FXStreet (Edinburgh) – Jim Reid, Analyst at Deutsche Bank, reviewed the recent outcome of yesterday’s EU Leaders Summit and the latest developments from the Greek front.
Key Quotes
“The press briefing following the Summit largely echoed comments out of Eurogroup meeting earlier in the day”.
“European Commission President Juncker said that he is ‘convinced’ that an agreement will be reached this week, while EU President Tusk said that Greece’s proposals are a positive step and a result is being aimed for Wednesday evening”.
“German Chancellor Merkel was also conciliatory, although warned that ‘it was also said very clearly that we’re not yet where we need to be’ and that ‘hours of the most intensive deliberations lie ahead of us’.
“The subject of debt relief for Greece was not played down and will likely remain a key topic after French President Hollande said that ‘it needs to be indicated as a forthcoming step’ although likely discussed as a ‘second step’ while Merkel acknowledged that although this wasn’t discussed in detail ‘it became clear that this question of being able to finance itself must be part of the deal’.
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