Latest on Greece: Deal in doubt, deadline looms

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Euro Group President Juncker: ‘Athens Is Not Broke’. Two days ago he didn’t trust Psipras, today Psipras is a “friend.”

 

Euro Group President Juncker: ‘Athens Is Not Broke’. Of course is the entire country!

Two days ago he didn’t trust Psipras,

today Psipras is a “friend.”

 

International creditors on Wednesday rejected the Greek government’s plan to end its financial crisis, but they have submitted counterproposals.

News of the rejection dashed hopes of an imminent deal between the embattled Mediterranean country and its creditors. Greece needs additional financial aid to prevent it from defaulting on its 1.6 billion euro debt at the end of the month, but its lenders have refused to release funds without the implementation of more reforms.

European officials set a Thursday deadline so Greece’s parliament has time to pass any required reforms before the repayment is due.

Hedge funds unfazed as Greece drama continues

The small group of hedge funds betting on a Greek recovery remain invested, still hoping that assets like government bonds and bank stocks will rally once a political solution is reached on the nation’s financial obligations.

“[There’s] no change on the expectation of a deal,” Diego Ferro, co-chief investment officer of $1 billion global investor Greylock Capital Management, said in an email. “This problem has been political from the beginning, the amount of money involved is not that big. So you would expect some bickering to last until it is signed.”

Greylock owns government bonds and bank stocks.

 

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