10 Mar 2015
Greek woes looming once again – DB
FXStreet (Edinburgh) - Analysts at Deutsche Bank assessed the recent meeting and developments between Greek officials and the rest of the EU members.
Key Quotes
“Not only did Greek government debt sell off notably, Greek equities also struggled yesterday with the Athex closing the day down 4.2%”.
“The Greek under-performance was driven by yesterday’s disappointing eurogroup meeting which ended with Eurogroup chairman Jeroen Dijsselbloem urging Greece to, “stop wasting time,” as he said, “little has been done since the last Eurogroup (meeting two weeks ago) in terms of talks, in terms of implementation” (Reuters)”.
“The day ended with Dijsselbloem adding after the meeting that Greece could gain access to part of its remaining bailout money but only if it follows through on reforms saying, “we stand ready to further support the Greek government on the condition that we have an agreement on the whole package,”.
“Talks resume tomorrow with technical teams visiting Athens then too (Bloomberg)”.
“As DB’s George Saravelos concluded yesterday, “in terms of overall progress, we are therefore left where the Eurogroup was three weeks ago, with the government's cash position the only source of pressure to reach an agreement.” George’s current best guess on when liquidity will cease is early April”.
Key Quotes
“Not only did Greek government debt sell off notably, Greek equities also struggled yesterday with the Athex closing the day down 4.2%”.
“The Greek under-performance was driven by yesterday’s disappointing eurogroup meeting which ended with Eurogroup chairman Jeroen Dijsselbloem urging Greece to, “stop wasting time,” as he said, “little has been done since the last Eurogroup (meeting two weeks ago) in terms of talks, in terms of implementation” (Reuters)”.
“The day ended with Dijsselbloem adding after the meeting that Greece could gain access to part of its remaining bailout money but only if it follows through on reforms saying, “we stand ready to further support the Greek government on the condition that we have an agreement on the whole package,”.
“Talks resume tomorrow with technical teams visiting Athens then too (Bloomberg)”.
“As DB’s George Saravelos concluded yesterday, “in terms of overall progress, we are therefore left where the Eurogroup was three weeks ago, with the government's cash position the only source of pressure to reach an agreement.” George’s current best guess on when liquidity will cease is early April”.