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Fasdal: Greek crisis at “critical” stage
The crisis in Greece, which threatens its membership of the euro, has reached a critical point. That’s at least the conclusion in the bond markets, says Saxo Bank’s Simon Fasdal. The main cause of concern is that Greece will run out of cash in just a few weeks.
Markets are hoping that talks between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel in Berlin on Monday may pave the way for financial aid to Greece to keep it afloat. Reports suggest Greece is struggling to pay around EUR 1.5 billion in pensions and salaries by the end of this week.
Greece is in negotiations with its creditors to secure an extension of its EUR 240 billion bailout to which Germany is the biggest contributor. Uncertainty about the outcome has prompted Greeks to withdraw cash from local banks.
Greek banks can cover any cash shortfall through Emergency Liquidity Assistance from the ECB. Last week, the ECB raised the maximum ELA ceiling by EUR 400 million to EUR 69.8 billion. The ceiling will be reviewed by the ECB again this week.
02:31 minutes
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