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The negotiations on the 3rd Greek bailout in five years are not going well. A hardline camp led by Germany expressed serious reservations about the Greek proposal. Trust has been destroyed by the Greek attempts to play chicken with the Eurogroup in the past few months. Now even after they've done a complete U-turn, the Germans are not buying it.
According to newspaper Frankfurter Allgemeine Sonntagszeitung, the German goverment floated the idea of a 5-year Euro hiatus for Greece. Given the recent Greek voting pattern, this will no doubt turn into a longer, potentially permanent exit from the currency union. You can read the rest of the story HERE.
While the head of the Eurogroup Jeroen Dijsselbloem said that there is progress in the talks, others remain reserved. And the fact that the negotiations are going into a second day, is not good news for the Greek government. Bloomberg has more on today's statements.
From a trading perspective, if no deal is reached the Euro should open lower, potentially reversing much of the gains during the past two days. This will help my EUR/JPY short position . Given previous experience the talks may head into the night on Sunday and even on Monday.
According to newspaper Frankfurter Allgemeine Sonntagszeitung, the German goverment floated the idea of a 5-year Euro hiatus for Greece. Given the recent Greek voting pattern, this will no doubt turn into a longer, potentially permanent exit from the currency union. You can read the rest of the story HERE.
While the head of the Eurogroup Jeroen Dijsselbloem said that there is progress in the talks, others remain reserved. And the fact that the negotiations are going into a second day, is not good news for the Greek government. Bloomberg has more on today's statements.
From a trading perspective, if no deal is reached the Euro should open lower, potentially reversing much of the gains during the past two days. This will help my EUR/JPY short position . Given previous experience the talks may head into the night on Sunday and even on Monday.
