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Greece: A pause in uncertainty but for how long?

ATHENS | By Nick Malkoutzis via MacroPolisIs Friday’s agreement at the Eurogroup a good deal for Greece? In some respects it is but in more respects it is not. Above all, the four-month agreement leaves Greece walking an economic and political tightrope over the next four months without knowing what lies at the end of it. 

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Greek agreement does not dispel mistrust and acrimony

MADRID, February 23,2015 | By JP Marín Arrese The agreement reached on Friday averted a full-fledged crisis but did not dispel mutual mistrust and acrimony. EU partners remain far from convinced the Hellenic government will honour its commitments. Irritation accumulated in the days following the deal, which Mr Schäuble underlined with his the grossly impolite and scathing remarks that “ Greeks certainly will have a difficult time to explain the deal to their voters”. This acrimonious climate points to further clashes flaring in future.  The last-minute truce will not entail a stable peace. 

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Greece under pressure, expected to reach deal with its creditors today

MADRID | The Corner | Markets seem optimistic about the deal between Greece and its creditors (a government spokesman said they aim to reach a compromise today), although analysts are still wondering whether there have been any advances in the negotiation. “At least the ECB decided to a slight increase in emergency funding (ELA) for Greek banks on Wednesday,” a Barclays’ Alberto Vigil said. “But we still don’t know which reforms the Greeks have agreed on.” The ECB had already raised the ELA available to Greek banks by 5 billion euros to about 65 billion seven days ago.




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What led to the breakdown between Athens and Brussels?

BRUSSELS | By Alexandre MatoGreek authorities again rejected  a Eurogroup statement regarding the extension of its bailout programme. Brussels wants a continuation of the second bailout, but the Syriza goverment wants a 4-month bridge with new rules to be applied. The gulf between both sides has emerged as bigger than initially thought.


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Greece talks set to go to the wire

Madrid| JP Marin-Arrese| There is little chance that the Eurogroup will broker a way out of the Greek conundrum later today. As time runs out in the nail-biting tussle between Greece and its creditors, investors may start to lose their nerve. Even if they gauge that a potential Grexit would bring about limited damage for other partners, no one can exclude the possibility of turmoil erupting in the markets.

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Greece: Everybody be cool

ATHENS | By Yiannis Mouzakis via MacroPolisIt’s less than three weeks since the Greek government was elected and its Finance Minister Yanis Varoufakis has just taken part in his first Eurogroupan experience that some of his predecessors have described as traumatic. Yet, a surprisingly large number of people appear convinced that Greece is heading for a showdown with the eurozone and may be counting its last weeks in the single currency.


1 million new jobs in Spain?

MADRID | Sean Duffy | Yesterday brought positive data on the housing front and on job creation, with Spanish bank BBVA prediciting the economy will reap considerable benefits from the falling oil price.