Spreadex Market Update
Greece files proposal for ESM aid, Eurogroup working group assembles
It’s been a superficially busy, if frustratingly lacking, morning this Wednesday. Tsipras spoke in front of the European Parliament in a speech many felt failed to get those who weren’t already sympathetic to Greece onside. Tsipras claimed Greece has been an ‘austerity lab’ for the Eurozone, going on to state that ‘this is not exclusively a Greek problem, this is a European problem and European problems require European solutions.’ The actual Greek part of this ‘European problem’, i.e. the filing of the new proposal that spectacularly failed to materialise on Tuesday, brought with it some mixed news this morning, depending on how you feel about the never-ending Eurozone meetings.
Obviously, the very fact the proposal exists and has been submitted, with Greece asking for financial aid from the European Stability Mechanism, is a positive sign in and of itself. However, it has caused the Eurogroup teleconference scheduled for today to be cancelled, replaced with a meeting of the sloppily named Eurogroup working group instead. Grappling with an actual Greek proposal should, in theory, yield more progress than another exchanging of tense words and exasperated comments between the region’s finance ministers. That is in theory, of course; in practice both sides of this debt divide (and it is important to stress that the Eurozone creditors haven’t exactly showered themselves in glory with their hard-line non-negotiating approach) have proved remarkably good at doing nothing.
Like the Eurozone, the FTSE managed to hold onto its gains as the morning went on, in no doubt helped by an easing of the commodity sell-off that has been present all week. This has given the index’s oil and mining stocks a brief moment of respite, and allows investors to more fully focus on the first purely Tory budget for 19 years, with Osborne opening his Big Red Box at lunchtime.
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