All eyes on Eurogroup meeting

An extraordinary Eurogroup meeting takes place today to discuss the situation in Greece. Specifically, the agenda states that ministers will exchange views on the way forward following the appointment of the new Greek government and considering that the EFSF programme expires on the 28th February.

Headline risk is likely to be high surrounding this event. We maintain that such brinkmanship is likely to bring further volatility to Greek government bonds over the near-term until further certainty is achieved.

European Commission President Jean-Claude Juncker stepped up contacts with Greece’s new leftist leader to try to bridge differences on the country’s debt crisis but EU officials cautioned against expecting a breakthrough this week.

On Tuesday European and US stocks rose on hopes that Greek debt negotiations could result in a deal that stabilizes Europe. Asian stock markets turned cautious though on Wednesday ahead of the Eurogroup meeting.

The euro was steady against the dollar, trading in a small range in Asian between $1.1310 and $1.1330.

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