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Significant improvement has been achieved this week so far. The private meeting of ECB, IMF and EU heads with German Chancellor Merkel and French president Hollande on Friday has led to finalization of a proposal.
- Euro zone creditors and bailout monitors have set aside their differences and presented a single final proposal which will unlock €7.2 billion of bailout money. The proposal will be presented to Greek Prime Minister Mr. Alexis Tsipras in Brussels by European Council head Mr. Jean Claude Juncker today. All Greece need to do now, is to accept the proposal by Friday to unlock cash before IMF payment of €300 million.
A final deal could still be sometime away, as there could be clauses such as Primary surplus of 3.5% of GDP in the medium term, which Mr. Tsipras may not agree with and negotiate for lower numbers. He has issued his own final proposal on Monday.
Fear not, even if Greece disagrees a deal is very close and within reach. Why?
- In a negotiation one doesn't accept ultimatum. So negotiation will be held to close the gap between two proposal and reach at a mutual consensus.
- This will keep creditors happy and Mr. Tsipras will be able to save his face among Greek people.
Either way a deal is coming. Expect Euro to remain buoyant against major counterparts. Euro is currently trading at 1.111 against dollar.
