News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • 🇦🇺 Retail Sales MoM Prel (AUG) Actual: -1.7% Previous: -2.7% https://www.dailyfx.com/economic-calendar#2021-09-28
  • 🇨🇳 Industrial Profits (YTD) YoY (AUG) Actual: 49.5% Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-28
  • (APAC Stocks Briefing) Dow Jones Gains as Nasdaq 100 Sinks, Crude Oil Boosts Energy Stocks. ASX 200 in Focus #DowJones #CrudeOil #NASDAQ #ASX200 https://www.dailyfx.com/forex/market_alert/2021/09/28/Dow-Jones-Gains-as-Nasdaq-100-Sinks-Crude-Oil-Boosts-Energy-Stocks-ASX-200-in-Focus.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/yTN6C2IOvV
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/kbV2qS0Mph
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-28
  • Heads Up:🇦🇺 Retail Sales MoM Prel (AUG) due at 01:30 GMT (15min) Previous: -2.7% https://www.dailyfx.com/economic-calendar#2021-09-28
  • Join @FxWestwater at 22:00 EST/2:00 GMT for a webinar on preparing to trade commodities markets in the week ahead. Register here: https://t.co/qTOa61aMmN https://t.co/0215tACld8
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/Dq7umm2uyz
  • RT @FxWestwater: $NZDUSD Struggles as RBNZ Hike Bets Dim. Australian Retail Sales, Chinese Data Near Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/27/NZDUSD-Struggles-as-RBNZ-Hike-Bets-Dim-Australian-Retail-Sales-Chinese-Data-Near.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
Greece Receives Green Light For €10.3 Billion in Bailout Funds

Greece Receives Green Light For €10.3 Billion in Bailout Funds

Oded Shimoni, Junior Currency Analyst

Talking Points:

- €10.3 Billion to be released in tranches, easing worries of summer default

- IMF says all stakeholders now recognize that Greek debt is unsustainable

- Debt relief measures to be approved at the end of the programme

Learn about the proper tenets of risk management with FXCM’s “Traits of Successful Traders” series

At a meeting of euro-area finance ministers in Brussels, Eurogroup President Jeroen Dijsselbloem confirmed that a deal was reached between Greece and its creditors to release €10.3 billion ($11.5 billion) of emergency bailout payments to aid the country in avoiding summer default.

The bailout will be released in tranches, starting with 7.5 billion in June, with another payment expected in September. Greece faces more than €10 billion ($11.4 billion) of debt repayments in June and July.

Previously, the IMF said Greece would not be able to meet the budget surplus target set under the original bailout agreement. Under the EU program, Greece is supposed to post a fiscal surplus before interest payments of 3.5% of GDP within two years. According to the IMF forecasts, Greece will have debts worth 250% of GDP by 2050, which requires “reprofiling” of the terms of loans.

This casted doubt about the IMF’s participation in the bailout, as they said Greece will need some sort of debt relief to meet targets, a view opposed to European creditors- led by Germany, who did not want to resort to such measures. With that being said, Germany and other Euro-Zone countries demanded IMF participation before they can give fresh loans to Greece.

In this context, the meeting seemed to have presented a concession by the IMF. European chief Poul Thomsen remarked that all stakeholders now recognize that Greek debt is unsustainable. However, the IMF did agree that debt-relief measures will be approved in mid-2018, when Greece’s bailout expires, instead of up front, which was their prior demand.

IMF staff will recommend joining the bailout by the end of 2016, if debt sustainability analysis show that the new measures offered work. With this being said, it seems that questions might be asked of what exactly happens from 2018 onwards.

EUR/USD Daily Chart: May 25, 2016

Greece Receives Green Light For €10.3 Billion in Bailout Funds

--- Written by Oded Shimoni, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES