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Tsipras warns Merkel on "impossible"debt obligation

Monday, Mar 23 2015
With no major data releases today, investors once again turned their attention to global concerns, primarily to the resolution of Greek debt crisis. Greek Prime Minister Alexis Tsipras warned German Chancellor Angela Merkel that it will be "impossible" for his country to service debt obligations due in coming weeks if the European Union does not give his country any short-term financial assistance, the Financial Times reported on Sunday.
 
The Greek PM said his country was committed to fulfilling its obligations in good faith and to close co-operation with its partners. But he also warned Merkel that failure to find short-term funding could lead to much bigger problems, the newspaper said. Tsipras said servicing the debts would lead to a sharp deterioration in Greece's already depressed social economy, "a prospect that I will not countenance."
 
After the initial gap higher, euro has declined during the session and is currently being traded few points above 1.0770 level. Pair is likely to find support around 1.07 handle and resistance above 1.0850 area. Later today, in the US session Existing Home Sales figures are scheduled for a release.
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