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Chinese equities rediscover their poise

Published Thursday, July 9th, 2015

The Alex Tsipras show got underway at the European Parliament in what was another demonstration of his defiance and confidence of an impending deal ahead of Sunday’s make-or-break deadline. Heckled and berated by pro and anti-European members alike, the Greek Prime Minister stood his ground and reaffirmed his country’s commitment to the eurozone and pledged to put forward a revised economic plan within the next 24 hours.

With markets cautiously awaiting for the updated list of proposals from the embattled country, its journey to remaining part of the currency-bloc got under way after it made a formal request to the eurozone’s bailout programme. Its prospects were also given a boost after the US Treasury Secretary gave his support to the long-standing argument by Greece’s leaders for the need of debt relief while Christine Lagarde stood by recent IMF analysis calling for a Greek debt restructuring.

Warnings of the difficulties still facing Greece were however still very much present with the ECB confirming that it would cut the country off should an agreement fail to materialise this weekend. Moreover, Jean-Claude Juncker revealed that Grexit contingency plans had been readied while a further bad omen came from a Reuters poll of economists which for the first time saw a majority predicting Greece’s departure from the bloc.

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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.