Greek Reforms Awaited But Lenders Want Details

A detailed list of concrete reforms from Greece had yet to be submitted to the country’s international creditors Monday, prompting analysts to warn that Greece risks are rising – again.

The country’s leftwing government outlined some reforms on Friday, but officials from the bodies overseeing its bailout – the International Monetary Fund (IMF), European Commission and European Central Bank (ECB) – were not convinced by its latest attempt to get a final – and desperately needed – tranche of aid.

One euro zone official told Reuters that the list resembled more of a “collection of ideas,” than something to be presented to the Eurogroup of finance ministers, while another said a more technical list could be received Monday. The measures have to be approved by the euro zone ministers before more financial aid is released to Greece.

Time is tight for the country, which is expected to run out of money by April 20, according to a Reuters report. It has loan repayments to make to the IMF and a large wages and pension bill coming up which will put further pressure on its depleted finances.

via CNBC

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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 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