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Market Brief
This week, markets will be driven by the Greek saga after talks between Athens and its creditor broke down on Sunday evening. The deadline is approaching fast (end of June) and the eurogroup meeting on Thursday is broadly seen as the last chance for Greece to reach an agreement that will unlock the remaining €7.2bn bailout fund. In spite of last week’s highly uncertain environment, markets managed to remain relatively stable with most market participants consolidating their positions. However, we expect markets to feel the heat this week as the odds of a Greek default have increased considerably. Today, ECB President Mario Draghi will speak before the European Parliament in Brussels. We do not expect him to cover the Greek situation but rather to go over his previous comment about bond market volatility and to reiterate the ECB’s commitment to implement fully the QE.
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