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12 Aug 2013
Flash: EUR/USD trading lower on Greece – Deutsche Bank
FXstreet.com (New York) - In Greece, Germany’s Der Spiegel wrote that the Bundesbank believes international creditors will have to agree to a new bailout for Greece in early 2014, notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.
Key quotes
“The move would come months after Germany's September 22nd general election as Merkel's conservative government has been at pains to appear firm on Greece's international bailout, which is unpopular with many Germans.”
“The EURUSD traded as lower, though Der Spiegel added that the Bundesbank told the German Finance Ministry and the IMF that a recent EUR5.7bn payment to Greece was approved due to political constraints.”
The central bank reportedly also described the risks of the current rescue program for Greece as unusually high and the performance of the Greek government as hardly satisfying. The news comes as the major German political parties begin their election campaign leading up to the Sept elections.”
Key quotes
“The move would come months after Germany's September 22nd general election as Merkel's conservative government has been at pains to appear firm on Greece's international bailout, which is unpopular with many Germans.”
“The EURUSD traded as lower, though Der Spiegel added that the Bundesbank told the German Finance Ministry and the IMF that a recent EUR5.7bn payment to Greece was approved due to political constraints.”
The central bank reportedly also described the risks of the current rescue program for Greece as unusually high and the performance of the Greek government as hardly satisfying. The news comes as the major German political parties begin their election campaign leading up to the Sept elections.”