Same old, same old in Greece…
that the current monetary policy is proceeding well. Liquidity injected by the ECB combined with a rock-bottom key rate have allowed economic activity and inflation to take a step—albeit a very small one—in the right direction. Although these benchmarks remain far from the target levels established by the ECB, the euro was nevertheless propelled upward by the news, and has gained close to 3.2% since the beginning of the week against the USD.
Time is running out for Greece, as senior officials walked away from the negotiating table without an agreement. Greek Prime Minister Alexis Tsipras has allegedly rejected suggestions from his peers that involved further cuts to government benefits and raising taxes. Despite the disagreement, Tsipras is confident that Athens will be able to pay back the 300 million euros due to the IMF tomorrow.
