14 Jul 2015
Greek Parliament in the limelight – Societe Generale
FXStreet (Edinburgh) - Kit Juckes, Strategist at Societe Generale, sees further risks stemming from the upcoming national Parliamentary votes following the recent agreement.
Key Quotes
“There wasn’t much euphoric celebration of the deal to extend new loans to Greece in return for more austerity and heavily-supervised privatisation”.
“But the hangover is in evidence this morning. Mr Tsipras’ Syriza Government may see significant rebellion and approval of the deal in the Greek parliament will probably only be possible with the help of opposition parties -and even then, it isn’t completely certain it will pass”.
“Getting the deal though parliaments elsewhere in Europe won’t be all that easy, either but it’s in Greece that the fallout could be seen most clearly in the form of new elections”.
“And all of that before we return to the perennial question of whether the planned reforms (and privatisations) can actually be carried out successfully”.
“Suffice to say that while Greece remains in the Eurozone for now, the crisis is not yet over. EUR/USD has broken 1.10 but the bigger psychological barrier is last Tuesday’s 1.0915 low. It will be tested.
Key Quotes
“There wasn’t much euphoric celebration of the deal to extend new loans to Greece in return for more austerity and heavily-supervised privatisation”.
“But the hangover is in evidence this morning. Mr Tsipras’ Syriza Government may see significant rebellion and approval of the deal in the Greek parliament will probably only be possible with the help of opposition parties -and even then, it isn’t completely certain it will pass”.
“Getting the deal though parliaments elsewhere in Europe won’t be all that easy, either but it’s in Greece that the fallout could be seen most clearly in the form of new elections”.
“And all of that before we return to the perennial question of whether the planned reforms (and privatisations) can actually be carried out successfully”.
“Suffice to say that while Greece remains in the Eurozone for now, the crisis is not yet over. EUR/USD has broken 1.10 but the bigger psychological barrier is last Tuesday’s 1.0915 low. It will be tested.