EU Commission with findings on their Greek loan assessment
- ESM loan needed to avoid risks to other countries and Eurozone as a whole
- IMF assessment of financing needs was €78bln
- expected financing gap "in range of €74bln plus" to July 2018 to be covered by new external financing
- debt-gdp ratio would be 165% of GDP in 2020, 150% in 2022
- high debt-gdp and gross financing needs raise serious concerns on Greek debt sustainability
Another reality check on the "deal" that may yet not even come to pass, and certainly not in existing/original form. Seems a good consensus now recognizing need for debt relief as a "must-have"
EURUSD 1.1029 and EURGBP 0.7065 as euro demand remains perky.