Forex news, euro rate. Greece has received the first tranche, amounting to 7.5 bln. euro, of new financial aid package provided by European Union and International Monetary Fund. The country’s government has stated that it will be partially used to pay for Greek government bonds.
Last week IMF and euro zone member-countries approved a new financing program for Greece, the cost of which is 130 bln. euro that is supposed to financially support the large0scale debt of the Balkan country till the end of 2014.
Press Secretary has also stated that Athens will assign the new Finance Minister after resignation of Evangelos Venizelos one of these days.
Analysis of the country’s debt problem, prepared by its creditors, namely EU, IMF, and ECB, shows that Greece will fail to manage the planned debt shortage. "High risk" of debt to GDP ratio decline to 116.5 percent by 2020 has also been warned about.
"The government may not implement the recommended reforms," informs the analysis. In this case, by 2020 the debt will reach 145.5 percent of GDP.
There have lately appeared warnings from IMF that Greece will not manage to reduce its debt burden due to delayed reforms and deeper recession than expected.
Fma_Sar Sub-department of Masterforex-V Academy has the following explanation to the situation at forex market:
1. Lasting rising trend of Н1 timeframe. Resistance at points 1.3282 and 1.3306
2. Falling session trend, price decline to 1.3221 1.3181
