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Greek Letter: Are the Concessions Enough?

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European markets rose on Wednesday after a letter from Greek Prime Minister Alexis Tsipras to creditors boosted hopes of a deal on reforms, but analysts warned that investors could be getting ahead of themselves.

Tsipras sent the letter on Tuesday as part of a request for further financial aid, although it only became public on Wednesday.

The Greek leader appeared to offer some concessions on reform plans, but also stuck to his guns on other proposals, such as maintaining a 30 percent discount on the VAT (sales tax) applied to Greek islands which lenders want abolished.

European equities rallied 2 percent on the news, first reported by Financial Times, but analysts were divided on whether the concessions would be enough for a deal with creditors.

CNBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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