Another Normal Crazy Day in the Greek Crisis

July 2, 2015 Share Print 0

A day of conflicting reports and dashed expectations on Wednesday left economists and analysts bemused over whether Greek Prime Minister Alexis Tsipras was any closer to a deal with lenders.

“Yesterday was another day with tactical moves from all sides in the Greek crisis and a Socrates-like conclusion: all we know is that we know nothing,” senior economist at ING, Carsten Brezski said in a note Thursday.

“Day one after Greece’s default on the IMF, which officially is not called default, and the end of its bailout program offered again plenty of turbulences. A new letter from Tsipras, speculation about a cancellation of the referendum, Angela Merkel in the German parliament, Tsipras on television, a Eurogroup conference call…This is the summary yet another ‘normal’ crazy day in the Greek crisis.”

It comes after two seemingly conciliatory letters sent from Tsipras to lenders raised hopes that Greece was ready to capitulate to lenders demands on reforms and spending cuts.

via CNBC

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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.