Spreadex Market Update
Eurogroup Meeting 4: the sequel no-one was asking for!
The rampant optimism found at the start of the week was finally stretched too far on Wednesday with big losses for the Eurozone indices, as the size of the gap that remains between Greece and its creditors became clear. An unhappy IMF on one side, which wants stronger pension reforms instead of a reliance on raised taxes, and an angry Greek government on the other means Tsipras, and Greece in general, is caught between the proverbial rock and a hard place as judgement day (i.e. a whopping €1.6 billion payment to the Washington-based institution) grows ever closer.
Another Eurogroup meeting is set for this afternoon as Europe also prepares for an EU summit that was meant to discuss migration and Britain, but instead is set to be dominated by Greece. Whether these constant meetings is the best option is unclear; of course, time is such a limited commodity at the moment that there isn’t really much choice, but with tensions, and tempers, beginning to rise every day each side appears more and more aggravated by the others actions. The close proximity of these meetings so far seems to have been much more destructive than constructive, at a time when the former almost literally can’t be afforded.
From Grexit to Brexit; as the Eurozone’s key figures try to avoid the former, David Cameron will go to Brussels today with the latter on his mind. The British PM is set to lay out his terms for renegotiation before his EU peers at dinner this evening; whilst the region will want anything but another ‘exit’ discussion today, it is going to have to learn to multitask as Cameron tries to keep his election promises. Though any Brexit news will have tough competition from its Greek counterpart, the reactions tonight, and any rumours today, are likely to be of at least some interest to the FTSE, which opened fairly flat after the bell.
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