Spreadex Market Update
Eurogroup meeting appears to end in hostility as Lagarde calls for ‘adults in the room’
Alas, the best laid plans of mice and men often go awry, and go awry they did as Christine Lagarde desperately called for a discourse with ‘adults in the room’. That soundbite effectively captured the dour tone following the meeting last night, with the latest Greek proposal dismissed as relations collapsed once again. The Eurozone indices are in the green at the moment, but how long they can remain immune to the increasingly strained situation this Friday is unclear.
Things are now increasingly getting the preface of ‘emergency’; an emergency ECB meeting about Greek bank liquidity later this morning (after €2 billion in deposits was removed between Monday and Wednesday) will discuss what to do in the short term. An emergency EU summit on Monday will then try yet again to stoke the negotiation fires and yield a deal. Yet like so many of these impromptu meetings, there is little reason to hope for change between now and then; the proximity of the €1.6 billion IMF repayment at the end of June is no more threatening on Monday than it was on Thursday, even as Tsipras claims ‘those betting on crisis...will be proven wrong’. This war of attrition is likely to go right down to the wire.
After the late in the day recovery yesterday afternoon, the FTSE remains around the 6700 mark even with its rather meek open. With only the public sector net borrowing to come the markets will likely spend the day processing the aftermath of last night’s non-resolution to the Greek issue.
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