Vlad Demochko
Greece keeps counting on another tranche form the troika of lenders. In late 2012, the Greek government decided to compromise with the troika and implement massive layoffs in the public sector as a part of the new austerity plan that includes structural reforms and spending cuts.
Until the end of 2014, the authorities are planning to cut 15 000 jobs. The representatives of the ECB/EU/IMF gave a positive response. It is reported that Athens promised to balance the Greek budget this year, to eliminate the excessive spending in the local healthcare system and to complete the plan aimed at curtailing the public sector.
This year, Greece is expected to get 2,5 billion euro as financial aid. The rest of the funds will be transferred in October. The entire package is estimated at 8,1 billion euro.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of EURUSD. The currency pair has recently formed another local low at 1.2806. A break below it will give way to 1,2796. At the same time, the closest levels of resistance are located at 1.3414-1.3017 and 1,2897.
Vlad Demochko
