17 Feb 2015
Vast divide on Greek debt ends the Eurogroup meeting with no deal – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team comments on the stance of Greece and the European negotiators regarding the debt program for Greece.
Key Quotes
“European negotiators and the new Greek anti-austerity govt remain at odds on how to handle the expiring bailout program. The former insist that Athens request an extension under the previously agreed upon terms, the latter continue to push for a bridge loan while it evaluates its fiscal state.”
“The meeting of the two sides ended abruptly on Monday when Greek officials said the opening EU offer demanding adherence to the existing bailout was "absurd" and "unacceptable".”
“The draft called for a 6-month technical extension of current program, calling on Athens to continue to guarantee debt sustainability.”
“In a NY Times Op/Ed, Fin Min Varoufakis said his govt is "determined not to be treated as a debt colony that should suffer what it must", refusing to accept VAT hikes or cuts in pensions in the coming months.”
“The Fin Min later added he still believes a deal can be reached in as early as two days.”
“Eurogroup's Dijsselbloem meanwhile said Greece has until the rest of the week to formally request extension to bailout program, adding its govt cannot attempt to roll back agreed upon measures unilaterally.”
“EUR/USD fell as low as 1.1320 in the holiday-thinned New York session before a bounce to 1.1360 during Asian hours.”
Key Quotes
“European negotiators and the new Greek anti-austerity govt remain at odds on how to handle the expiring bailout program. The former insist that Athens request an extension under the previously agreed upon terms, the latter continue to push for a bridge loan while it evaluates its fiscal state.”
“The meeting of the two sides ended abruptly on Monday when Greek officials said the opening EU offer demanding adherence to the existing bailout was "absurd" and "unacceptable".”
“The draft called for a 6-month technical extension of current program, calling on Athens to continue to guarantee debt sustainability.”
“In a NY Times Op/Ed, Fin Min Varoufakis said his govt is "determined not to be treated as a debt colony that should suffer what it must", refusing to accept VAT hikes or cuts in pensions in the coming months.”
“The Fin Min later added he still believes a deal can be reached in as early as two days.”
“Eurogroup's Dijsselbloem meanwhile said Greece has until the rest of the week to formally request extension to bailout program, adding its govt cannot attempt to roll back agreed upon measures unilaterally.”
“EUR/USD fell as low as 1.1320 in the holiday-thinned New York session before a bounce to 1.1360 during Asian hours.”