Greece Bailout: Light at the end of the tunnel – HSBC

The Eurogroup and the IMF yesterday achieved a comprehensive deal on the Greek bailout programme, avoiding a possible default on large debt repayments in July, and with the IMF committing to participate in the programme once more debt relief is provided, notes the analysis team at HSBC.

Key Quotes

“This is a major step forward, in our view, coming after many months of uncertainty. The deal should pave the way for the ECB to include Greece in its QE programme, which in turn should unlock access to markets for Greece, putting the country on the right track towards exiting the bailout programme next year.”