The debt crisis in Greece is far from being over and a prolonged stalemate might mean that the markets will be more volatile in the coming weeks. With most analyst already pricing in the base case of a Greece Euro exit, the stalemate might mean that Greece might be preparing for a smooth transition out of the euro with the banks remaining closed for the second week and the markets closed.

Today the Finance minister asked for a three-year programme, from the bailout fund (the European Stability Mechanism). And in return, Greece would commit to: “to a comprehensive set of reforms and measures to be implemented in the areas of fiscal sustainability, financial stability, and long-term economic growth." the measures would include “Tax reform related measures” and “Pension related measures” -- two of the “red lines” that proved so hard to tackle in recent months. it is the sincerity of these reforms that still needs to be tested, with a couple of summits still on the cards with the peak of which will be on Sunday.

The FOMC meting minutes had the following highlights:
  • Fed thinks it is on track to raise rates this year, but it is worried about Greece.
  • members agreed to continue making decisions about the appropriate target range for the federal funds rate on a meeting-by-meeting basis, with their decisions depending on the implications of economic and financial developments for the prospects for labor markets and inflation."
  • Most FOMC members, however, saw the labor market needing to show further improvement in order to warrant the first increase in the Fed's main interest rate since July 2006.

Übersetzen in Englische Sprache Zeige Original

Da Sie nicht eingeloggt sind, kennen wir Ihre gesprochene Sprache nicht, nehmen jedoch an es ist Englische Sprache
Bitte loggen Sie sich ein oder wählen Sie eine andere zu übersetzende Sprache aus der Liste.

– oder –