The new Greek government looks set to reject EU proposals for an extension of the bailout program and stick to its own proposal for a bridging agreement to keep the state functioning for a few months until a much-anticipated, final agreement is in place. The SYRIZA-led government is unwilling to sign an agreement, requiring major concessions relative to the leftist party’s program and this likely sets the stage for a confrontation with the EU. The government’s policy program is key but it is unlikely to satisfy the lenders’ demands. Therefore, we expect events to unfold fast with the ECB having the last word.
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