With a EUR 10bln loan, the Greek Government managed to retire EUR 30bln of debt. Strill, the continued involvement of the IMF was always more political than based on sound economics. Halpenny notes that IMF involvement is based upon the debt-to-GDP ration falling some 66% to 124% by 2020, which despite this buy-back will still prove daunting.
Eurozone finance ministers held a conference call yesterday and are likely to formally approve the release of the next tranche of aid tomorrow. He notes that a deal has apparently been reached between Germany and France over which banks should fall under the direct oversight of the ECB, which may pave the way for the EU announcing the timing of the Single Supervisory Mechanism being fully operational, with a date of April 2014 being mentioned. Halpenny notes that the Euro remains stable at around 1.3000, but similar to a potential squeeze in short Yen positions into year end, the same risk stands but on a smaller scale.
**FXstreet.com.tr Haber merkezi, FXstreet.com **