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No Invitation For Greece

No Invitation For Greece

As Sterling continues to lose ground against the Euro and the US Dollar, the headline makers are similar to what they have been for the last few months. Namely, Greece and how or if it will get out of its predicament.

Following months of kicking the can down the road, we are approaching another crossroads as Greece needs to make a debt repayment to the IMF on Friday. This is the smallest of four debt repayments it has to pay this month, totalling €1.6bn. Although it is saying that IMF repayment will not be an issue, the same cannot be said for the others. With this in mind, European leaders and IMF Chief Christine Lagarde met in Berlin until late last night with the intention of hammering out an offer that Greece could consider. It is notable that Greece representatives were not invited to the “party”. Is this another false dawn or will there actually be a solution this time?

Since the May 7th General Election, Sterling has lost ground against the Dollar and Euro as economic data has been constantly poor, leading there to be no expectation of an interest rate rise nor a UK vote on whether to stay in the European Union. David Cameron revealed his hand yesterday via Foreign Secretary Philip Hammond who said that not only do we want to remain in the EU, but have a more proactive role as well.

There is lots of important news out of the Eurozone this morning including PPI and CPI.

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