Eurogroup waiting for new Greek ESM request

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Tuesday, Jul 07 2015

According to the statement of Eurogroup President Dijssebloem after today's Eurogroup meeting it was said that Eurogroup members ministers welcomed new Greek colleague and listened to his assessment of the situation after the "No" vote in Greece. There were no new proposals at this point from the Greek minister, and the first step will be that the Greek government will send the Eurogroup a new request; a new request letter for ESM support.

As soon as this comes in - hopefully already tomorrow morning - another Eurogroup conference call will be held to formally start the process of dealing with this request. Dijssebloem will first ask the institutions to look at the financial situation in Greece, their finances and debt sustainability, and then the institutions will come back and Eurogroup will see if it formally start the negotiations. All this has to be done in a matter of days since there is very little time.

Euro managed to rebound slightly after sharp fall and is currently being traded few points above 1.0940 level. Pair is likely to find support around 1.0920 and resistance above 1.10 level.

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