Instead of relaxing aid conditions and contemplating debt relief, Greece’s European partners are proving more stubborn after the referendum results, tabling last week’s offer and demanding greater reforms and conditions. German Chancellor Angela Merkel hit the newswires with such incendiary rhetoric that coming to a deal at this point is highly unlikely as she stated unequivocally there will be no debt relief and haircut for Greece. Although there is an apparent schism between Euro Area leaders after Jean Claude Juncker remarked that the “last moment for Greek Government will be Monday morning.” There seems to be a substantial amount of confusion, meaning that the probability of a Greek exit is rising by the day. Europe’s continued unwillingness to consider restructuring the existing debt will likely prove its undoing as outside investors lose confidence in the Euro and its leadership.
New Day, New Deadline
Daily Analysis - 08/07/2015