Everyone can’t stop talking about the Euro. One week it’s up, the next week it’s down. One day there’s an eminent bailout, and the next day there’s not. Sound familiar?
As the European Union Summit gets underway this week, there are continuous talks about what’s to become of Greece. On Tuesday, Eurozone leaders struggled to reach a deal to reverse Greece’s unbridled debt crisis. According to the Financial Times, talks between European government negotiators and representatives of Greek bondholders remained inconclusive, putting at risk one of the three key pillars of a deal: a final resolution on Greece’s second bail-out.
A draft of the summit communiqué circulated to national capitals late on Tuesday and described to the Financial Times does not include any wording on a completed deal on Greek bondholder haircuts. Instead it only refers to a second bail-out being concluded sometime in the future. No timetable is mentioned.
With the G20 Summit set for next week in Cannes, one can only wonder if a deal will finally be reached. We can only anticipate more Euro volatility as the situation changes from day to day.
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