Vlad Demochko
Forex news.
On March 20 Greece is supposed to redeem 14.5 billion Euro of bonds, otherwise – default. At this point the country does posses such money. However, Greece can receive the money if the decision of European Union obliging private investors to write off 50% of Greek debt nominal value, adopted last autumn, is fulfilled. It has been planned to exchange the present bonds into new ones, the nominal value of which is twice smaller; on a voluntary basis by the way. The program was called "Private Sector Involvement" (PSI).
This issue was raised at the end of last week in Athens in the course of negotiations between Greek government and the Managing Director of the Institute of International Finance (IIF) Charles Dallara, who was assigned to represent the majority of private creditors.
By Friday evening the agreement has not been reached. "We will continue tomorrow," optimistically stated Greek Minister of Finance Evangelos Venizelos. However, on Saturday left for Paris in order to solve a “long-term issue”, having not finished the consultation, but promising to stay in touch all the time. Being far from Athens, Ch. Dallara decided not to heat up the atmosphere around negotiations by showing certainty that “the major pieces of agreement mosaic are at their places”.
Meanwhile at FOREX market EURUSD currency pair, having made a moderate gap down at the opening of trading, is forming wave "В" to former rising trend of h1 level. According to the specialists of the System of Early Prediction Sub-department within Masterforex-V Trading Academy, in order to understand the nature and the targets of further price move, it is necessary to see how the impulse structure of entire bullish trend was kept during the previous week.
Vlad Demochko
