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Is a Resolution With Greece Close? (Matthew Vassallo)
Whilst the on-going concerns in Greece continue to dominate headlines, the key question is whether or not a resolution is close? Whilst GBP/EUR rates continue to creep up the uncertainty remains but I do feel a resolution will be found, even if it’s only short-term. Greece’s creditors, in particular Germany, will not want Greece to default on their debts and leave the EUR, so I feel at the moment there is a lot of cat and mouse being played before a likely 11th hour resolution. In fact Greece have now put together a list of proposed reforms, which they hope will help to secure a four month loan extension and keep the wolf from the door for a while longer. These reforms include combating tax evasion and the smuggling of fuel and tobacco but whether these are enough to satisfy its creditors happy is not yet known.
With GBP/EUR rates hitting a fresh 7 year high this week it is clearly an attractive time to purchase EUR and whilst it will take a complete shift in market conditions for the EUR to gain any sustained support, any resolution with Greece, even a temporary one, could be the catalyst for this shift.
It’s a relatively quiet week in terms of economic data, so it is likely that tomorrow’s speech by ECB president Mario Draghi and Thursday’s UK GDP figures will dominate headlines as we head towards the weekend.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly on [email protected]
Source: http://www.poundsterlingforecast.com/2015/02/24/is-a-resolution-with-greece-close-matthew-vassallo/
