More wasting of time in Greece

Yesterday's Eurogroup meeting did not really make progress on Greece. It concluded the discussions between Greece and the three institutions, the IMF, Commission and the ECB, would begin on Wednesday.
 
Eurogroup head Dijsselbloem said the key issue now was to stop wasting time and make some real progress. The recent course of events resembles a comedy, but in reality illustrates that the two sides continue to have major disagreements, ones that can still lead to a collapse in the talks.
 
Even though the funding situation of Greece is tight, the country is likely to be able to find the money to cover the next IMF loan repayment later this week.

Nordea notes in a report on Tuesday:

• The ECB's Cœure causioned that the Euro area was not able to create trust, if even the new budgetary rules were already being unraveled.  It is easy to agree with his comments, and see, why the ECB would be frustrated over the matter. 
  
  
• Unfortunately, it looks clear not even the new rules carry that much credibility, as there have been so many breaches without consequences in the past, which is a notable dent for the longer-term outlook of the Euro area.