Gladiator Finance's Global Markets Cautious Ahead of Key EU and Greece Meeting 11th February 2015

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Gladiator Finance's Global Markets Cautious Ahead of Key EU and Greece Meeting 11th February 2015

Global markets are cautious ahead of a meeting in Brussels which will see the regions Finance Ministers receive a new bailout proposal from Greece.

Yesterday the Greek parliament voted in confidence for the new plan and it will be presented by the Greek Finance Minister to his peers later this afternoon in Brussels.

The new scheme would see Greek debt swapped for bonds, a strategy which has already drawn criticism and they also plan to cut their primary budget surplus to 1.49%, or almost half the 3% target.

The proposal will look to reduce the €320bn debt by about 30% and is seen by the Greeks as the first step in reducing the austerity they have seen over the last few years.

The uncertainty as to whether Greece is able to improve its current situation has started to show on the markets as the closer we get to their exit date of the 28th of this month the closer we get to seeing whether the EU is capable of fixing this situation ahead of time.

Neither side wants an extension and neither side is willing to give in further they the hands they have already played. What is now being mentioned is outside EU help should Greece not get the answers it is looking for.

What this shows is that the Greek government is having to stick to its electoral policies and that it is prepared to do whatever it takes to improve its economic situation, even if that does mean leaving the Eurozone.

Whatever the result today, the European Union will meet tomorrow to discuss the same problem and will probably be looking to some form of movement and direction from their Finance Minister cousins.

The implications of Greece having to leave the Eurozone would open up a huge can of worms for Europe and would be seen as a major failure for the economic zone. It would also open the door to other governments such as Italy, Spain and Ireland to look to forcefully renegotiate their bailout terms. This in itself could be very damaging for Europe.

Global markets will probably remain cautious as further details of Greece's bailout plans come to light.

Major Global Indexes - 11th February 2015

FTSE 100 - 6,829.12 (-0.12%)

DAX - 10,753.83 (+0.85%)

Hang Seng - 24,310.22 (-0.89%)

SSE Comp - 3,152.68 (+0.35%)

Dow Jones - 17,868.76 (+0.79)

S&P 500 - 2,068.59 (+1.07%)

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