Germany Gets Tougher with Greece

Germany and Greece drew battle lines ahead of an emergency meeting of official creditors today, setting the stage for a clash.  German Finance Minister Wolfgang Schaeuble doused expectations of a positive outcome for Greece at the meeting in Brussels, saying there are no plans to discuss a new accord or give the country more time. Greece’s new Prime Minister Alexis Tsipras was defiant, saying there is “no way back” for his government, and that he wants a new agreement that won’t subject his people to more pain.

Tsipras said in a speech before a vote of confidence in parliament that he wants an accord “that is in the mutual interest of Greece and its partners, one that will end punitive terms and the destruction of the Greek economy.”

The discord risks roiling Greek markets again after they were buoyed by optimism on Tuesday that there might be room to move toward an agreement. Greek government bonds rose for the first time in five days and the benchmark Athens Stock Exchange Index advanced 8 percent.


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.