Greek Deal Met With Optimism But Leaders Cautious

July 10, 2015 Share Print 0

Eurozone finance ministers are poised to offer their tentative backing for Greek bailout proposals, after Athens caved in to creditor demands for further austerity measures in return for the promise of limited debt relief.

The provisional support for a deal is likely to come ahead of a formal meeting of all 19 eurozone finance ministers on Saturday, which will consider the package of measures, and an emergency summit of EU leaders on Sunday.

The hope in Athens appeared to be that its capitulation to demands for €13bn (£9.36bn) of public spending cuts and reforms would bring a commitment from Brussels for a third bailout, the promise of debt relief, and crucially for an economy on its knees, a flood of cash into its banking system from the European Central Bank.

via The Guardian

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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.