Risk of default is rising as Greece talks yield little result so far
Euro-area data should continue to show signs of improvement but the focus will stay on the ongoing negotiations between Greece and the 'institutions' - the European Commission, IMF and European Central Bank.Recent commen…
Euro-area data should continue to show signs of improvement but the focus will stay on the ongoing negotiations between Greece and the 'institutions' - the European Commission, IMF and European Central Bank.
Recent comments from government officials suggest that a reform package is unlikely to be agreed by 24 April, when an informal Eurogroup meeting has been scheduled in Riga; the next official Eurogroup meeting takes place on 11 May.
The release of EUR 7.23bn in delayed bailout payments looks increasingly unlikely this month, and there is now a serious risk of default in May.
So far there have been no signs of contagion to the rest of the euro area as bond yields of other periphery countries remain close to historic lows and stock markets are performing well. But fears of another eruption of the simmering euro-area crisis remain at the forefront.
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