EU Chief Warns Greek Demands Will not be Met

The European Union’s chief executive warned Greeks on Monday not to expect the euro zone to bow to leftist Prime Minister Alexis Tsipras’ demands in a growing confrontation over Athens’ debt crisis.

Tsipras laid out plans on Sunday to dismantle Greece’s “cruel” austerity program, ruled out any extension of its 240 billion euro international bailout, which runs out at the end of this month, and vowed to seek reparations from Germany for World War Two.

His uncompromising maiden policy speech to parliament spooked European financial markets and partners outside the euro area. British Prime Minister David Cameron chaired a special meeting with finance ministry and Bank of England officials on Monday to plan for a possible Greek exit from the euro zone, a Treasury source said.

Ahead of a meeting of G20 finance ministers in Istanbul, the United States and Canada urged the EU and Greece to tone down the rhetoric over austerity and work for a compromise on the debt issue.

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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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