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Greece set for ultimatum

Published Wednesday, June 3rd, 2015

The Greek debt crisis rattles on but yesterday came news that there may be light at the end of the tunnel after the embattled country’s creditors overcame their differences to agree on a draft proposal which will be put forward to Athens later today. The so called cash-for-reform deal will likely represent the last chance Greece has of unlocking funding before its next scheduled IMF loan repayment and thereby avoiding a potentially messy default. Initial optimism of an imminent breakthrough however eventually gave way to renewed anxieties after Alex Tsipras appeared to pre-empt the Troika by stating that it will not give in to any ultimatums or blackmail.

Hopes of a conclusion were dealt a further blow by the head of the Eurogroup of finance ministers who played down the likelihood of a deal this week. Although debt jitters weighed on the region’s stock indices, such concerns did little to dampen the euro’s performance as it bounced 2% against the dollar in what was its biggest daily gain in almost three years. The surge in the single-currency was given an extra boost by solid eurozone inflation data which revealed consumer prices grew for the first time in six months following May’s forecast-beating reading of +0.3%.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.