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Forex Analysis

05/07/2015 07:14:41

Greek negotiations continue as ECB extends ELA to Greek banks

Negotiations are not progressing as hoped despite the daily talks betw

Greece may have managed to repay €200 million to the IMF yesterday and stay afloat for now, but the country is fast running out of money and there are serious doubts that it will be able to repay another €763 million when it comes due on Tuesday, the day after the next eurogroup meeting, said Craig Erlam, analyst at Oanda.

Negotiations are not progressing as hoped despite the daily talks between the different parties. It’s not even clear at this stage whether the IMF and EU are on the same page after it was reported that the IMF wants the EU to accept writedowns on the debt owed by Greece as its debt levels are unsustainable. This could slow negotiations further which really isn’t helping matters.

On the bright side, the ECB yesterday extended the emergency liquidity assistance to Greek banks and didn’t apply any new haircuts on the Greek assets the banks are using as collateral. As Erlam noted, This may change going forward but I imagine that will depend on how talks progress between now and Monday’s meeting. If this does carry on into the weekend, we may see a lot of risk aversion tomorrow as a lot can change in the two days the markets are not open.

Bolsamanía 

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