Likas Papadimos, Prime Minister of Greece, made a speech on TV, saying the nation is one step from reaching the point of no return (meaning default, bankruptcy and disconnection form the eurozone) in case Greece fails to meet the new borrowing requirements set by the EU/ECB/IMF.
The nation was discontent. Up to 100.000 Greeks participated in demonstrations against spending cuts by 3.3B euro at the expense of healthcare workers, retired people and civil servants. In Athens, several buildings (including bank offices, a cafe and a store) were set on fire.
As for the Greek legislators, later on Sunday, they approved the austerity plan needed to get a new loan from the IFM/EU/ECB. Now, when the Euro Group and eurozone governments approve the agreement, Greece will get 100B euro of its public debt written down and will receive another substantial loan.
In the meantime, EURUSD is forming wave BH1. There is an M15/30 sub-wave already formed inside. Now the price is probably forming sub-wave B. According to the SRP Department of , it should be noted that the retracement form A H1 hasn’t broken the upswing nature of the movement. However, if the retracement goes deeper, it will happen while attended by the completion of wave C H4 (an upswing).
