ECB's Draghi says a Greek deal "will be really difficult" | Forex Factory

ECB's Draghi says a Greek deal "will be really difficult" | Forex Factory

ECB's Draghi says a Greek deal "will be really difficult"

From forexlive.com

Super Mario talking to Il Sole 24 Ore and his response when asked whether a Greek deal can be wrapped up; " I don't know. This time it's really difficult"; More here courtesy of our friends at Livesquawk;

Comments / Top
Subscribe

Jul 9, 2015 3:55am

Well here's a really interesting bit from yesterday. Remember that woman who walked out of negotiations with statements about 'dealing with children'? Well get this:-

US Treasury secretary Jack Lew and International Monetary Fund (IMF) head Christine Lagarde on Wednesday urged European countries to grant debt relief to Greece and help the country avoid a Grexit.

Both leaders pointed out Greece needed "debt restructuring", urging Germany to dial back its pressure on the Mediterranean nation.

Jul 9, 2015 5:00am

Quoting barkie

Disliked

Negotiations about debt relief were ruled out in January and agreed on from both sides UNTIL a deal would be reached about structural reforms when do you get this in your thick head buddy!

Ignored

The point is ... these ppl are pushing for some sort of debt relief even though there is no agreement. Also it represents a U-turn for Mme.Lagarde.

...and don't call me buddy. You are not in my buddy-list.

Jul 9, 2015 5:43am

Quoting zax1150

Disliked

...Getting involved with the IMF is never a good idea, their idea of "helping" has always been overblown stringency measures....current case in point

Ignored

I have come to understand this. Also the current head of the IMF seems to have limited mental capacity.

Jul 9, 2015 4:07am

Quoting Exodus

Disliked

Well here's a really interesting bit from yesterday. Remember that woman who walked out of negotiations with statements about 'dealing with children'? Well get this:-

Ignored

Negotiations about debt relief were ruled out in January and agreed on from both sides UNTIL a deal would be reached about structural reforms when do you get this in your thick head buddy!

Jul 9, 2015 5:31am

Quoting Exodus

Disliked

The point is ... these ppl are pushing for some sort of debt relief even though there is no agreement. Also it represents a U-turn for Mme.Lagarde.

...and don't call me buddy. You are not in my buddy-list.

Ignored

BUDDY EVERYBODY knows Greece needs debt relief NOBODY believes Greece is going to pay back it's debt, but these negotiations are not about debt relief.

...put me in your buddylist otherwise it's completely empty

Jul 9, 2015 1:29pm

Quoting Collector

Disliked

Can you help me out here? I can't find any evidence of Greece's negotiators agreeing to rule out talk of debt relief until a reform package had been agreed to.

.....

Ignored

Watch the February 20th press conference.

The Eurogroup has stated just after the February 20th EG meeting that they won’t talk about debt levels and structure until Greece gets past these so-called bailout negotiations. These negotiations are limited to structural reforms and the deal was that Greece has to start from the existing package of structural reforms but it can make changes IF it can persuade its creditors that it won’t have a negative impact on the Greek government’s finances.

This doesn't mean that there will be negotiations about debt relief, it says that there won't be negotiations about debt relief BEFORE the negotiations about structural reforms are successfully concluded.

Jul 9, 2015 2:17am — Edited

wonder when forexfactory will stop posting this forexlive crap ... really annoying..

all news coming from forexlive is like seeing a guy taking a shit in the middle of the Hollywood Blvd and then someone yelling, hey look at this guy, he is shitting on the boulevard...

Jul 9, 2015 2:57am

With such disturbance of news EURUSD became Greece good vs Greece bad spot and its done by HFT programs that don't care actually. Best solution right now is to stay low and small. Other vice this looks more like a gambling. Hope this won't last too long, or until next big drama thing, like elections in US.

Jul 9, 2015 5:23am

Quoting Exodus

Disliked

The point is ... these ppl are pushing for some sort of debt relief even though there is no agreement. Also it represents a U-turn for Mme.Lagarde.

Ignored

What the IMF is pushing for is the EZ to provide the debt relief, not themselves they want to be paid in full........

Getting involved with the IMF is never a good idea, their idea of "helping" has always been overblown stringency measures....current case in point

Jul 9, 2015 7:19am

Quoting Ojiego

Disliked

LOLz, at least she will not rape a tea-boy in a New York hotel

Ignored

Jul 9, 2015 12:26pm — Edited

Quoting barkie

Disliked

Negotiations about debt relief were ruled out in January and agreed on from both sides UNTIL a deal would be reached about structural reforms when do you get this in your thick head buddy!

Ignored

Can you help me out here? I can't find any evidence of Greece's negotiators agreeing to rule out talk of debt relief until a reform package had been agreed to.

What I have found is a January 31, 2015 statement by Merkel simply stating that debt relief is not on her cards:

http://www.itv.com/news/story/2015-01-31/merkel-rejects-greek-governments-bid-for-further-debt-relief/

And:

http://www.bbc.com/news/world-europe-31072189

As far as I can make out, this has, even to now, been the EC and ECB position. That is: no debt relief.

Jul 9, 2015 3:24pm — Edited

There is no mention in the Eurogroup's statement you reference about debt relief, let alone any statement or implication that agreement on structural reforms would be a precursor to anything else. (However, you said "watch" which presumably means a video, which I couldn't find. This may have had different content).

Of the two, I would prefer to accept the written statement anyway.

http://www.consilium.europa.eu/en/press/press-releases/2015/02/150220-eurogroup-statement-greece/

On this agreement, Varoufakis has said:

"Varoufakis made clear that the agreement will cease to exist if Greece’s creditor institutions don’t accept the reforms Athens proposes. He also said that Greece’s left-dominated government will, and is very willing, to seek advice from its political opponents on the various changes the country will put forward on Monday".

http://www.theguardian.com/business/2015/feb/20/eurozone-chiefs-meet-for-last-ditch-talks-to-avert-greece-cash-crunch

He and others on the Greek side have also repeatedly said from the beginning that all manner of reforms would be on the table provided the troika accepted the need for debt relief. He was not asking for the details, just an indication that Troika accepted this broad need in principle. In response, the Troika and the Eurogroup (as backed up by Merkel's statement above) have maintained their 'no debt relief' stance. They have maintained this stance right up to now, although there are recent indications that they have accepted a share of complicity and culpability for Greece current position (ref: Donald Tusk's statement at the July 7 European Council's Consilium):

http://www.consilium.europa.eu/en/press/press-releases/2015/07/07-tusk-remarks-euro-summit/

It does seem very much as though the EC (ie. Commission) and ECB's riding instructions have been to not hold out hope of debt relief to Greece. Scheuable's remarks would also back this up:

https://www.youtube.com/watch?v=Qm5d7ei9C2Y

Therefore, it seems clear that the Troika did not (until recently) see anything at all following a conclusion to an agreement on structural reforms. In fact Scheuable mentioned the possibility of even more austerity.

Jul 9, 2015 1:43am

Yeah Mario! Because of all these statements coming left,right and centre, I had to hedge my account until Monday

Jul 9, 2015 6:15am

Quoting Exodus

Disliked

........ Also the current head of the IMF seems to have limited mental capacity.

Ignored

LOLz, at least she will not rape a tea-boy in a New York hotel

Jul 9, 2015 3:51am

Neither, i don't think it's even possible to bribe forex market with olive oil from Greece.

Jul 9, 2015 5:57am

Quoting Exodus

Disliked

I have come to understand this. Also the current head of the IMF seems to have limited mental capacity.

Ignored

Now now ...the more apt PC term is cerebrally challenged

Jul 9, 2015 3:29am

Quoting SickOfScam

Disliked

...And Deutsche Bank had no sell pending order at 1.11240 ... nooo
They fuck the all world just to get some impotent idiot to put his 'thing' exactly at 1.11240 ...

Ignored

if Forex factory doesn't post, somebody else will. and markets will react without you. then you will ask why or why FX did not post. also markets move in rumors. you would rather know a rumor to protect yourself if not to trade it.

Jul 9, 2015 3:52am — Edited

Quoting moku

Disliked

if Forex factory doesn't post, somebody else will. and markets will react without you. then you will ask why or why FX did not post. also markets move in rumors. you would rather know a rumor to protect yourself if not to trade it.

Ignored

with all of this 'rumor', we lose a sense for humor...and you have no idea what is indicated

Jul 9, 2015 4:17am

Quoting SickOfScam

Disliked

with all of this 'rumor', we lose a sense for humor...and you have no idea what is indicated

Ignored

it's said all humor has some truth in it. I agree that there no humor in it. but it's the market reality which we have to deal with everyday.

Jul 9, 2015 4:36am

Quoting moku

Disliked

it's said all humor has some truth in it. I agree that there no humor in it. but it's the market reality which we have to deal with everyday.

Ignored

humor is that there a couple of idiots pulling a point (price) as a child a ball and others think it's a reality (or the world economy)

Jul 9, 2015 7:55am

As I recall Lagardes comment, regarding "adults" referred to her frustration with the negotiating incompetence and naive and unprofessional diplomacy of the Greek team, and the particularly egotistic, unhelpful and offensive style of Varoufakis. Significantly, now dropped, as the damage hes caused has become evident even to Tsipras.

Her walkout reflected her reaction as IMF head to the refusal of the Greek team to honor their separate IMF liability.

The statement on debt relief reflects Ms Lagarde, and her chief funder J Lew position that they are happy to observe on but unhappy to participate in any further Greek game theory. Perhaps they believe their limited DR initiatives should be better directed to truly deserving 3rd world cases, rather than corrupt and mismanaged 1st world economies. I see no inconsistencies.

Jul 9, 2015 3:02pm

Look guys.. its as simple as this..

The Greek government and people have to STOP spending more than they are collecting in taxes.

ENDOF/

all this stuff about bailouts terms debt relief etc is just so much BS
until they demonstrate they are capable of living within their means.
And so far that hasn't happened.

Jul 9, 2015 1:10am

really u have to say this??..spike up eu and gu..

Jul 9, 2015 2:26am

...And Deutsche Bank had no sell pending order at 1.11240 ... nooo
They fuck the all world just to get some impotent idiot to put his 'thing' exactly at 1.11240 ...

Jul 9, 2015 3:00am

You don't say

Jul 9, 2015 3:08am

... and do you think that the EURUSD went to 1.11240 because of the Greek olive oil, or due to corrupt the forex market ..

Story Stats

Jul 9, 2015 1:05am
Posted by
Newsstand

Medium Impact Breaking

26

6,964