10 Mar 2015
Greek saga continues – Rabobank
FXStreet (Barcelona) - The Rabobank Team comments on the ongoing Greek fiasco, with technical talks set to start tomorrow in Brussels, further adding that an implementation of a detailed plan is required before Greece actually receives any monetary aid.
Key Quotes
“It is… conceivable that the rising tensions between Greece and its creditors did create some spill-over effects. The yield on Greek 10-year bonds (for which we can be absolutely sure there is no active official buyer!) moved 64bp higher.”
“Yesterday afternoon, eurozone finance ministers gathered in Brussels to discuss the progress on Greece. Even though Varoufakis has stated multiple times that there’s still more to come, so far the only publicly known document is a 7-point plan that is hardly quantified.”
“While the proposal has its merits, such as activating a fiscal council and reforming budget laws, the scheme of wiring tourists to spy on tax evading businesses has been greeted with jeers. In Greece, not only travelers should be alert to tourist traps. According to Dijsselbloem, the past few weeks have been “a complete waste of time”, discussing whether the Troika was allowed to visit Greece.”
“A compromise is struck now: the institutions will start technical talks tomorrow in Brussels, while “technical teams” head to Athens to support the process and re-check the books. Even though there is a political agreement between both, Greece won’t receive any aid money until there is a detailed plan that is actually being implemented. The saga continues...”
Key Quotes
“It is… conceivable that the rising tensions between Greece and its creditors did create some spill-over effects. The yield on Greek 10-year bonds (for which we can be absolutely sure there is no active official buyer!) moved 64bp higher.”
“Yesterday afternoon, eurozone finance ministers gathered in Brussels to discuss the progress on Greece. Even though Varoufakis has stated multiple times that there’s still more to come, so far the only publicly known document is a 7-point plan that is hardly quantified.”
“While the proposal has its merits, such as activating a fiscal council and reforming budget laws, the scheme of wiring tourists to spy on tax evading businesses has been greeted with jeers. In Greece, not only travelers should be alert to tourist traps. According to Dijsselbloem, the past few weeks have been “a complete waste of time”, discussing whether the Troika was allowed to visit Greece.”
“A compromise is struck now: the institutions will start technical talks tomorrow in Brussels, while “technical teams” head to Athens to support the process and re-check the books. Even though there is a political agreement between both, Greece won’t receive any aid money until there is a detailed plan that is actually being implemented. The saga continues...”