Home Forex Analysis And Forecasts Intra-Day Market Moving News and Views- more on EUR/USD

Intra-Day Market Moving News and Views- more on EUR/USD

Intra-Day Market Moving News and Views

11 Feb 2015     04:33GMT

EUR/USD – …..The Greek proposals will be presented to EMU finance ministers at a key session of the Eurogroup on Wed. They are essentially a restatement of Syriza's long-standing demands, with an added request for some fresh money from EU creditors to tide the country over until September.

Germany's FinMin Wolfgang Schaeuble later deflated the false optimism sweeping markets, denying reports that the European Commission had offered Greece a six-month life-line.

Officials at Lazard in Paris contracted by the Greeks to thrash out a debt plan said 100 bln euros must be shaved off Greece's 315 bln euros external debt to restore the country to long-term viability, and to allay the grave macro-economic errors made by the Troika.

Varoufakis hopes to sweeten the bitter pill for Europe by agreeing to keep 70% of the Troika reforms, deemed the "good" ones. The other 30% will be scrapped and replaced by ten new reforms in cooperation with the OECD. These will purportedly go further in shaking up the Greek state and breaking the cartel nexus of the old dynasties. Yet he has not yet revealed which reforms will be kept.

Ahead of Eurogroup meeting later today, Telegraph reported Greece's radical new gov't has threatened to seek money fm Russia n China to avert a financial crisis rather than yield to austerity demands fm Europe, risking a dangerous political rift with the leading EU powers n a full-blown NATO crisis.

"We want a deal. But if there is no deal, and if we see that Germany remains rigid n wants to blow Europe apart, then we will have to go to Plan B," said Panos Kammenos, the defence minister n head of the Independent Greeks party in the ruling coalition.

"We have other ways of finding money. It could be the U.S. at best, it could be Russia, it could be China or other countries," he told Greek television. Kammenos said Greece would prefer to leave the euro if membership means submitting to what he calls a "Europe under German domination."

Nikos Chountis, Greece's deputy foreign minister, said on Tue that Russia n China had already offered financial support to the country. "There have been proposals, offers I would say, from Russia, recently after the election, for economic support as well as from China, regarding help, investment possibilities," he said.   



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