EU and IMF reach deal on Greece - Reuters

FXstreet.com (Barcelona) - There are reports coming from Reuters that the IMF and the Eurozone, part of the so-called Troika, have reached a deal to reduce Greek debt to 124 % of the GDP in 2020 through package of extra steps amounting 20 % of GDP.

There is still few concrete details out of Brussels, although it has not been necessary for the Euro to take off en-route now to 1.30. This decision, if materialized, will be another can kicking down the road, with the goal setting to hit by 2020 thought to be unrealistic to say the least. But that is not a problem, there will always be another EU summit around the corner.

As ZeroHedge notes: "Greece has to magically grow its GDP by EUR 50 billion from EUR 184 billion to EUR235 billion by 2020 for this 124% debt/GDP to be hit (and another EUR 20 billion in the next two years)."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS