Greek Compromise Details Emerge Sending Stocks Higher

Greek stocks rose on Wednesday after reports of a compromise plan from its international creditors — although Greece insisted it had not formally received any new proposals.

The European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) on Tuesday drafted the broad lines of an agreement to put to the Greek government, according to Reuters, in a bid to resolve months of tense negotiations over Greek reforms and debt.

On Wednesday, the Financial Times reported details of the proposals, including the requirement for Greece to post a primary budget surplus of 1 percent of gross domestic product (GDP) this year. This would be expected to rise to 3.5 percent in 2018 and is significantly below the target of 3 percent included in the country’s existing EU/IMF bailout.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.