The Greece government keeps having talks with the holders of Greek bonds on the damage done as the result of writing down some the country’s debt. The resolution of the issue is one of the key conditions for receiving another tranche. The key points of the agreement are still unclear.
October’s Euro Summit ended with a decision to write down 100B euro of the Greek debt after most bondholders agreed to lose 50% of their investment capital. The Greek authorities are worried that the country’s budget will become deficit-ridden once again if not all the lenders agree to bear losses.
The EU/ECB/IMF joint commission of inspectors is to visit Athens on Monday in order to estimate the country’s economic and financial situation. They will decide whether Greece will finally get another loan to the sum of 130B euro.
According to the Department of Market Volume Analysis of , EURUSD rallied during the Asian session. There is a chance of going back to the strong level of support - 1.2800 (1.2795 Forex) – this week’s major volume cluster. If the price keeps rallying, the closest resistance will be around 1.2950 (1.2945 Forex).
