Greeks Trying Again to Seal an Austerity Deal

One deadline after another has come and gone. A meeting that had already been delayed on Monday night was postponed again on Tuesday evening as the leaders of the Greek coalition parties said they had not seen the document outlining the austerity deal.

Meanwhile, a general strike by public- and private-sector unions shut banks, slowed public transport, closed schools and forced hospitals to operate with skeleton staff on Tuesday.

During yesterday’s late night talks involving EU, ECB and IMF officials, the final touches to the 50-page draft text of the agreement has finally been made. The text was eventually given to officials from Pasok, New Democracy and the far-right Laos party today in the morning.

Later today, Greek Prime Minister Lucas Papademos is due to meet coalition parties in an attempt to seal an austerity agreement to secure a new EU/IMF bailout. The accord is likely to include a 20% minimum wage reduction, pension cuts and 15,000 civil service lay-offs.

Source: BBC

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.

Kenny Fisher

Kenny Fisher

Market Analyst at OANDA
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

Latest posts by Kenny Fisher (see all)