John Lipsky, which is currently acting as Managing Director the IMF, says Greece hasn’t asked the IMF for another loan so far. However, the fund is ready to help Greek if there is a need.
He assumes that “the most important steps are those that are going to be taken in Greece by the Greek authorities in adopting and implementing the very ambitious program of structural reform necessary to heal that economy and set the stage for renewed growth… The situation facing Greece is certainly a very difficult and challenging one. That’s not news. What is clear is that a very ambitious program of structural reform is needed to address the laws of competitiveness in the Greek economy within the euro area and the degree of adjustment that is anticipated in the program is very substantial but not unprecedented… it is necessary to establish the prospect of prosperity for Greece within the euro area”.
John Lipsky notes that there is real progress seen in the discussion led by the EU authorities on the matter.
FOREX.
EURUSD keeps rallying. According to the Department of Masterforex-V trading system , the currency pair has come out of the bearish sloping channel initiating an upswing along the major uptrend.
A “moment of truth” and with a bullish FZR of H2 will confirm the bulls’ desire to retest May’s high. In this case the price will encounter resistance around the local highs 1.4497 and 1.4695. Once the upward scenario is canceled, the “Hound of the Baskervilles” pattern (by Elder/MF) of wave level H8 will continue the retracement. 1.4073 will turn into the closest level of support.
