Greece’s bailout drama enters a crucial 48 hours, as the two sides strive for an agreement by Wednesday nightLatest: Athens admits its a tough compromiseTax rises will hurt growthECB provides more emergency funds to GreeceIntroduction: Crucial 48 hours aheadStock markets hit three-week highs 10.57am BST Analysts at UBS warn there’s still a real risk that negotiations flounder. Here’s a section of their latest research note: 10.51am BST The threat of Greece leaving the eurozone anytime soon has receded, says Carsten Brzeski of ING.And the last-minute hiccup with the latest Greek proposals (they sent one version on Sunday night, and other early on Monday) has been smoothed out:At least yesterday, the blame game was suspended, in favour of a more cooperative approach, even if some Eurozone finance ministers obviously still felt a sour aftertaste. The late submission of the new Greek proposals did not help to reduce built-up irritations. Technical work will resume under a better omen, sustained by the continued support of the ECB. The next steps will be Wednesday’s Eurogroup meeting and the European summit on Thursday and Friday. Judging from yesterday’s events, it seems as if all players involved have finally started with constructive negotiations. This strengthens our view that a Grexit will be avoided, at least this time around. Continue reading...
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