Greece closer to €2 billion deal with Europe for the bank’s restructuring – Swissquote

By FXStreet FXStreet (Delhi) – Yann Quelenn, Market Analyst at Swissquote Bank, notes that the negotiations between Greece and Europe have reached a new step towards the release of €2 billion for the country’s restructuring banks.

Key Quotes

“In particular, major disagreement in the debate was mainly on home foreclosures and tax arrears. However, we know that since the June negotiations, where PM Alexis Tsipras decided to turn down the people’s OXO vote to accept disadvantageous lenders’ terms for an emergency bailout deal, that Greek officials have been capable of providing some important concessions.”

“The only unknown variable in the equation is to know by how much they are willing to compromise. Indeed, with yesterday’s new agreement, only 60% will continue to be offered full protection from foreclosure. Austerity policies are far from being over in Greece and yet still, despite this, Greek debt is not sustainable over the long haul. Instead, more and more efforts will be demanded from the Greek population.”

“Markets have not reacted strongly to this news but the dollar keeps on the strengthening on the Fed’s possible rate hike in December (which would be purely symbolic in our view). We are clearly bearish EUR and we we turn our attention to …read more

Source:: FX Street