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Trading news
16 Apr 2015
Ever inconclusive Greek talks continue – ING
FXStreet (Barcelona) - Paolo Pizzoli of ING, notes that lack of progress in negotiations has reportedly reduced the chances of an agreement at the April 24 eurogroup meeting.
Key Quotes
“The submission of the list of reforms could not win strong support on the “institutions” front and an updated version was solicited late last week for delivery before the next Eurogroup meeting, due in Riga on April 24.”
“Vagueness and lack of coherence were reportedly at the heart of criticism of in the Greek government proposal. The mood at the EU Commission seems to remain gloomy with frustration about lack of progress.”
“At this stage, it is difficult to tell to what extent the EU officials’ stated pessimism will put pressure on the Greek government to give in and come to a compromise or whether it reflects genuine growing dissatisfaction with the content of the proposals made so far.”
“For sure, lenders have been tuning their rhetoric of late. Yesterday it was the turn of EU officials, the spokeswoman of the German Finance Ministry and even the Slovak Finance Minister, who all seemed to suggest that, as things stand, an agreement at the April 24 meeting is highly unlikely.”
“Lacking an agreement, no disbursement would follow in April. Clearly this is not good news for cash strapped Greece. If that will be the case, then the focus will shift to the following Eurogroup meeting, due on May 11.”
“For the time being, after the resumption of field work last Monday, discussions have (officially) been held only at a technical level.”
“In order to unlock the situation, a shift to the political level might eventually be needed.”
Key Quotes
“The submission of the list of reforms could not win strong support on the “institutions” front and an updated version was solicited late last week for delivery before the next Eurogroup meeting, due in Riga on April 24.”
“Vagueness and lack of coherence were reportedly at the heart of criticism of in the Greek government proposal. The mood at the EU Commission seems to remain gloomy with frustration about lack of progress.”
“At this stage, it is difficult to tell to what extent the EU officials’ stated pessimism will put pressure on the Greek government to give in and come to a compromise or whether it reflects genuine growing dissatisfaction with the content of the proposals made so far.”
“For sure, lenders have been tuning their rhetoric of late. Yesterday it was the turn of EU officials, the spokeswoman of the German Finance Ministry and even the Slovak Finance Minister, who all seemed to suggest that, as things stand, an agreement at the April 24 meeting is highly unlikely.”
“Lacking an agreement, no disbursement would follow in April. Clearly this is not good news for cash strapped Greece. If that will be the case, then the focus will shift to the following Eurogroup meeting, due on May 11.”
“For the time being, after the resumption of field work last Monday, discussions have (officially) been held only at a technical level.”
“In order to unlock the situation, a shift to the political level might eventually be needed.”