The passing of another key deadline brings Greece one step closer to potential default as Germany seems increasingly prepared to let a Euro Area member leave the Union. The latest iteration of Eurogroup meetings was unable to bridge the gap between creditors with the institutions requesting delivery of a comprehensive list of reforms from Greece. Absent from the latest discussions was the terminally weakening capital positions of the embattled nation as the ECB raises collateral requirements for Greek banks. Today’s EUR 750 million payment to the International Monetary Fund will prove a big hurdle after the recent difficulties Greece experienced in paying government pensions and salaries on time. Greece meanwhile continues to pivot towards overtures from the East after an invitation yesterday from Russia to join the BRIC Bank, proposing that Greece become the 6th member of the Bank.
Eurogroup At Odds Over Greece
Daily Analysis - 12/05/2015