Unemployment over 25%, more budget cutting on the way, continued suffering of the Greek people, and the unstable government doesn’t appears to be stabilizing anytime soon.
Greek Debt Update
A new agreement was reached Tuesday between the IMF and euro zone leaders.
“The Greek government and financial markets were cheered on Tuesday by an agreement between euro zone finance ministers and the International Monetary Fund to reduce Greece’s debt, paving the way for the release of urgently needed aid loans.” (Reuters)
“Tomorrow, a new day starts for all Greeks,” Prime Minister Antonis Samaras said.
Vague? Maybe. Optimistic? Maybe. There is some more solid news too, leaders are committed to taking further action to decrease Greece’s debt to “significantly below 110 percent” in 2022.
These remarks show some commitment to long term Greek aid which, for Greece probably looks like a good thing. The Euro is looking quite bearish right now, and it’s possible the markets will get numb to Greece news until we see a major move happen.
[column size=”1-2″ last=”0″ style=”1″] [/column]
[column size=”1-2″ last=”1″ style=”2″] The current agreed upon deal reduces the risk of a Greece exit, especially with the commitment shown from eurozone leaders.
The next thing to look for is the aid payment being released. With an unemployment rate of 25% and an economy that has shrunk by nearly 25% in the last five years (Reuters) a recovery does not appears to be in the near future. [/column]
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