5 Jun 2015
Greece remains at the center of attention – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman team note that Greece is back in the headlines after the Syriza government rejected the proposal from its creditors.
Key Quotes
“The creditors’ proposals, which include a demand for an increasingly larger primary budget surplus, have been rejected by the Syriza government. At the same time, Syriza's counter-proposals are also a non-starter.”
“How the logjam is broken is far from clear. The fact that Greece has formally exercised its right to bundle this month's IMF payments is seen as both a negotiating tactic as well as the fact that the country is running out of funds. Remember, its last payment to the IMF was funded by tapping its Greece's reserve fund at the very same IMF.”
Key Quotes
“The creditors’ proposals, which include a demand for an increasingly larger primary budget surplus, have been rejected by the Syriza government. At the same time, Syriza's counter-proposals are also a non-starter.”
“How the logjam is broken is far from clear. The fact that Greece has formally exercised its right to bundle this month's IMF payments is seen as both a negotiating tactic as well as the fact that the country is running out of funds. Remember, its last payment to the IMF was funded by tapping its Greece's reserve fund at the very same IMF.”