Spreadex Market Update
Latest Greek week begins with Varoufakis/Schauble face-off
Jean-Claude Juncker, one of the more bullish members of the Eurozone creditor cabal and key figure in brokering a deal between the two sides, expressed his anger over the weekend, accusing Alexis Tsipras of lying to his government over the progress of the negotiations and stating that the Greek PM and his team remain obstinate in regards to their ‘red lines’. On top of this Juncker claimed that Tsipras failed to send him the proposals he promised following their meeting last week. This after Tsipras warned his parliament last Friday that Greece is on the edge of bankruptcy but that its creditors ‘won’t humiliate [them]’.
Focus will be on another strained Eurozone relationship this morning, with the swagger-reduced Yanis Varoufakis meeting with his German counterpart, and regular sparring partner, Wolfgang Schauble to try and break the deadlock. Given that Greece looks perilously close to losing its most important ally in Juncker, this meeting between the finance ministers could be a key step in trying to rebuild the much-damaged relationships at the centre of this saga.
That is in theory, of course; out of all the players in this never-ending game, Varoufakis and Schauble are perhaps the least likely to compromise with each other, meaning the region will probably have another fruitless meeting to contend with despite fresh French calls for a new June 14th deadline. This has left the Eurozone’s indices with little impetus to do anything this morning, despite a stronger than expected German industrial figure.
Whilst the Eurozone remained mired in its Greek swamp, the FTSE had a similarly limp open after the CBI cut the UK’s growth forecasts for this year and the next. The group pointed the figure at the country’s productivity problems, as well as the ever-present Greek issue, as the greatest threats to the UK’s continued recovery, with the latter point helping to illustrate why the FTSE has been on the Eurozone’s leash for the past few weeks.
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