A ‘Grexit’ Has Been Averted!
Surprise in Europe! After months of difficult negotiations, eurozone finance ministers and the Greek government seem to have found common ground! In order to obtain a €86 billion bailout package, Athens will have to implement radical and painful reforms, which Prime Minister Alexis Tsipras had opposed initially. This plan must still be approved by several European parliaments, however. In the interim, the short-term funding of Greek institutions remains problematic. This morning the euro is off slightly against the U.S. dollar and markets are up.
In Canada, the June Labour Force Survey released on Friday was solid, despite concerns about crude oil repercussions. Last month the Canadian economy was able to create approximately 65,000 full-time positions, most of them in Ontario and British Columbia. Since the start of the year, some 136,000 full-time positions have been created, which represents the best performance in the past three years. This could perhaps dampen rumours regarding a possible key rate cut by the Bank of Canada on Wednesday. This news also allowed the loonie to gain some points against the greenback.
