• Greece will remain a hot topic as the four-month extension is only a temporary fix while negotiations for a new programme start. The Greek government wishes to discuss some debt relief over the next four-month. 
• As we argued in Grexit is a lose-lose, we see room for a compromise. 
• Yet, the upcoming negotiations over a new programme will be challenging. 
• With general elections due in Finland in April, regional and general elections due in Spain and several national Parliaments due to vote on a new programme, the political risks will no doubt be high during the negotiation process.