17 Feb 2015
Time quickly running out for Greece – BTMU
FXStreet (Barcelona) - According to Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ, time is now quickly running out for Greece to reach a compromise agreement, with Eurogroup Chairman signalling that another meeting could be scheduled at Friday, “but that’s about it”.
Key Quotes
“Chairman of the Eurogroup of finance ministers Dijsselbloem has stated that “there was a very strong opinion across the Eurogroup that the next step has to come from the Greek authorities”.”
“He added that “we can use this week, but that’s about it”, with the Eurogroup prepared to meet again on Friday but only if Greece specifically requested an extension and committed to completing the terms of the current bailout.”
“There was a glimmer of hope that a compromise can be reached at the last minute after it was also revealed that an earlier plan presented by the European Commission’s economic chief Moscovici which called for four month prolongation of financial support for Greece which was more in line in Greek thinking had been ready to sign before it was changed.”
“Moscovici added that “I have no doubt there is going to be an agreement in the end”.”
“Without an agreement by the end of this week, it is likely that the euro will come under increased selling pressure and euro volatility is likely to pick up as well.”
Key Quotes
“Chairman of the Eurogroup of finance ministers Dijsselbloem has stated that “there was a very strong opinion across the Eurogroup that the next step has to come from the Greek authorities”.”
“He added that “we can use this week, but that’s about it”, with the Eurogroup prepared to meet again on Friday but only if Greece specifically requested an extension and committed to completing the terms of the current bailout.”
“There was a glimmer of hope that a compromise can be reached at the last minute after it was also revealed that an earlier plan presented by the European Commission’s economic chief Moscovici which called for four month prolongation of financial support for Greece which was more in line in Greek thinking had been ready to sign before it was changed.”
“Moscovici added that “I have no doubt there is going to be an agreement in the end”.”
“Without an agreement by the end of this week, it is likely that the euro will come under increased selling pressure and euro volatility is likely to pick up as well.”