The more detailed list of proposed reforms submitted by Greece last week potentially provided the basis for an agreement that will allow it to meet its near-term financial obligations. But the tussles over Greece’s bailout payment are likely to prove a minor skirmish compared to the main battle over a lasting solution to Greece’s outstanding debt burden.
Meanwhile, suggestions that the ECB’s QE programme may end early are, themselves, premature. We think that the full programme – and perhaps more – will be needed to revive the economy and March’s ECB minutes showed that a majority of Governing Council members agree.
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