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Schäuble sees no need to disbursing further aid to Athens

Monday, May 25 2015
German Finance Minister Wolfgang Schäuble sees no need to discuss “alternatives” or disbursing further aid to Athens, since “Greece has to deliver what it promised” on its current bailout program first, he said in a radio interview. “Greece committed itself to the fulfillment of this program on Feb. 20 and therefore we don’t need to talk about alternatives,” the minister said in an interview with Deutschlandfunk that aired Sunday, adding that the country has “quite a lot of work ahead to fulfill what it has promised.”
 
On the other hand, other Eurozone members have to face with economic problems and try to solve it as soon as possible. In a message read to attendees at a conference in Rome, ECB President Mario Draghi said countries should act quickly on recommendations the central bank has made to complete economic and monetary union, many of which have not been carried out. "The current situation in the euro area demonstrates that this delay could be dangerous," Draghi said, according to a text of the address released by the ECB, while acknowledging progress had been made, for example with banking union.
 
Euro fell at the opening of Monday's session and is currently being traded few points above 1.0970 level. Pair is likely to find support around 1.0950 handle and resistance above 1.1020 area. We cannot expect any larger movements in the rest of the session with US banks being closed in observance of Memorial Day.
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