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Another deadline in Greek talks, hardly means much

After so many deadlines and misses in Greek negotiation it is hard to rely on yet another deadline, which is being called as the final by European creditors, after which Greece will be left to its fate.

Greek Prime Minister and his government didn't come up with new proposals on Tuesday as was expected.

Not surprising though given so many missed deadline.

Below is the path of the final (as said by European creditors) deadline which is likely to end on Sunday.

  • Greek governments have requested for a new bailout program for another two year for which they need to come up with concrete reforms to back such bailout loans by Thursday to present it for review.
  • TROIKA team (IMF, ECB, EU commission) would review those proposals and will negotiate if changes required.
  • Euro group finance ministers will meet on Saturday to review the proposal and if approved would be passed onto European leaders for finalization.
  • European leaders are likely to meet on Sunday to put final seal on the matter.

In spite of this final ultimatum, it is hard to rely on this final deadline.

Real deadline lies on July 20th, when payment of € 3.5 billion repayment to ECB falls due.

By FxWirePro Team
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