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Talks on Greek rescue program continue

Monday, Aug 10 2015
The Greek government is seeking to conclude talks on a rescue program by Tuesday, leaving enough time for national parliaments to assess the deal so funds can be disbursed for an Aug. 20 payment to the European Central Bank.
 
The four institutions representing Greece’s creditors -- the ECB, the International Monetary Fund, the European Commission and the European Stability Mechanism -- made progress over the weekend on the details of a plan that would make as much as 86 billion euros ($93 billion) available to Greece, according to three people with knowledge of the discussions.
 
Officials are optimistic an agreement will be reached, allowing Greece’s parliament to pass any new required reforms in the middle of the week and paving the way for a meeting of euro-area finance ministers at the end of the week, said two of the people, who asked not to be identified because the talks are private. The indebted nation needs a quick release of about 20 billion euros to create a buffer for its banks and to make loan payments.
 
“We are trying to make swift progress in order to have a deal preferably before the 20th of August so the disbursement can be made under the new ESM program,” European Commission spokeswoman Mina Andreeva told reporters on Friday in Brussels.
 
Euro is currently being traded few points above 1.0970 area. Pair is likely to find support around 1.0920 and resistance above 1.10 level. There will be no major data releases in the rest of the session. 
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