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Eurogroup failed to reach agreement on Greek bailout

Thursday, Feb 12 2015
Euro was pushed lower after talks between Greece and its European partners failed to reach agreement on a way forward to allow the debt-laden country to get a needed funding program in place before the end of the month. "We did make a lot of progress in the sense that we now understand better where we all are," Eurogroup president Jeroen Dijsselbloem said at a press conference in Brussels. "But there was simply not enough to come to joint conclusions and that is the requirement to produce a statement."
 
 Greece’s current bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling concerns that a conflict with international creditors could trigger the country’s exit from the euro zone.Prime Minister Alexis Tsipras's government won a confidence vote on Tuesday evening and repeated that he will deliver on pre-election pledges to roll back austerity measures and reject an international bailout extension.
 
Negotiations will now move towards next Monday when there is another Eurogroup meeting in Brussels. Euro is currently being traded few points above 1.13 handle. Pair is likely to find support at 1.1270 and resistance above 1.1350 level. Later today, in the US session, Retail Sales and Unemployment Claims figures are scheduled for a release.
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