Reuters Insider - Greece 'on the brink'?

Baader Bank AG

17/06/2015 14:12

Click the following link to watch video:                              
 https://insider.thomsonreuters.com/link.html?cn=share&cid=1435394&shareToken=MzpkZmY1MzI5Yy1mYzhmLTQxYmMtODY0Ni1hNTEyODVmMGFhNmE%3D&playerName=ReutersNews 
                                                                       
 Source:             Thomson Reuters                                   
                                                                       
 Description:        The Greek central bank has warned that default, an 
                     exit from the euro and deeper recession loom if   
                     Athens fails to reach a deal with its creditors.  
 
 
(To access all exclusive Reuters Insider programming visit: http://insider.thomsonreuters.com) 
 
 Short Link:  http://reut.rs/1dK6w8X  
 
 
Transcript (May be auto-generated)

                 The spirit of defiance lives on at least for local government workers raising 
this banner in Athens. But the headline read differently; many talking of a 
country on the brink. That's a sentiment that rings true on the streets. The 
situation is incredibly unstable. It's a gamble, I don't know what to say but of
course I'm very worried. A Grexit could happen and the result of that would be 
really bad. I don't know what to say. Those fears are becoming official. 

The morning after, Prime Minister Alexis Tsipras told parliament his country was
being humiliated by its creditors. The Greek Central Bank is warning of a 
painful course ahead. Default, exit from the Euro and deeper recession all 
possible if Athens failed to strike a deal with its pay masters. For investors, 
it's a waiting game, trading cautious in Europe's markets ahead of what many see
as the next crunch point- Thursday's meeting of Eurozone finance ministers. 
Baader Bank's Robert Halver says Athens can still play a hand. There are trump 
cards and the Greeks still think they have them in their pockets. One trump card
is certainly that they can say, "If we leave the Eurozone, then it's the 
beginning of the end." And Athens may have few options but bargain anyway, says 
JPMorgan Strategist Kerry Craig. For us, the base case is very much that you 
will see a negotiation and Syriza will be forced into that by its own population
by the fragility of its own banking system more than anything else. Before that,
many investors fear capital controls will be imposed. The Central Bank also 
confirmed that around EUR30 billion of deposits has been withdrawn from lenders 
between October and April