Merkel says Deal Possible but Greece Has to Show Will

German Chancellor Angela Merkel said on Thursday a deal between Greece and its creditors was still possible if Athens showed the necessary will, amid mounting pessimism that the austerity-hit country might crash out of the euro zone.

Neither side has shown any sign of yielding, with creditors insisting it is up to Greece to make concessions to secure a cash-for-reforms deal so the government can honor looming debt repayments and avoid a potentially disastrous default.

Far from giving ground, Greek Prime Minister Alexis Tsipras launched a new attack on the lenders in an article in a German newspaper, slamming what he called their “blind insistence” on pension cuts he said would worsen his country’s crisis.

The leftist leader began a two-day visit to Russia to attend an economic forum in St. Petersburg as euro zone finance ministers gathered in Luxembourg to discuss the impasse. Given that Athens ruled out bringing new proposals to the discussion, hopes for a breakthrough at the meeting have all but vanished.

via Reuters

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