Good day forex traders.
It is the new trading week and I hope it will be great for all.
As always mentioned, the financial market does not look kindly towards any sovereign debt issues. Investors and traders are always concerned when there are any perceived turmoils. This leads often to an inevitable loss of value for the said currency.
BBC reports that the Greece debt crisis may have found a way forward.
“German finance minister Wolfgang Schaeuble has said the institutions in charge of Greece’s bailout have reached a “common position” on how to proceed.
His comments appear to indicate that deadlock between the EU and the International Monetary Fund over the next steps may have been resolved.
The IMF has said Greece needs more leeway to pay its huge debts before further rescue funds can be released.
However, the eurozone has been reluctant to go much further.
Arriving for a meeting of eurozone finance ministers in Brussels, Mr Schaeuble said: “I believe the institutions have a common position and that we will get to a point today where the technical mission can go to Athens so we can get a result.”
In its most recent assessment of the Greek economy, the IMF said: “Greece cannot grow out of its debt problem. Greece requires substantial debt relief from its European partners to restore debt sustainability.”
Eurozone governments have provided some debt relief already, in the form of lower interest rates and extended repayment periods. IMF staff think Greece needs more concessions. ”
Should the deadlock be positively resolved, we may see some uplift to the Euro currency. Greece as a member of the Euro Zone, definitely affects the performance of the union as a whole.