It’s D Day for Greece once again
The Greeks still have the door open to make a last minute deal, say the leaders in Germany and France after meeting, but it’s all on the Greeks to come up with something compelling in order to conclude a deal. After five years of this Greek crisis, it must be frustrating to have to go back to the drawing board constantly and now be in a last chance saloon. It also has to be so frustrating for those among the other member states, also democracies, that needed to adopt austerity measures themselves and now have concessions being argued for Greece. That’s got to add a certain hue to the tone of their negotiations.
What if the deal doesn’t go ahead? Well, you could argue that this opens another door. One behind which there is potentially scrutiny every time there is a new bout of uncertainty in the dealings of the Eurozone. If there is viability behind an exit, then who’s to say that there couldn’t be another later on down the track? Is this, then, the strong single bloc that it needs to be in order to provide comfort and trust to its member states and those who deal with it?
One of the interesting articles produced yesterday included a statement from a young reveller who supported this overwhelming ‘No’ vote. When questioned, she responded that she has no money in the bank and no hope for employment and so, really, felt she had nothing to lose by voting negatively to the deal offered. All eyes will be on the summit today at 16:00 GMT…
There is not a great deal of economic data today, first with have UK Industrial Production, forecast for a reduction and UK Manufacturing production forecast for a nice improvement. Also we have a think tank UK GDP estimate due later today which is normally quite a vital information set. Obviously there is the emergency EU leaders special summit, and really that’s about it.