Spreadex Market Update
No deal for Greece as Tsipras pushes country’s own ‘realistic’ proposals
A four hour meeting late into Wednesday night unsurprisingly failed to yield what is truly needed to bring to a close this chapter in the long-running Greek saga. Pension and VAT reforms remain the key sticking points between the two sides, despite ‘progress’ on fiscal targets, with Tsipras last night deeming many of the creditors’ proposals unacceptable. The Greek PM, for now, is holding firm to the idea that any deal must be based on a proposal coming from, not going to, Greece, with a counter offer from the country expected to land at creditors’ feet at some point before the end of the week.
Reports that Tsipras and Juncker will meet again on Friday means things will be left incredibly close to, and maybe actually beyond, the IMF repayment wire. Yet one questions if any change in attitude, be it from either side, can occur in such a small space of time; if a deal couldn’t be found on Wednesday, a shift in tone by Friday seems unlikely. Nevertheless, the Eurozone indices are continuing their rollercoaster ride this week, slipping to losses after seeing hope-filled gains yesterday afternoon.
The FTSE continues to remain relatively side-lined as the dual debates in regards Greek in the Eurozone and interest rates in the US rumble on. The UK index’s moment in the sun was the election, and since that has passed its movements has largely been dictated by news arriving from outside the British Isles. Granted, the news coming from the UK hasn’t been of much help, with the latest Halifax HPI figure contracting by more than expected. Combine this with more losses in oil and copper, and the subsequent notable declines for stocks like BP and Rio Tinto, and the FTSE got off to a pretty dismal start to Thursday.
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