Greece and Germany continue to trade barbs ahead of the countdown to repaying the International Monetary Fund debt. Today marks the deadline to unlock the next tranche of bailout funds or invariably let Greece miss debt repayments and be in a state of default. After being called “foolishly naïve” by German Finance Minister Schaeuble, Greek Finance Minister Varoufakis shot back stating the Greeks would not be able to repay their debts. These remarks highlight the distance between the sides at the negotiating table as decision time rapidly approaches. On the macro front, Euro Area industrial production fell -0.10% month over month after expanding at an annualized pace of 1.20%. After squeezing higher, EURUSD is trending back to the downside, trading marginally above 1.0600.
Greek Deadline Looms Large
Daily Analysis - 13/03/2015