Negotiations between Greece and the creditor institutions will be closely tracked as the first instalment (c.EUR 300mn) of the EUR 1.5bn debt repayment to the IMF looms on 5 June. The lack of tangible agreement between the Greek authorities and the institutions has raised concerns about a default as more major EUR 6.7bn payments due to the ECB in July and August approach. However, several steps and negotiations stand between a default resulting in ‘Grexit’. “We expect no changes to the ultra-accommodative stance of the European Central Bank at its monetary policy meeting on Wednesday”,says Standard Chartered.
The material has been provided by InstaForex Company – www.instaforex.com