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The Greek government bonds have continued to strengthen on Wednesday amid optimism that Euro zone finance minister reported a noteworthy stride forward in their quest to unlock aid for the nation. The yield on the benchmark 10-year bonds, which moves inversely to its price fell 34bps to a 6-1/2 month low at 7.492 pct and the yield on the 2-year bonds dipped 10bps to 8.015 pct by 1150 GMT.
In a statement by the Euro group after a meeting on Monday, ministers said they also expect a deal within days on Greek contingency reforms, actions that would only kick in if Athens veered off its promised fiscal path, paving the way for the disbursement of new loans to Greece. The Euro zone finance ministers offered to grant Greece debt relief by giving it longer grace periods and bond maturities from 2018 if the country delivers by then on all reforms agreed under its latest bailout. The offer, to be worked out in detail by deputy finance ministers by May 24, appears to be a compromise between Germany, which does not believe Greece needs additional debt relief, and the International Monetary Fund, which insists it is necessary.
"This agreement on debt... by the European partners is expected to allow the IMF to participate in the programme," the ministers said in a statement.
On Sunday, Greek parliament members voted in favour of new austerity measures, which include tax hikes, pension cuts, and new taxes on internet and TV. In addition, residents will be liable to a scope of new taxes, such those on coffee and electronic cigarettes and the VAT on fuel will increase by around 24 pct. According to recent Reuters report, a positive sign-off on the reform review will unlock more than 5 billion Euros to ease Greece's squeezed finances and meet debt repayments maturing in June and July. Greece also hopes that the signoff will launch discussions on debt relief.
"The vote in parliament is constructive and positive for the Euro group talks and that should help the decision to give Greece additional support, although the Greek bond market is illiquid, the fact that yields are lower is a good sign," said Patrick Jacq, European rate strategist at BNP Paribas to Reuters.
The markets will now focus on the February unemployment rate on Thursday (0900 GMT), Q1 GDP on Friday (0900 GMT). Meanwhile, the benchmark ASE index fell 0.92 pct or 5.76 points to 623.55 by 1130 GMT.
