Greece and its Creditors Square Up as New Deadline Looms

With Greece poised to miss a deadline this month that would conclude a review of its latest bailout, the government of Alexis Tsipras risks reprising the antagonistic relationship with his country’s creditors that nearly knocked the nation out of the common currency in 2015.

Over the weekend, Prime Minister Tsipras lashed out again at the International Monetary Fund, one the institutions monitoring Greece’s rescue, as the auditors insisted on legislation that would trigger further budget cuts if fiscal targets are missed. That gives Athens about a week to reconcile those differences.

Even though the European institutions have disagreed with IMF projections and said Greece didn’t need the extra measures to meet requirements set out in its 86 billion-euro ($92 billion) bailout, they have fallen into line to keep the fund involved, according to a person with knowledge of the talks. Blaming the IMF for the deadlock is a strategy that may not work anymore as Tsipras faces a more aligned group.

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam