The Greeks have assured creditors that the IMF will be repaid tomorrow in full, despite indications that the country is about to run out of cash. Greek Prime Minister Alexis Tsipras is in Moscow, due to meet Russian counterpart Vladimir Putin today with the nations expected to discuss trade relations and future development. The move is widely viewed as antagonizing the EU to extract better compromises and a faster disbursement of promised bailout funds. In other news, German factory orders released this morning showed continued contraction after expectations of a 1.50% rebound, instead contracting by -0.90% after the previous months -2.60% print. This was the second consecutive month that the measure missed estimates despite the more accommodative monetary policy environment and increased export competitiveness from a weaker Euro.
Tsipras in Moscow
Daily Analysis - 08/04/2015