Tsipras-Merkel Call Gives Hope to Greek Deal Tomorrow

Chancellor Angela Merkel spoke with Greek Prime Minister Alexis Tsipras on Thursday afternoon, her chief spokesman Steffen Seibert said. The call lasted about 50 minutes, according to a Greek official. In a Twitter posting, Tsipras said there was a “positive tone” and the call had resulted in an “interest in finding a mutually beneficial solution for #Greece & #Eurozone.”

The stance adopted by Germany, the biggest country contributor to Greece’s 240 billion-euro ($273 billion) rescue and the chief advocate of economic reforms in return, represents a step back from an earlier statement that suggested Finance Minister Wolfgang Schaeuble had rejected out of hand the Greek letter requesting an extension of its loan agreement. Schaeuble plans to turn up in Brussels for talks on the plan with his euro-area counterparts, according to his ministry.

European Commission President Jean-Claude Juncker “sees in this letter a positive sign, which in his assessment could pave the way for reasonable compromise in the interest of the financial stability in the euro area as whole,” commission spokesman Margaritis Schinas told reporters in Brussels.

via Bloomberg

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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