French FinMin Says No Change to Greek Bailout

He may be a socialist, but France’s economy minister showed no support on Thursday for Greece’s new left-wing government and its push to overhaul the terms of its bailout.

“We all know the situation about Greek debt‎.‎ There is no question to change our state of mind, to change our views. They‎ (Greece) have past commitments,” Emmanuel Macron, France’s economy minister since August 2014, told CNBC.

The battle lines between Greece and the rest of Europe were drawn up on Tuesday when Syriza called off the planned privatization of Greece’s Port of Piraeus. Then on Wednesday, the party, led by Alexis Tsipras, announced the reintroduction of the minimum wage, as well as the rehiring of sacked government workers and a halt to other privatization schemes.

Also on Syriza’s agenda is easing the repayment terms of the 240 billion euros ($295 billion) in loans the country has received since the height of its financial crisis in 2010—a hope that German politicians such as Finance Minister Wolfgang Schaeuble have been quick to dismiss this week. The bailout came with strict conditions on government spending and structural reforms. These measures have had a crippling effect on the Greek economy and renegotiating them has been a key part of Syriza’s election campaign.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza