Eurogroup Chair Says No Greek Deal on Monday but Progress is Made

Many issues remain unsolved between Greece and its lenders and agreement at next Monday’s Eurogroup meeting of euro zone finance ministers is now not possible, Eurogroup chair Jeroen Dijsselbloem said.

Dijsselbloem was speaking after talks in Paris on Wednesday with French Finance Minister Michel Sapin, who also acknowledged to reporters that no deal was imminent.

“Since the last Eurogroup quite a bit of progress has been made … I’m getting some positive reports from the talks in Brussels. Still lots of issues have to be solved, have to been deepened more, with more details, so there will be no agreements on Monday – we have to be realistic,” Dijsselbloem said.

He added: “But there is certainly a more positive outlook to reach that deal than there was some weeks ago.”

EU officials say Athens needs to make concessions so the Eurogroup can at least register significant progress on Monday, possibly enabling the European Central Bank to let Greek banks buy more short-term government debt.

But Thomas Wieser, head of the Eurogroup Working Group which prepares decisions for the ministers, told CNBC late on Tuesday there were still outstanding issues in areas ranging from tax to labor market reform.

via Reuters

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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