ECB members are throwing cold water on taking a haircut on Greek debt-declaring it forbidden under the Central Bank Treaty. The public spat seems to be intensifying amongst EU heads about what to do with Greek debt ahead of the Euro-officials meeting next Tuesday November 20. There is an increasing call for the public debt holders to take a ‘haircut’ on Greek assets. The single unit has been held hostage, within a tight range, on whether Spain ‘will or wont’ ask for aid.
The squabbling on how to make the Greek debt manageable is holding up the next tranche of +EUR31b in emergency loans that Greece so desperately needs. The IMF chief is currently enroute to the Euro-group meeting in Brussels, cutting short her Asian stay. Lagarde states that it’s not over until the “fat lady sings”-let’s hope she was not getting personal.
- Draghi Calls EUR an incomplete solution 
- Moody’s warns UK it could lose AAA rating 
- Eurozone Officially in Recession After Negative Growth 
- Official: Europe in Recession Again 
- UK Jobless Rate Declines to 7.8 percent 
- UK Retail Sales Fall More than Expected in October 
- Greek Migration to Germany increased by 80 percent 
- Europe Protests! 
- Foreign Investments Purchases driving GBP higher 
- Greece needs another +EUR32b If Target Moved 
- Spanish PM Looks to Rush Through Changes 
- Greece move 1 step closer to receive Bailout Aid 
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.