According to Janis Sturnaras, Greek Finance Minister, Greece is on the verge of leaving the eurozone once again. Greece will have to quit the currency union if the local politicians fail to implement considerable multibillion spending cuts.
During his interview to “Vima”, Mr. Sturnaras said that the international group of lenders demanded to cut the budget spending by €13.5bn instead of €11.5bn. The minister assumes that if Greece fails to implement the required austerity steps, its eurozone membership will be in jeopardy.
The EU/ECB/IMF trinity of lenders is expected to publish a report on the Greek issue in September 2012.
In the meantime, the Greek government is looking for opportunities to meet the mentioned requirements.
On August 24th and 25th, Antonis Samaras, Prime Minister of Greece, is expected to make official visits to Berlin and Paris to discuss the possibility of extending the period of implementing the required budget spending cuts.
Forex.
The chart below, courtesy of the SRP Department of , reflects the current state of affairs in the market of EURUSD. The short-term bullish move looks completed. However, the price may well reach 1.2400.
Анализ: Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
