15 Jun 2015
Greece debt deal: June seems to be the new deadline – Danske
FXStreet (Barcelona) - Chief Analyst at Danske Bank, Arne Lohmann Rasmussen, summarizes the key developments surrounding the Greece bailout negotiations with its creditors.
Key Quotes
“Greece was in the limelight once again this weekend. After the IMF delegation left the talks earlier this week, focus was on talks between the Greek representatives and EU representatives last night. However, the talks lasted for a meagre 45 minutes and the EU Commission issued a statement saying that the talks did not succeed as there is still a significant gap between the willingness of the Greek authorities and the requirements [of the Troika] of 0.5-1.0% of GDP, which is equivalent of up to EUR2bn on an annual basis.”
“It is also noteworthy that EU President Junker said that with political will a solution can be found before the end of the month. Hence, the end of June seems to be the new deadline.”
“It also seems that the German stance has hardened even more over the weekend. Sigmar Gabriel, Germany’s vice-chancellor from SPD, writes in the popular German newspaper Bild that sympathy for Greece is running thin. SPD is usually viewed as more ‘Greek-friendly’ than Merkel’s CDU.”
Key Quotes
“Greece was in the limelight once again this weekend. After the IMF delegation left the talks earlier this week, focus was on talks between the Greek representatives and EU representatives last night. However, the talks lasted for a meagre 45 minutes and the EU Commission issued a statement saying that the talks did not succeed as there is still a significant gap between the willingness of the Greek authorities and the requirements [of the Troika] of 0.5-1.0% of GDP, which is equivalent of up to EUR2bn on an annual basis.”
“It is also noteworthy that EU President Junker said that with political will a solution can be found before the end of the month. Hence, the end of June seems to be the new deadline.”
“It also seems that the German stance has hardened even more over the weekend. Sigmar Gabriel, Germany’s vice-chancellor from SPD, writes in the popular German newspaper Bild that sympathy for Greece is running thin. SPD is usually viewed as more ‘Greek-friendly’ than Merkel’s CDU.”