German Exports Fall in January

A list of reforms proposed by Greece last week to help it win creditor support is “far from complete,” the head of the Eurogroup said.

Speaking at an event in Amsterdam on Sunday, Jeroen Dijsselbloem, who is also Dutch finance minister, said the Greek proposal was “serious” but not enough.

Dijsselbloem, whose Eurogroup of euro zone finance ministers will discuss Greece at a meeting on Monday, said Athens had submitted six proposals, with more expected to come.

“The six, those are just the first six. Those absolutely won’t be accepted as the 30 percent that they wanted to replace,” he said. “The Greeks know that too, by the way, they don’t have any pretence that this is it.”

Dijsselbloem’s remarks refer to plans by the new Greek government to replace some of the budget consolidation measures agreed to by the previous government with different reforms.

Once steps to reach these goals are taken, Greece would become eligible for more credit from the euro zone and the International Monetary Fund, and its banks could again finance themselves at European Central Bank open market operations.

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