20 Mar 2015
Greece assets under renewed pressure - Rabobank
FXStreet (Barcelona) - Jane Foley, Senior Currency Strategist at Rabobank, notes that Greek assets are under pressure, with reports suggesting that banks in Greece have seen an outflow amounting to EUR300mln - EUR400mln.
Key Quotes
"The reason for hardening of attitude against Greece is reportedly due to actions that its government describes as an assertion of sovereignty. This week the Greek parliament passed an anti-austerity bill despite not having the green light from its creditors. The bill which will provide free electricity and food stamps to low income household is very much in line with the roots of the Syriza party."
"However, it comes at a time when Greece is rapidly running out of means to meet repayments to its creditors."
"Overnight Greece promised to speed up the reforms it promised last month to secure its EUR7.2 bln bailout extension and to send a full and detailed list of reform proposals to its Eurozone partners in the coming days."
"On Monday Tsipras will meet Chancellor Merkel in Berlin to discuss progress. As yet no date has been set for releasing further aid to Greece and the country is running out of time."
"In reflection of the increase in tension Greece assets have come under renewed pressure. The FT is reporting that domestic banks suffered outflows of between EUR300 mln and EUR400 mln on Wednesday; it seems likely that this trend will have extended this week."
"To complicate the picture further, a German opinion poll published on March 13 suggests that 52 of the country’s population no longer want Greece to remain in EMU, up from 41% last month."
Key Quotes
"The reason for hardening of attitude against Greece is reportedly due to actions that its government describes as an assertion of sovereignty. This week the Greek parliament passed an anti-austerity bill despite not having the green light from its creditors. The bill which will provide free electricity and food stamps to low income household is very much in line with the roots of the Syriza party."
"However, it comes at a time when Greece is rapidly running out of means to meet repayments to its creditors."
"Overnight Greece promised to speed up the reforms it promised last month to secure its EUR7.2 bln bailout extension and to send a full and detailed list of reform proposals to its Eurozone partners in the coming days."
"On Monday Tsipras will meet Chancellor Merkel in Berlin to discuss progress. As yet no date has been set for releasing further aid to Greece and the country is running out of time."
"In reflection of the increase in tension Greece assets have come under renewed pressure. The FT is reporting that domestic banks suffered outflows of between EUR300 mln and EUR400 mln on Wednesday; it seems likely that this trend will have extended this week."
"To complicate the picture further, a German opinion poll published on March 13 suggests that 52 of the country’s population no longer want Greece to remain in EMU, up from 41% last month."