More Greek turbulence ahead, now with parachute
On Sunday the brakes seemed to take hold on Greeces wild ride when Euro Zone officials hammered out a deal that would provide up to 30 billion Euro in loan guarantees. Minimizing short term liquidity risks for Greece, stabilizing the Euro and easing investor tension were some of the goals.
In the first trading days, the effort seems to be working. Greece is however far from safe, says Jyske Markets Macro Analyst Peter Skøttegaard Øemig, and it must keep its promises in terms of cost cutting which will be a huge task.
Greek officials say they have enough cash to get through April, but they'll need more for May and part of that, they hope, will come from the sale of dollar-denominated bonds to American investors. Greek officials are readying a U.S. roadshow and hope to raise up to $10 billion.
