• Greece faces long-term task, problems cannot be solved short-term
  • Greece may receive further loans, but conditions must be very strict
  • Greek banks may have to divest subsidiaries in Eastern Europe as a consequence of debt crisis

Other stuff

  • If economy normalises further ECB will act accordingly
  • ECB has made it clear it wants to pursue strategy to exit crisis mode
  • Would be problematic to wait too long for policy normalisation
  • Interest rate rise is being debated, but size unclear

Yada, yada, yada…….

We can expect a rich diet of official comments today, given proximity of EU Finance Ministers’ summit. Deep joy….