Spreadex Market Update
Little change in equity markets
News broke early this afternoon that Eurozone financial officials are considering to delay all or part of the Greek bailout package only days after Greece’s parliament passed new austerity measures in line with demands made by Brussels. Understandably, then, EUR/USD broke down below the recent support of $1.31 per euro in sympathy with Greece’s disbelief that by doing what was required has yielded something other than what it was promised.
The ramifications from this are potentially catastrophic. Why would any member state act on Eurozone ministers’ demands when it’s been proven doubtful that what is promised in return might not be 100% deliverable? The confidence issues alone that such a move from finance ministers creates should be taken very seriously, as it might not be only Athens in the hands of protestors in the not too distant future if Greece doesn’t get what was promised.
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