Dear Traders
This week end the Greek people get to decide whether or not
to accept the bailout conditions proposed jointly by the European
Commission(EC), the IMF and ECB on 25th June 2015
Legal Validity
Today the Greece’s top administrative court, the Council of
State, is due to rule on the legality of the referendum
The referendum may violate the country’s constitution by
posing a question about public finances
The Question
Voters will be asked whether they approve the proposal made
to Greece by the EU, the IMF and the ECB during the Eurogroup meeting on 25
June.
The proposal consists of two documents, titled Reforms for
the completion of the Current Program and Beyond, and Preliminary Debt
sustainability analysis.
The question will contain two choices stated as
·
Those citizens that reject the proposal of the
three institutions vote 'No’ – not approved
·
Those citizens that agree with the proposal of
the three institutions vote 'Yes' – approved
Alex Tsipras, the Prime Minister of Greece, recommends a
‘No’ vote
Although the consequence might be the exit of Greece from
the Eurozone, there has been rhetoric that this could be used as a tool for
Greece to renegotiate its position within Europe.
From a practical point of view the banks re open on July 7th
The Polls
I have seen 4 polls the latest was from the University of
Macedonia with 1,042 people survey 42.5% Yes and 43% no.
Alco’s polls was a ‘yes’ whilst Focus and pro rata were both
‘no’
This is all destabilising and if the price action from last
week end is anything to go by then a move lower in €/$ is what we expect.
Our original comment was that 20th July was is
the most significant date as the ECB’s position will harden if their payment is
missed
Enjoy your week end if you can.
FX & Precious Metals Sales, Atom8
Financial Services LLP
2nd Floor, Centenary House, Palliser
Road, London W14 9EQ, UK
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