Greece to do Whatever it Can to Reach Deal

Not quite the “Whatever it takes” from European Central Bank President Mario Draghi, but markets are taking the Greek statement at face value as a positive sign that they are willing to negotiate.

The Greek government promised to do “whatever we can” to secure a deal with its international creditors next week, cheering investors as experts from both sides began technical talks on Friday to lay the ground for an accord.

Fears of financial chaos have seen savers taking their cash out of Greek banks – a movement banking sources said had been the reason for the European Central Bank offering more emergency funding for Greek banks on Thursday until after crunch talks among euro zone finance ministers on Monday.

Greek markets rose strongly after new prime minister Alexis Tsipras, elected on a promise to scrap a bailout deal he says has impoverished millions, agreed to have aides sit down with officials from the European Union, European Central Bank and the International Monetary Fund – commonly known as the “troika”.

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