A review of this week’s events: a deal between Greece and its creditors today? Interest rate hike by the Fed in June
24.04.2015, 10:50

A review of this week’s events: a deal between Greece and its creditors today? Interest rate hike by the Fed in June

The Greek debt talks have become something of a never-ending story. Greece and its creditors (the European Union and the International Monetary Fund) are unable to reach a deal on the economic reforms needed to unlock a new tranche of loans (€7.2 billion). Debt talks took several months but a deal is not signed yet. The Greek government made some concessions but it is not enough.

Athens and its creditors continue to discuss at the Eurogroup meeting in Riga today. It is unlikely that a deal will be signed today. German Finance Minister Wolfgang Schaeuble expressed concerns that talks will be successful.

Even if a deal is signed today, the Greek government will ask for financial assistance again. Debt talks might start from the beginning. A radical solution is needed. The Greek default might be this radical solution.

The U.S. economic data had an impact on markets this week. The data was mixed. Existing home sales were better-than-expected, but new home sales, initial jobless claims and the preliminary manufacturing purchasing mangers' index (PMI) were disappointing.

It seems that the U.S. economy has lost momentum. If there is released no solid U.S. economic data in the last days of April and in May, it is very unlikely that the Fed will start to hike its interest rate in June.

  • Name: Konstantin Meinhardt
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