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- After successful evaluation of Greek proposal by TROIKA on Monday, it was approved by the finance ministers over a telephonic conversation.
- Greek government which has significantly softened its position, kept the proposal broad based but open ended.
- Greek government also affirmed that it is not going to bowwow in the bond market until primary surplus & debt restructuring happens. It provided clues to its willingness to continue the path of reforms and towards a more stable primary surplus.
- Greek government also cleared its position over privatization. It mentioned it will not go ahead with the privatization in power sector namely in ADMIE, power grid operator. Encouraging is that it will not roll over the completed privatizations & also remain open to further deals but would like to review their conditions.
As the Greek drama is winding up for the time being, market is expected to change focus in the near term. Euro remains stable & currently trading at 1.135.
