Greece Misses Another Deadline after Deadlock

The deadline to dispense further rescue loans to debt-stricken Greece was extended by eurozone countries once again on Sunday amid continuing deadlock between Athens and its creditors.

With negotiations still bogged down over failure to agree on a new foreclosure law – legislation the leftist-led government says would push austerity-hit Greeks over the edge – lenders postponed a critical Eurogroup Working Group until Tuesday.

The meeting, a final assessment of the reform progress Athens has made since it signed up to a third bailout in July, is crucial to unlocking €2bn (£1.41bn) in rescue loans and €10bn for the recapitalisation of Greek banks.

Finance ministers gathered in Brussels last week had insisted talks should be concluded by Monday, to trigger the release of the next instalment of the €86bn euro bailout programme.

But announcing the delay, Jeroen Dijsselbloem who chairs the Eurogroup of euro area finance ministers, also heaped praise on Greece saying headway had been made.

“I welcome that good progress has been made between the Greek authorities and the institutions in the discussions on the measures included in the first set of milestones,” the Dutch politician said in a statement on Sunday. “Agreement has been reached on many issues.”

via The Guardian

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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