The European commissioner for finance, Pierre Moscovici is currently in Athens in a last ditch attempt to prevent another crisis that could cause Greece to exit the Eurozone. Greece is now in serious trouble after data was released showing that the economy has shrunk by 0.4% in quarter four last year. Moscovici is currently in meetings with Greek finance minister Euclid Tsakalotos and PM Alexis Tsipras to discuss Greece’s bail out plan. Let us hope they can find a way of rectifying the problem rather than simply staving it off.
Moscovici took to Twitter to make his intentions known. “The Greek people need to see a light at the end of the austerity tunnel. I am hopeful”.
The International Monetary Fund (IMF) and the European Commission (EC) are currently not in agreement over measures to rectify Greece’s situation.
The IMF insists that Greece’s debt problems are unsustainable and would like to write off some of the debt to make it more affordable to the Greeks.
Wolfgang Schaeuble, EC representative and German finance minister has stated that Greece must exit the Eurozone if it wishes to write off its’s debt. While the IMF and the EC are at loggerheads there is little hope for a resolution. This issue could have serious implications to the value of the Euro.
Ex-prime minster, Francois Fillon is currently under investigation following fake work accusations. France’s financial prosecutor has stated that the investigation will remain open despite Fillon’s camp questioning the legitimacy of the inquiry.
A scandal recently emerged that Fillon’s wife had been paid hundreds of thousands of tax payer’s money for work that has not taken place. This has caused Fillon to lose his status of front runner in the Presidential race set to conclude in May.
Marine Le Pen, far-right Front National leader may now may have a real opportunity of gaining power. If this does occur a referendum could follow and I would expect significant Euro weakness.
Historically, political uncertainty causes the currency in question to weaken, so with the winner of the election far from clear we could see an opportunity for Euro buyers.
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