was deemed inadequate to continue negotiations.”
“The focus now shifts to a June 18 meeting in Luxembourg of Eurozone finance ministers that may become a make or break session, deciding Greece’s ability to avert default and its continued membership in the Eurozone.”
“The Euro opened this morning around half a cent lower against the US Dollar as markets remain cautious, ultimately the most likely outcome is still for Greece to remain in the Eurozone at the eleventh hour, although the closer we get to the end of the month – the higher the risk of a Grexit.”
(Market News Provided by FXstreet)