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16 Jul 2015
Greece: EZ's leap of faith - ING
FXStreet (Guatemala) - Carsten Brzeski, analyst at ING Bank explained that, as expected, today’s ECB meeting was all about Greece.
Key Quotes:
"ECB president Draghi did not only answer many questions, he also delivered tangibles for Greece: a minor increase of ELA for one week.
"The Eurozone’s key players took an enormous leap of faith with Greece."
"And there was more news from the Eurozone today. After the principle decision that the Eurozone would offer Greece a 7bn euro bridge financing through the Commission’s rescue fund, the EFSM, the Eurogroup today also reached out to Greece."
"At the same time that the ECB press conference started, the Eurogroup issued a written statement, welcoming last night’s parliamentary green light for the Greek reforms. Moreover, the Eurogroup said that it would in principle grant a three-year bailout package to Greece, obviously only when all conditions as laid out in Monday’s agreement are met."
Key Quotes:
"ECB president Draghi did not only answer many questions, he also delivered tangibles for Greece: a minor increase of ELA for one week.
"The Eurozone’s key players took an enormous leap of faith with Greece."
"And there was more news from the Eurozone today. After the principle decision that the Eurozone would offer Greece a 7bn euro bridge financing through the Commission’s rescue fund, the EFSM, the Eurogroup today also reached out to Greece."
"At the same time that the ECB press conference started, the Eurogroup issued a written statement, welcoming last night’s parliamentary green light for the Greek reforms. Moreover, the Eurogroup said that it would in principle grant a three-year bailout package to Greece, obviously only when all conditions as laid out in Monday’s agreement are met."