Home Greek talks intensify – 2 year bailout asked – EUR/USD
Forex News Today: Daily Trading News

Greek talks intensify – 2 year bailout asked – EUR/USD

Things are beginning to move quite rapidly with urgent negotiations between Athens and Brussels as we have  less than 9 hours until Greece is expected to miss its payment to the IMF. It’s still unclear if Tsipras will fly to  Brussels, but details are beginning to emerge.

EUR/USD is reacting positively and recovering from the earlier lows. Updates:

Analysis: Greek proposal makes sense, but probably unacceptable for Germany

  • The basis for the talks is an offer from EC president Juncker  which was initially rejected and then reconsidered by Greece..
  • Greek PM Alexis Tsipras has reportedly asked for a 3 month bailout extension.
  • Update: Now the talk is about a 2  year bailout from the ESM. The short term  offer on Friday (only 5 months) caused shorts on the euro.
  • In theory, the German parliament would have to approve a bailout extension, but there may be a way around it.
  • A deal will include a clear  reference about debt  restructuring.  This was always a sticking point: the IMF and the US wanted debt forgiveness, something that was unacceptable for Germany.
  • German finance minister took a different line regarding the  referendum: contrary to many leaders, Schaeuble said that Greece could remain in the euro-zone even if they vote NO in the Greferendum.
  • The head of the Eurogroup, Dutch finance minister Dijsselloem has cancelled a TV interview due to urgent obligations.
  • Also Greece has cancelled a press briefing due to an urgent cabinet meeting.
  • Earlier, Greek finance minister Varoufakis expressed optimism after talking about going to court if Greece is forced out.

Greek crisis – all the updates in one place

EUR/USD  had already fallen to a low of 1.1133 earlier in the day and the peak so far today was 1.1242. It’s important to remember that responses to Greek news have not always been straightforward.

Greek crisis last minute talks push EURUSD higher June 30 2015

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.