Speaking of bumpy air, trespassing, and the forgiveness of debt, the Greek/German tragedy of midsummer seems to have landed on terra firma for at least a few months—although inevitably the weakness of the Eurozone with its common currency, but disparate fiscal philosophies, spells renewed turbulence in financial asset markets.
Greece's banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse.
The European Central Bank held a crucial cash lifeline for Greece unchanged on Thursday, a person familiar with the discussion said, as the head of the Bundesbank objected to the way Greek banks are being funded
Traders are understandably focused on digesting yesterday’s less-hawkish-than-expected FOMC meeting as well as today’s Eurogroup meeting, which has been billed as the “drop dead” date in Greece’s debt negotiations, but we’ve also seen a major shift from Norway’s Norges Bank in today’s European session.
Prime Minister Alexis Tsipras told opposition leaders on Tuesday that disagreements among international lenders were to blame for an impasse in negotiations, sticking to a hard line that has brought Greece to the brink of default.