The ECB authorities have recently specified their stance concerning Greece’s debt and its restructuring. During last week’s press conference in Frankfurt the ECB president Jean-Claude Trichet said that the ECB was against any restructuring of the Greek debt and promised that the ECB management would do their best to save Greece from default.
As for the official bank rate, Trichet said that another increase would probably take place in mid July. If to consider the central bank’s macroeconomic data it is possible to say that the inflation is under control, which is confirmed by the current prices on energy carriers and primary products.
At this point the interest rate remains unchanged.
Previously the ECB and the IMF made a joint statement that Greece could get another multi-billion loan if it made changes to its program of economic stabilization.
Unfortunately, the Greek authorities are not in a hurry to take cardinal steps to reduce the country’s budget deficit, which will inevitably have a negative impact on the economic recovery of the entire European Union.
According to the Department of Market Volume Analysis of , by now the EUR futures contract (6E) has formed another downward wave, having consolidated below 1.4320 - a volume of the current contract (8500 lots).
