EC President Juncker Calls to Put Egos Aside

President of the European Commission, or EC, Jean-Claude Juncker, called on partners to put “egos” aside and return to the negotiation table to avoid a “Grexit” in light of the Greek “no” vote in Sunday’s bailout referendum.

“We have to put our little egos, and in my case very large ego, away and we have to deal with the situation we face,” Juncker said during his speech at the European Parliament prior to the Eurozone summit on the crisis in Greece.

The EC president, who last week called on Greeks to vote “yes” in the referendum, was hopeful for an agreement with Greek authorities to prevent Athens from leaving the euro.

“I am against a Grexit, it should be clearly avoided. There are those that openly campaign for an exit of Greece from the Eurozone. This is a simplistic answer and then it is a wrong answer. The EU is all about compromise,” Juncker added.

While Juncker pledged the European Union’s continued devotion to resume negotiations, he nonetheless said he was dismayed that Greece abandoned the negotiation table on June 26, when financial institutions and Athens were approaching an agreement, adding that it was a serious mistake.

The EU will see the first post-referendum steps on Tuesday, when two urgent meetings will convene with the Eurogroup and the heads of state and government from the 19 countries in the Eurozone.

The first meeting will be assisted by the ministers of Economy and Finance from the Eurogroup, which will debut the newly appointed Greek Finance minister, Euclid Tsakalotos, who replaced the controversial Yanis Varoufakis following his resignation on Monday.

via Kitco

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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