Another Greek D-Day
It appears we have another D-day for Greece and the future of the Eurozone. What was once expected to be the Grexit has now been replaced by the Gragreement but it does not appear that anyone is really overly enamoured with the future plans.
Today, the Greek Parliament will vote on the bailout plan as agreed by PM Tsipras. Whilst delivering the hard sell to the Greek nation, Tsipras urged MPs to vote for a deal that he had only agreed to with “a knife at my neck”.This deal, he argued is the only way to avoid economic chaos. It also stands against everything Tsipras and the Syriza Party stood for when they were elected on a wave of anti-austerity rhetoric a few short months ago.
The “other” side also do not appear to be comfortable with the bailout as rumours gather pace that .with rumours that the Greek finances appear to be in a worse state with every meeting that takes place. The IMF issued a stark warning on the current Greek position, implying that Greece needs debt relief far beyond what European Governments have proposed.
The timeline for Greece is for the Parliamentary vote today followed by votes for Greek creditors on Friday.
There is also major news out of the US as Janet Yellen testifies before the House FInancial Services Committee. As ever, we will be looking for any hints over when the much anticipated rate hike will be. Many commentators have started to push this back to next year, whilst we would expect Ms Yellen to stand firm and keep on track with a rate hike in 2 months time.