Reports this morning that Greece reaches a breakthrough agreement with its creditors amounting to the disbursement of EUR 10.3 million. The big news is that it appears IMF have made some major concessions here regarding debt relief , which I argue is an absolute necessity for Greece to ever recover.
Markets are up this morning as it eliminates a key summer risk. Above all it shows a better negotiating climate on behalf of the Greeks and creditors, probably a sign that all parties are just too weary of a repat of last years malarkey which in the end didn't achieve much other than costly drama.
IMF board still needs to approve the deal but this is a formality. Up next on the risk monitor is the Fed decision on June 15th and Brexit vote on June 23rd.
Markets are up this morning as it eliminates a key summer risk. Above all it shows a better negotiating climate on behalf of the Greeks and creditors, probably a sign that all parties are just too weary of a repat of last years malarkey which in the end didn't achieve much other than costly drama.
IMF board still needs to approve the deal but this is a formality. Up next on the risk monitor is the Fed decision on June 15th and Brexit vote on June 23rd.
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