September 21, 2017

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Pressure on Greece Mounts, New Crisis Looms



marctomarket.com / by Marc Chandler / Jan 31, 2017

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The problem is uncomfortably familiar. Greece has a chunky payment due to its official creditors. Reports suggest that Greece has not completed much more than a third of the measures that had been agreed upon free up the next aid tranche from the 86 bln euro package.

Time is working against Greece. The elections in France and Germany do not provide a conducive backdrop for concessions, and the public support for the Greek government is sliding. Given the political context, it is important that Greece’s measures are implemented ahead of the February 20 Eurogroup meeting.

If this window of opportunity is not met, the situation could deteriorate quickly. The more Prime Minister Tsipras enacts the reforms demanded by the creditors, the less the public supports him. Many still suspect Greece is headed toward an election this year. Since in some respects, Tsipras speaks the language of populist, a change in governments would likely be in the direction of the center, such as the New Democracy.

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