The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
Greece might end up missing euro zone cash
There’s a likelihood next month that Greece won’t receive up to 750 million euros, it’s expected to get under a debt relief deal with the EU concluded in 2018 because this European country has failed to complete a number of agreed reforms. That’s what euro zone officials uncovered on Monday.
The funds are part of nearly 4.8 billion euros of profits from the country’s bonds held by euro zone major financial institutions, to be returned to Greece by mid-2022 in semi-annual tranches as well as a waiver of the step-up interest rate margin on part of the euro zone loans.
The two measures generated nearly 750 million every six months. The funds were designed as an incentive for Greece to proceed with hard-won reforms, which were adopted under its three bailouts since 2010, and in general they amounted to 280 billion euros.
On February 27, the European Commission will come up with a report highlighting Greek progress in implementation its reforms. Eventually, the conclusion of this report is going to be decisive for euro zone finance ministers. It will help them to decide whether to permit the disbursement or not.
Most probably, the report will stress that this EU country hasn’t managed to cope with the agreed reforms.
EU finance ministers, expected to meet to have the issue negotiated on March 11, won’t allow the disbursement unless Greece completes what it needs to do between Feb 27th and March 11.
At different stages of completion up to 16 reforms are being run. The major ones have to do with the healthcare system, non-performing loan resolution as well as the clearance of government arrears.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…