12 May 2015
Still work to be done in Greece – DB
FXStreet (Edinburgh) - Analyst Jim Reid at Deutsche Bank reviews the recent meeting between the Eurogroup and Greece.
Key Quotes
“In terms of Greece yesterday and specifically the Eurogroup meeting, as we’d come to expect, there was little material new news to come out of the meeting”.
“Instead, the commentary centered around more progress being made but not enough yet to warrant a release of funds to Greece”.
“A joint statement put out after the meeting between the two sides said that ‘we welcomed the progress that has been achieved so far’ but that ‘at the same time, we acknowledged that more time and effort are needed to bridge the gaps on the remaining issues’.
“Eurogroup President Dijsselbloem backed this up saying that ‘I’m not satisfied but just a bit more optimistic, the way the talks take place in the way they negotiate has been improved’.
“Despite Varoufakis saying that there was some considerable convergence between the sides, he reiterated the fragile liquidity situation that Greece finds itself with and when asked about a potential timeframe for when cash may run out, commented that ‘we are talking about the next couple of weeks’.
Key Quotes
“In terms of Greece yesterday and specifically the Eurogroup meeting, as we’d come to expect, there was little material new news to come out of the meeting”.
“Instead, the commentary centered around more progress being made but not enough yet to warrant a release of funds to Greece”.
“A joint statement put out after the meeting between the two sides said that ‘we welcomed the progress that has been achieved so far’ but that ‘at the same time, we acknowledged that more time and effort are needed to bridge the gaps on the remaining issues’.
“Eurogroup President Dijsselbloem backed this up saying that ‘I’m not satisfied but just a bit more optimistic, the way the talks take place in the way they negotiate has been improved’.
“Despite Varoufakis saying that there was some considerable convergence between the sides, he reiterated the fragile liquidity situation that Greece finds itself with and when asked about a potential timeframe for when cash may run out, commented that ‘we are talking about the next couple of weeks’.