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Will Greece Benefit Or Lose From Saving €11.5 Bn ?

14 July 09:37 AM

It is not a secret that Greece is one of the weakest eurozone economies. It caused a major crisis in Europe, thus forcing the common European currency to devalue against the US Dollar and other major currencies, which later affected other economies around the world. Therefore, any major changes in the Greek economy can be treated as leading indicators for the entire global economy, and the eurozone economy in particular, Masterforex-V Academy experts assume.

So, how does the Greek economy feel? How are the Greek authorities going to resolve multiple economic and political issues? Will common Greeks eventually put up with the situation and agree to even tougher austerity?

The Greek authorities want to persuade their creditors that they will implement all the necessary reforms. Moreover, they are currently considering another austerity plan to the amount of €11.5 bn, which is said to be implemented within 2 years.

This will be another trump card during the talks with international lenders. Greece will probably use it to ask more time for reaching the budget targets, stated in the salvation agreement.

The Greek economy has been in the economic trap for 5 years. The unemployment keeps growing while the government tries to impose new austerity measures on the Greek society, thus desperately trying to fulfill the debt obligations. At the same time, the authorities want to look decisive in their efforts to implement all the necessary reforms.

According to Eugene Olkhovsky, Masterforex-V Academy’s leading expert in financial markets form Canada, Greece can be understood. Everyone wants to believe in a brighter future. Therefore, the Greek authorities focus on those facts that can reassure lenders, analysts and common people. However, the optimism is to premature. Most Greeks are sure that austerity should be applied to bankers, not to common people. At the same, time, more and more Greeks want their country out of the eurozone, which can only escalate the instability in the region and around the globe.

Obviously, the current situation in Greece cannot but affect the common European currency.

According to Masterforex-V Academy, at this point, EURUSD has suspended its long-term downtrend. If the bearish move resumes, 1,2150 and 1,2100 will become the next major levels of support.

In order to reverse the downtrend, the price will have to overcome and consolidate above 1.2330.

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