Greek Proposal Faces Backlash at Home and Abroad

Greece’s last-ditch offer of new reforms might have raised a cheer on the markets Monday, but whether the measures will pass muster among the country’s creditors – let alone its own parliament and people — is another matter.

As Greece’s Prime Minister Alexis Tsipras flew into Brussels Monday to try to avert a debt default by his country, thousands of Greeks gathered in central Athens in rival camps to protest against austerity and a potential Greek exit of the euro zone.

Tsipras and his Syriza party, elected in January on their anti-austerity pledges, could now face a backlash within Greece for their new reform proposals to Greece’s lenders.

On Tuesday, Greece’s deputy speaker of parliament said Greek lawmakers could struggle to pass the reform program offered to lenders by Tsipras, telling Greek broadcaster Mega TV that he believed it would be “difficult to pass by us,” according to Reuters.

via CNBC

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