3 Jul 2015
Greece referendum: No matter what the outcome, no immediate resolution expected – DB
FXStreet (Barcelona) - George Saravelos, Strategist at Deutsche Bank, offers the outlook for the Greece referendum vote ahead, and further explains that any immediate resolution for the Greek crisis is unlikely.
Key Quotes
“Sunday’s referendum appears too close to call. Irrespective of the outcome however, there is unlikely to be an immediate resolution to the crisis the next day. A "yes" vote would be significantly more likely to lead to a quicker agreement with the creditors, but not without risks. A “no” vote opens a wider range of possibilities. This notwithstanding, any agreement would likely require change that leads to a re-building of trust between Greece and its creditors.”
“Ultimately, the continued strong pressure on the Greek economy and the government's weak cash position will remain important catalysts for future developments, irrespective of this weekend's referendum.”
Key Quotes
“Sunday’s referendum appears too close to call. Irrespective of the outcome however, there is unlikely to be an immediate resolution to the crisis the next day. A "yes" vote would be significantly more likely to lead to a quicker agreement with the creditors, but not without risks. A “no” vote opens a wider range of possibilities. This notwithstanding, any agreement would likely require change that leads to a re-building of trust between Greece and its creditors.”
“Ultimately, the continued strong pressure on the Greek economy and the government's weak cash position will remain important catalysts for future developments, irrespective of this weekend's referendum.”